topic BIG FICO Score changes anticipated! Wish me luck!!! in Credit Cards

Wish me LUCK! Massive paydown just happened....

pi-r-squared — Fri, 03 Sep 2021 01:37:32 GMT

Got a hold of $40K from a settlement and used most of it to pay down 2 Capital One credit cards that had HIGH UTIL...

Venture was $32K of $33K limit. I paid $31.5K on it. The other was QS having $8.5K of $10K limit and I paid $4.2K.

Crossing my fingers very tightly hoping for absolutely no AA, no balance chasing, no CLD......

Wish me LUCK!!!

Re: Wish me LUCK! Massive paydown just happened....

Anonymous — Fri, 03 Sep 2021 01:42:33 GMT

@pi-r-squared wrote:
Got a hold of $40K from a settlement and used most of it to pay down 2 Capital One credit cards that had HIGH UTIL...

Venture was $32K of $33K limit. I paid $31.5K on it. The other was QS having $8.5K of $10K limit and I paid $4.2K.

Crossing my fingers very tightly hoping for absolutely no AA, no balance chasing, no CLD......

Wish me LUCK!!!

Well, even if there is AA, you are still in a much better shape after getting rid of all that interest cost!

Re: Wish me LUCK! Massive paydown just happened....

Kforce — Fri, 03 Sep 2021 01:45:24 GMT

Good Luck

Re: Wish me LUCK! Massive paydown just happened....

FinStar — Fri, 03 Sep 2021 01:58:12 GMT

@Anonymous wrote:
@pi-r-squared wrote:
Got a hold of $40K from a settlement and used most of it to pay down 2 Capital One credit cards that had HIGH UTIL...

Venture was $32K of $33K limit. I paid $31.5K on it. The other was QS having $8.5K of $10K limit and I paid $4.2K.

Crossing my fingers very tightly hoping for absolutely no AA, no balance chasing, no CLD......

Wish me LUCK!!!
Well, even if there is AA, you are still in a much better shape after getting rid of all that interest cost!

This ^^^

Re: Wish me LUCK! Massive paydown just happened....

Taurus22 — Fri, 03 Sep 2021 03:05:20 GMT

Debt sux......just think about all that weight that's off your shoulders now. Good for you!

Re: Wish me LUCK! Massive paydown just happened....

ChargedUp — Fri, 03 Sep 2021 03:16:23 GMT

If they weren't maxed out for too long and never had any derogatories, you'll likely be ok. Cap One tends to be one of the more tolerant lenders out there when it comes to high utilization on their cards.

Re: Wish me LUCK! Massive paydown just happened....

pi-r-squared — Fri, 03 Sep 2021 03:36:09 GMT

Both cards have been close to max for a long time. Was able to pay down the 33K card to 27K but it creeped back up. Never had balance chase even when that happened.

Re: Wish me LUCK! Massive paydown just happened....

Yankee2 — Fri, 03 Sep 2021 04:30:58 GMT

@pi-r-squared wrote:
Got a hold of $40K from a settlement and used most of it to pay down 2 Capital One credit cards that had HIGH UTIL...

Venture was $32K of $33K limit. I paid $31.5K on it. The other was QS having $8.5K of $10K limit and I paid $4.2K.

Crossing my fingers very tightly hoping for absolutely no AA, no balance chasing, no CLD......

Wish me LUCK!!!

Good for you!

As others have stated, regardless of AA it's HUGE to pay off that kind of debt...

I was able to pay everthing off a couple of years ago and I'm completely debt free and I can say it's the best thing I've ever done.

Re: Wish me LUCK! Massive paydown just happened....

AverageJoesCredit — Fri, 03 Sep 2021 11:26:36 GMT

@pi-r-squared wrote:
Both cards have been close to max for a long time. Was able to pay down the 33K card to 27K but it creeped back up. Never had balance chase even when that happened.

Show this post to those who bash Cap One lol. To be able to continue to use even after accruing 27k and not be AAd is a keeper lender in my book. I dont like C1 but would definitely if that happened. Currently in that boat with Navy

Re: Wish me LUCK! Massive paydown just happened....

Loquat — Fri, 03 Sep 2021 18:11:06 GMT

@FinStar wrote:
@Anonymous wrote:
@pi-r-squared wrote:
Got a hold of $40K from a settlement and used most of it to pay down 2 Capital One credit cards that had HIGH UTIL...

Venture was $32K of $33K limit. I paid $31.5K on it. The other was QS having $8.5K of $10K limit and I paid $4.2K.

Crossing my fingers very tightly hoping for absolutely no AA, no balance chasing, no CLD......

Wish me LUCK!!!
Well, even if there is AA, you are still in a much better shape after getting rid of all that interest cost!
This ^^^

I agree with @FinStar while I hope it doesn't happen, even if there was some sort of AA action that came from this, I'm sure you'll still sleep soo much better not having that debt weighing on you. Congrats on the pay down and hopefully with the pay down came a lot of stress relief.

Re: Wish me LUCK! Massive paydown just happened....

MrDisco99 — Sat, 04 Sep 2021 17:06:26 GMT

Congrats! I bet that feels amazing. Fingers crossed Cap1 stays generous.

Re: Wish me LUCK! Massive paydown just happened....

lgtwriter — Sat, 04 Sep 2021 19:56:16 GMT

Congrats on paying off so much of your debt! I have had two CapOne cards for years, they were my first cards I got after my bankruptcy 12 years ago. When they were my only cards, I would often max them out and have high utilization for several months before I paid them off. (I used them for business travel, tuition, etc.) When I got reimbursed, I would pay the card off in a lump sum.

CapOne never once raised my interest or balance chased me.

When I paid them down, since I had a history of paying large debts with them, I was able to get a decent yearly cli at least on one of the two cards (the other one seems to be bucketed at around 5k or so cl)

CapOne's tolerance for my high limits during that period of my life (first 3-4 years after bk) keeps me loyal to them to this day.

I think you will be fine with CapOne In my experience, they reward balance payoffs.

Again, Congratulations on lowering your debt like that!

Re: Wish me LUCK! Massive paydown just happened....

SouthJamaica — Sun, 05 Sep 2021 02:36:43 GMT

@pi-r-squared wrote:
Got a hold of $40K from a settlement and used most of it to pay down 2 Capital One credit cards that had HIGH UTIL...

Venture was $32K of $33K limit. I paid $31.5K on it. The other was QS having $8.5K of $10K limit and I paid $4.2K.

Crossing my fingers very tightly hoping for absolutely no AA, no balance chasing, no CLD......

Wish me LUCK!!!

Good luck. I think you'll be ok. They like being paid.

If AA is to occur, when should I expect it?

pi-r-squared — Mon, 06 Sep 2021 16:18:23 GMT

I'm the one who paid down two CapOne cards. One from 33K to almost $0 and another from 10K to 4.5K. Last post, I wondered if balance chasing or AA would occur. So my question is this? If it's gonna happen, how soon will I find out? With such a massive pay down, should it have happened already?

Re: If AA is to occur, when should I expect it?

gdale6 — Mon, 06 Sep 2021 16:23:14 GMT

AA happens when a lender perceives their risk to outweigh the credit they have granted to you. The fact that you paid these down mitigates overall risk. If you have other cards besides these 2 that are nearly maxed out its always possible you will see Cap-1 reduce the limits.

Re: If AA is to occur, when should I expect it?

NRB525 — Mon, 06 Sep 2021 17:14:13 GMT

@pi-r-squared wrote:
I'm the one who paid down two CapOne cards. One from 33K to almost $0 and another from 10K to 4.5K. Last post, I wondered if balance chasing or AA would occur. So my question is this? If it's gonna happen, how soon will I find out? With such a massive pay down, should it have happened already?

Having gone through several years of balance chasing by three banks on seven or so cards, I can report that the fun aspect of AA is, you never know when or if it will start, and once it starts, you won't know exactly when the next step on that card may occur, and you probably won't know when it ends until some other interaction with the bank convinces you it ended. Here's hoping you don't get the start. Cheers!

Re: If AA is to occur, when should I expect it?

Brian_Earl_Spilner — Mon, 06 Sep 2021 17:29:40 GMT

Cap1 isn't one for AA. They have no problem with you carrying a balance for years. The only thing is the fact that your limit is over 10k. Normally they would lower it if it's not being used, but you were using it so 🤷

BIG FICO Score changes anticipated! Wish me luck!!!

pi-r-squared — Tue, 14 Sep 2021 16:31:53 GMT

Capital One should be reporting soon to the bureaus..... I just paid down two of their cards that totaled $40K to around $5K. I also was able to get removed as an authorized user on my wife's card that she had 30-day lates. Contacted TU and they deleted immediately! Can't wait for the results....

Re: BIG FICO Score changes anticipated! Wish me luck!!!

Sub16610 — Tue, 14 Sep 2021 19:05:14 GMT

Please keep us updated Goodluck!

$1400 a month to tackle 3 CCs.... what shall I do?

pi-r-squared — Fri, 17 Sep 2021 16:32:57 GMT

Here are 3 cards that I would like to split $1400 a month to cut my debt.

Barclay $3,185 / $3,800 = 83.8% Util @ 18.99% APR

QS $4,239 / $10,000 = 42.4% Util @ 12.99% APR

Discover $17,068 / $17,200 = 99.2% Util @ 13.49% APR

I'm basically split between sending mins to Discover and QS and the max to Barclay to rid myself of Barclay in about 4 cycles. Then do the same with QS. But since Barclay and QS are under 88.9% Util, some would argue that paying Discover the max and Barclay/QS their mins would make better sense. Any suggestions?