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@Anonymous wrote:I have been reading this board on and off for a few months. I have about 15 credit lines. 5 are paid off in full, but I'm carrying balances on the others -- some of them pretty close to the credit limits. Here is my dilemma: My scores are in the mid-600's due to high utilization on some accounts and probably student loan balances.
I am actually a bankruptcy lawyer. My salary is around $100K and I have some money that I could use to pay off most of the credit card balances. I will be applying for a business/personal loan in February or March 2013 to expand a business that my fiancee and I have. The business has been very successful thus far. I want to get the best rate possible on the loan or potentially put some of the business expenses on credit cards. I would also like for my credit limits to increase. How should I proceed with the following cards? Also, which of the following cards do I have the best chance for a CLI once they are paid off and how long should I wait to ask? Also, which cards could I potentially apply/qualify for with decent limits once most of these have been paid off? Thanks for any and all help!
Bank of America w/balance of $4.8K and $5K limit.
Bank of America w/balance of $4.9K and $5K limit.
Capital One w/balance of $1.4K and $1.5K limit.
Wells Fargo w/balance of $1.4K and $1.5K limit.
Walmart w/balance of $400 and $500 limit.
Dell w/balance of $2K and $3K limit
CFNA w/balance of $1K and $2.2K limit
Lowe's w/balance of $2.7K and $3K limit
Bill Me Later w/balance of $400 and $500 limit
Citi (Closed Account) w/balance of $2K
NO BALANCES ON THE BELOW CARDS
Jared w/balance of $0 and $7.6K limit.
Capital One w/balance of $0 and $500 limit.
Shell w/balance of $0 and $200 limit
Gap w/balance of $0 and $200 limit
Express w/balance of $0 and $1,640 limit
My advice is pay these balances off or at least wayyyyy down.. Especially looking to expand your business. Not a personal knock on you but when people ride balances like this that are dangerously close to the CL its puts a lot of people a job loss or catastrophic event away from possibly close to bankruptcy...I just saw the irony about that and had to make a comment..
Best of luck!!!
@beb86 wrote:
@Anonymous wrote:I have been reading this board on and off for a few months. I have about 15 credit lines. 5 are paid off in full, but I'm carrying balances on the others -- some of them pretty close to the credit limits. Here is my dilemma: My scores are in the mid-600's due to high utilization on some accounts and probably student loan balances.
I am actually a bankruptcy lawyer. My salary is around $100K and I have some money that I could use to pay off most of the credit card balances. I will be applying for a business/personal loan in February or March 2013 to expand a business that my fiancee and I have. The business has been very successful thus far. I want to get the best rate possible on the loan or potentially put some of the business expenses on credit cards. I would also like for my credit limits to increase. How should I proceed with the following cards? Also, which of the following cards do I have the best chance for a CLI once they are paid off and how long should I wait to ask? Also, which cards could I potentially apply/qualify for with decent limits once most of these have been paid off? Thanks for any and all help!
Bank of America w/balance of $4.8K and $5K limit.
Bank of America w/balance of $4.9K and $5K limit.
Capital One w/balance of $1.4K and $1.5K limit.
Wells Fargo w/balance of $1.4K and $1.5K limit.
Walmart w/balance of $400 and $500 limit.
Dell w/balance of $2K and $3K limit
CFNA w/balance of $1K and $2.2K limit
Lowe's w/balance of $2.7K and $3K limit
Bill Me Later w/balance of $400 and $500 limit
Citi (Closed Account) w/balance of $2K
NO BALANCES ON THE BELOW CARDS
Jared w/balance of $0 and $7.6K limit.
Capital One w/balance of $0 and $500 limit.
Shell w/balance of $0 and $200 limit
Gap w/balance of $0 and $200 limit
Express w/balance of $0 and $1,640 limit
My advice is pay these balances off or at least wayyyyy down.. Especially looking to expand your business. Not a personal knock on you but when people ride balances like this that are dangerously close to the CL its puts a lot of people a job loss or catastrophic event away from possibly close to bankruptcy...I just saw the irony about that and had to make a comment..
Best of luck!!!
Thanks for the suggestion. I've got enough liquid cash to pay the balances off. I've just been comfortable with the balances for too long. I should have paid them down sooner.
As an aside, the business that we're expanding is completely separate from my employment as a bankruptcy attorney. The business is small (no employees), but it is generating about $55k per year in addition to my salary. Things are going really well. I just need to get my scores up, and I appreciate all the advice.