Which "baddies" are easiest to remove? Choosing between the least of different "evils"/derogs

[Expansion]

Are certain "baddies" easier to remove than others? 

I'm in a position where I'm at 95% credit utilization.  

Because of some temporary financial hardship

(self-employed, one of my main clients just defaulted on a $13k payment, which has really affected my cash flow),

I'm concerned I won't be able to make my CC minimums over the next month, which means a lot of them will be either late, go over the limit, or both.

I've been proactively reaching out to each of my creditors to try to make arrangements to keep my accounts in good standing even if can't make this month's minimum payments.

In the meantime, if I have to pay some late or go over the limit on some, what advice do you have for me?

(other than - find a way to pay them all, which I'm separately working on)?

Like, are certain "baddies" (paying late, going over the limit) worse than others, or easier to remove than others?

If I'm in a position to pay minimums on some of my cards, are there certain cards I should prioritize to pay to minimize the impact on my credit reports?

(Like, if I can't pay all the minimums on time, should I aim to pay the minimums on time on the oldest cards, or the highest CL cards, or highest balance cards, or cards from a particular issuer or bank?)

Even though my CLI is insanely high right now, up until now, I have no "baddies" on my reports - no bankruptcies, never late, never over the limit.

I totally look forward to your suggestions and insight!

[Expansion]

commenting on my own post so I can check the box to get emailed when someone replies (cause I forgot to do it when I posted it the first time)!

[Anonymous]

Going over the limit is something that you can fix without any historical footprint other than 'highest balance', but afaik that doesn't even get looked at usually.

Have you tried calling your lenders and explaining the situation? They may be willing to work with you because of your positive history to keep you in the clear. You might be able to get that insurance lenders are always trying to sell us in case of situations like this.

[Expansion]

Thanks for your feedback on all of this, lowkeyorca!

1. That's really helpful to know about the historical footprint of going over the limit.  

Do you mean that if any of my going-over-the-limits get reported to the bureaus

(Barclays and WF said they would do this if I remember correctly),

it wouldn't show up on the report, other than as the "highest balance"?  

Or, that goingover-the-limits are easy to fix once they show up on the report?  If so, how are they easily fixed?

2. Yes, I have been calling each of the creditors to try to stay in the clear.

However, it looks like I will be late and over my limit with some of them despite my best efforts, including reaching out to the creditors. 

3. I hadn't thought of that insurance option - I will start asking about that as well.

thank you!  It's really gratifying to get this feedback especially since I am so new to the forum!

[Anonymous]

---

@Expansion wrote:

Thanks for your feedback on all of this, lowkeyorca!

1. That's really helpful to know about the historical footprint of going over the limit.  

Do you mean that if any of my going-over-the-limits get reported to the bureaus

(Barclays and WF said they would do this if I remember correctly),

it wouldn't show up on the report, other than as the "highest balance"?  

Or, that goingover-the-limits are easy to fix once they show up on the report?  If so, how are they easily fixed?

2. Yes, I have been calling each of the creditors to try to stay in the clear.

However, it looks like I will be late and over my limit with some of them despite my best efforts, including reaching out to the creditors. 

3. I hadn't thought of that insurance option - I will start asking about that as well.

thank you!  It's really gratifying to get this feedback especially since I am so new to the forum!

---

When you go over limit it is reflected in your current balance and highest balance. Once you pay it back down, the highest balance will remain, but in my experience it has had 0 affect in my credit dealings. My score immediately bounced back upon rectifying the balance to 0. It's possible they could add a remark that it is over-limit, but that would have to be removed following bringing the balance below the credit limit.

I really wish there was some other way I could help you avoid this. I am a software engineer and I went through a long stretch of defaulting clients around 2010-2011 and it was devastating. People don't realize the ripple affect they cause others. :/

[Expansion]

Thanks, lowkeyorca.  I so appreciate you explaining how the over-the-limit reporting works!  Sending you love <3

[RobertEG]

While it is true that the scoring impact of high % util can be removed by paying down the balance in a subsequent month. be aware that being at or near the limit for any prolonged period of time is likely to trigger an internal account review that could result in lowering of your credit limit, and thus prevent future reduction of your % util even though you are paying down the balance.

While % util has no historical memory, one should not simply rely on future paydown to remove the impact of high % util.

Credit limit decreases might kick in......

[Expansion]

Thanks for the tip, RobertEG!

Thoughts on how to prevent limits being cut as the accounts are paid down?

[EAJuggalo]

Also remember that nothing gets reported until the payment is 30 days late.  I would pay the minimum on whatever you can this month and hopefully next month you can catch up before it gets to 30 days.  You will still have to pay the late fees and any over the limit fees you may have but nothing will be reported to the CRBs.