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Posts: 1,115
Registered: ‎10-31-2011
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Re: Need Advice Please!


pcw123 wrote:

I have been reading this board on and off for a few months. I have about 15 credit lines.  5 are paid off in full, but I'm carrying balances on the others -- some of them pretty close to the credit limits.  Here is my dilemma: My scores are in the mid-600's due to high utilization on some accounts and probably student loan balances.

 

I am actually a bankruptcy lawyer.  My salary is around $100K and I have some money that I could use to pay off most of the credit card balances.  I will be applying for a business/personal loan in February or March 2013 to expand a business that my fiancee and I have.  The business has been very successful thus far.  I want to get the best rate possible on the loan or potentially put some of the business expenses on credit cards.  I would also like for my credit limits to increase.  How should I proceed with the following cards?  Also, which of the following cards do I have the best chance for a CLI once they are paid off and how long should I wait to ask?  Also, which cards could I potentially apply/qualify for with decent limits once most of these have been paid off?  Thanks for any and all help!

 

Bank of America w/balance of $4.8K and $5K limit.

Bank of America w/balance of $4.9K and $5K limit.

Capital One w/balance of $1.4K and $1.5K limit.

Wells Fargo w/balance of $1.4K and $1.5K limit.

Walmart w/balance of $400 and $500 limit.

Dell w/balance of $2K and $3K limit

CFNA w/balance of $1K and $2.2K limit

Lowe's w/balance of $2.7K and $3K limit

Bill Me Later w/balance of $400 and $500 limit

Citi (Closed Account) w/balance of $2K

 

NO BALANCES ON THE BELOW CARDS

Jared w/balance of $0 and $7.6K limit.

Capital One w/balance of $0 and $500 limit.

Shell w/balance of $0 and $200 limit

Gap w/balance of $0 and $200 limit

Express w/balance of $0 and $1,640 limit


My advice is pay these balances off or at least wayyyyy down.. Especially looking to expand your business. Not a personal knock on you but when people ride balances like this that are dangerously close to the CL its puts a lot of people a job loss or catastrophic event away from possibly close to bankruptcy...I just saw the irony about that and had to make a comment..

 

 

Best of luck!!! 

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Posts: 8
Registered: ‎11-06-2012
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Re: Need Advice Please!


beb86 wrote:

pcw123 wrote:

I have been reading this board on and off for a few months. I have about 15 credit lines.  5 are paid off in full, but I'm carrying balances on the others -- some of them pretty close to the credit limits.  Here is my dilemma: My scores are in the mid-600's due to high utilization on some accounts and probably student loan balances.

 

I am actually a bankruptcy lawyer.  My salary is around $100K and I have some money that I could use to pay off most of the credit card balances.  I will be applying for a business/personal loan in February or March 2013 to expand a business that my fiancee and I have.  The business has been very successful thus far.  I want to get the best rate possible on the loan or potentially put some of the business expenses on credit cards.  I would also like for my credit limits to increase.  How should I proceed with the following cards?  Also, which of the following cards do I have the best chance for a CLI once they are paid off and how long should I wait to ask?  Also, which cards could I potentially apply/qualify for with decent limits once most of these have been paid off?  Thanks for any and all help!

 

Bank of America w/balance of $4.8K and $5K limit.

Bank of America w/balance of $4.9K and $5K limit.

Capital One w/balance of $1.4K and $1.5K limit.

Wells Fargo w/balance of $1.4K and $1.5K limit.

Walmart w/balance of $400 and $500 limit.

Dell w/balance of $2K and $3K limit

CFNA w/balance of $1K and $2.2K limit

Lowe's w/balance of $2.7K and $3K limit

Bill Me Later w/balance of $400 and $500 limit

Citi (Closed Account) w/balance of $2K

 

NO BALANCES ON THE BELOW CARDS

Jared w/balance of $0 and $7.6K limit.

Capital One w/balance of $0 and $500 limit.

Shell w/balance of $0 and $200 limit

Gap w/balance of $0 and $200 limit

Express w/balance of $0 and $1,640 limit


My advice is pay these balances off or at least wayyyyy down.. Especially looking to expand your business. Not a personal knock on you but when people ride balances like this that are dangerously close to the CL its puts a lot of people a job loss or catastrophic event away from possibly close to bankruptcy...I just saw the irony about that and had to make a comment..

 

 

Best of luck!!! 


Thanks for the suggestion.  I've got enough liquid cash to pay the balances off.  I've just been comfortable with the balances for too long.  I should have paid them down sooner.

 

As an aside, the business that we're expanding is completely separate from my employment as a bankruptcy attorney.  The business is small (no employees), but it is generating about $55k per year in addition to my salary.  Things are going really well.  I just need to get my scores up, and I appreciate all the advice.

 

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