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Need Advice: Paying Down A Lot of Debt At Once

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Super Contributor

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

Great job! LMK the results!
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.


RIP:




Updated Oct 2020, unless otherwise noted.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 11 of 14
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Regular 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
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Frequent Contributor

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


@Birdman7 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
Highlighted
Super Contributor

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.
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.


RIP:




Updated Oct 2020, unless otherwise noted.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 14 of 14
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