Over the past year my credit situation has been getting worse even though I’m still trying to stay on top of things.
I’ve got around $29k in credit card debt and while I haven’t missed many payments, my utilization is so high that my score dropped to the low 600s.
The frustrating part is I’m putting money toward it every month, but the interest makes it feel like progress is really slow.
I’ve looked into different options like consolidation and other structured programs, but I’m not sure what actually makes sense at this point.
For people who’ve dealt with high utilization and falling scores, what helped you turn things around?
Credit score dropping while trying to stay afloat with debt
byu/ddiflas_iawn inCreditCards
Posted by ddiflas_iawn
2 Comments
The money you are spending on interest is more important than your score. Did you try for a balance transfer card?
Probably just comes down to getting utilization down however you can since that’s what’s hitting your score the hardest, even if it feels slow with interest. A lot of people start looking at ways to restructure things so more of each payment actually goes to principal while keeping spending tight so the balance finally starts moving in the right direction.