Paying down CC debt

[Anonymous]

I have three credit cards that I am planning to pay down. As of todays date 1/21/11 they are 90% maxed out. Below are my plans.

Card one pay down to 20%.          1/24/11

Card two pay down to 50%   1/24/11

Card three slowly pay it down sending double the monthly payment.

I have a big worry that the lender on cards 1& 2 (same lender) will cut the avail credit in 1/2 or even more and put me in the same boat I am in now.

My credit scores shows me with a 90%+ maxed out credit at the moment.

I understand the goal is to pay these off which is no problem, but I would like to rebuild my credit and paying them down to bring up my score seems like a good plan.

I ran into this issue 16 months ago when the card companies cut the avail credit to where my balances were.

I have no late payments in years so that is a good point.

[laz98]

unfortunately, there is really no guarantee that they will not cut your limits again.  you should focus on getting yourself out of debt.  in time, your scores will recover, & you will be able to get higher limits again.

[Anonymous]

Pay down your debt.  your FICO is a living breathing beast that will consume you to no end if you let it.  It did me.  really if you have no impending need for a loan then let time take care of your score.  it will recover , charge no more pay it off leave about 5% on only one card

[RobertEG]

If your usage of their existing CL has become a concern to them, then it would be a prudent business decison on thier part, as you pay down your util, to take steps to reduce their future risk by putting limiatations on the amount of your future use of their credit by reducing the revolvong, and thus discretionaly use of CL offered to you.

It is the prudent business decision on their part.