Effect on Credit Score of Project

[cutemarty1]

Hi Guys.

Currently my utilization runs at 3% with total lines of about 160k.  I wish to help out my dear mother with her project and she uses to use about 8k out of my 16.5k home depot store card.  She said she can comfortably pay it in 6 mos (paying in erratc small amounts then a lumpsum on the last payment at the 6th month.  My question is, will this cause a drastic drag on my scores and further CLI chances?   My current EQ score is 783 from a citi credit card appplication last week.

Thanks so much in advance guys.  I just don't want to lose it all.

[OHWWCB]

So you'd be going from 3% utilization to 8%? I don't think it will have a DRASTIC change on your scores but I'd imagine you temporarily lose just a couple of points if even. Nothing major.

[JoshNurse]

---

@cutemarty1 wrote:

Hi Guys.

Currently my utilization runs at 3% with total lines og about 160k.  I wish to help out my dear mother with her project and she uses to use about 8k out of my 16.5k home depot store card.  She said she can comfortably pay it in 6 mos (paying in erratc small amounts then a lumpsum on the last payment at the 6th month.  My question is, will this cause a drastic drag on my scores and further CLI chances?   My current EQ score is 783 from a citi credit card appplication last week.

Thanks so much in advance guys.  I just don't want to lose it all.

---

I have lost thousands lending to familly and very close friends.  I do not lend money to familly at all because there is a very low chance of never seeing it back.  Since it is familly they dont take it serious and they dont have that feeling of importnce of needing to pay back the dept.

A mother is another story. My mother would NEVER scam me so I am sure yours wont either.

If it hurts your score it will be temporary...after its paid off you will be back where you started or even higher because of 6 months of payment history added.

[JoshNurse]

How did you get to $160K open lines?

I am about to reach $100K but this is because I have so many cards.  Which one of your cards gave you the most credit limit?

[cutemarty1]

---

@JoshNurse wrote:

How did you get to $160K open lines?

I am about to reach $100K but this is because I have so many cards.  Which one of your cards gave you the most credit limit?

---

Hello.

My highest line is the AMEX BCP at 24k.  I was able to increase my lines through the years via the help of myfico.com.  Also thrumultiple recons and always pay-in-full method, that's why am scared to do the 6 month financing thing...

I started with 400 secured and never got an increase for about 2 years cause I always had it maxed at 400 lol.

[OHWWCB]

I'll say this, if she I would be prepared to pay off your Home Depot card at the end of the 6 month financing period if she can't pay it off.

Question: Is there a reason she doesn't just sign up for her own Home Depot card?

[myjourney]

---

@cutemarty1 wrote:

Hi Guys.

Currently my utilization runs at 3% with total lines of about 160k.  I wish to help out my dear mother with her project and she uses to use about 8k out of my 16.5k home depot store card.  She said she can comfortably pay it in 6 mos (paying in erratc small amounts then a lumpsum on the last payment at the 6th month.  My question is, will this cause a drastic drag on my scores and further CLI chances?   My current EQ score is 783 from a citi credit card appplication last week.

Thanks so much in advance guys.  I just don't want to lose it all.

---

Takes you to 5% UTL with mom's + your 3% = 8% 

You should be fine with no hit to scores

[RBFool]

What I would do: Pay it off myself and pocket the money she gives me or use it to help me pay it down faster. Be prepared to pay the 8k in case something happens that she can't pay you back. If you can't comfortably do that, then you shouldn't agree to it at all.

I don't think bringing you utilization from 3% to 8% is going to hurt your score drastically, just be prepared to pay the debt yourself.

[MT936]

negligible effect

[cutemarty1]

---

@OHWWCB wrote:

I'll say this, if she I would be prepared to pay off your Home Depot card at the end of the 6 month financing period if she can't pay it off.

Question: Is there a reason she doesn't just sign up for her own Home Depot card?

---

She does not have good credit I even lied and told her that my limit is only 8k not 16k just for the buffer... am I a bad son?