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Need Advice: Paying Down A Lot of Debt At Once

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Anonymous
Not applicable

Re: Need Advice: Paying Down A Lot of Debt At Once

Great job! LMK the results!
Message 11 of 14
Heatt99
Frequent Contributor

Re: Need Advice: Paying Down A Lot of Debt At Once

Good job so far as not to spook your Creditors into CLD. Try to get at least 4 cards to zero, with the rest under 30%. I've seen were new lending denied based on too many accounts with a balance excuse, DTI ratio not were they like it excuse. 

Look into a CU for your next card if you want  high limit with low balance transfer benefits. 

Message 12 of 14
adelphi_sky
Frequent Contributor

Re: Need Advice: Paying Down A Lot of Debt At Once


@Anonymous wrote:
I have heard of Discover Barclay and synchrony balance chasing. You could pay the others first, so they realize it’s not a run.

I just read about capital one freezing a guy’s account because he made a big payment thru regular channels.

Sorry. What is a "run"?

Message 13 of 14
Anonymous
Not applicable

Re: Need Advice: Paying Down A Lot of Debt At Once

I should’ve stated that differently, meaning you were just paying them rather than paying the majority of all the cards’ balances.

If they see you have paid your other credit cards down they are less likely to balance chase you in my opinion.
Message 14 of 14
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