cancel
Showing results for 
Search instead for 
Did you mean: 

Maxing out Credit Cards.....On purpose?!

tag
NRB525
Super Contributor

Re: Maxing out Credit Cards.....On purpose?!

It would be good to know the interest rate those balances would be charged.
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 11 of 52
Girlzilla88
Valued Contributor

Re: Maxing out Credit Cards.....On purpose?!

Ok so WOW that is a LOT of information to take in from everybody I see I see so NOTE to Self - DEF don't do minimum payment then that seems to be agreed by a lot of you and I def. don't want to see getting a decrease for the one person that asked about my 500's score that was when I first learned about credit period so that was my score when I started.      I was up in the 700's until I got my house which was in April closed in May I believe sorry trying to remember if it was end of april or early may?!    But anywho That is when I started to touch my credit I know I will have a drop regardless so thought I would rather have a large drop now then Pay it off either over time (not doing that anymore) or in larger lump sums (which I will do now thank you all) and see how low it drops my score and how quick it goes back up I am now showing 90% or higher on all my cards but next month I will make larger payments than the minimum to be safe I know my Ex. dropped to 644, but I know my last card statement will show tomorrow so that of course will drop  it a little lower still.       I will keep everyone posted and keep all your comments in my thoughts as I continue thanks next time I will def. only max one at a time I don't know why I didn't think doing them all would be Hella Bad even with perfect payments I can see why they would think I just gave up or something LOL smh .....







Message 12 of 52
Girlzilla88
Valued Contributor

Re: Maxing out Credit Cards.....On purpose?!

For the person that asked about my interest rates right now they are all 0 Smiley Very Happy







Message 13 of 52
Remedios
Credit Mentor

Re: Maxing out Credit Cards.....On purpose?!

@Girlzilla88  Maxing even one card long term can be bad. While you have a "perfect payment" history now, it's also a very short one and in combination with significant score drop (according to your signature 90 points lost on EX based on your post ), I really dont see this ending well.

 

Try not to go overboard with utilization and you'll be fine 

 

Message 14 of 52
Girlzilla88
Valued Contributor

Re: Maxing out Credit Cards.....On purpose?!

I only maxed them out for a month for them to report but next month I'll make large payments on all of them and get them all under 30% asap Probably in a month or two Smiley Very Happy







Message 15 of 52
Girlzilla88
Valued Contributor

Re: Maxing out Credit Cards.....On purpose?!

To NRB525 my SL with Amex was 1k my starting limit with Chase was 3800 I believe it was when I got them both at the same time I maxed out Chase paid it off quick and they gave me the CLI to the 6300 within a few months of opening Smiley Very Happy     No my scores were at middle 700's when I opened my Unsecured cards and refinanced my car etc.    My score dropped a little at first but then I popped it back up to over 700 and applied for my Home which I closed on April/May this year.      Gardening til 2020 when I'm going to do one last big purchase but thought I would test things in the meantime but I should have maxed out one at a time I don't know why I didn't think of doing it that way but Live and Learn 







Message 16 of 52
Anonymous
Not applicable

Re: Maxing out Credit Cards.....On purpose?!

Just noticed your rebuild seems to be going really well so far from your bio! I'd hate to see you do something that could cause long-term issues and take you back to square one (or worse) Smiley Sad

Message 17 of 52
Girlzilla88
Valued Contributor

Re: Maxing out Credit Cards.....On purpose?!

No worries if it ends up not in my favor I would rather learn now then 2 years when I need it BUT I had upper 700's score at one point so I'm not scared of a drop temporarily Smiley Happy      Would it suck if one of them freaked out and closed yes it would but would it be even better if they were like well good heavens put some more money on her card then ROFL I will gladly take it again I just maxed them out for one month they haven't been or stayed maxed out to see how this will go so hopefully when they see me making the large payments they will understand?!     And next time like I said I'll do one at a time UGH *slaps forehead again for not thinking of doing it that way* LOL







Message 18 of 52
Girlzilla88
Valued Contributor

Re: Maxing out Credit Cards.....On purpose?!

STATUS UPDATE:     So my profile finally refreshed showing all 4 topped out (Home not on there yet) that will probably show July since my first payment was June but I'm sitting at My Amex 98%, Ga Own 100%, Chase 100%, Home Depot 99% so overall 99% CU ....phew ..soooo my scores updated today they sit at EQUIFAX 619, TU 642 and EX 632 so yes it did drop it a good chunk but not nearly as bad as I feared.     I am curious to see how fast it pops back up and how the house will affect scores as well but now everyone can use this as sort of a guide and again next time I won't do them all hopefully they will see me paying on it fast and not close them out XD   AHHHH    Smh.    







Message 19 of 52
CreditInspired
Super Contributor

Re: Maxing out Credit Cards.....On purpose?!


@Girlzilla88 wrote:

STATUS UPDATE:     So my profile finally refreshed showing all 4 topped out (Home not on there yet) that will probably show July since my first payment was June but I'm sitting at My Amex 98%, Ga Own 100%, Chase 100%, Home Depot 99% so overall 99% CU ....phew ..soooo my scores updated today they sit at EQUIFAX 619, TU 642 and EX 632 so yes it did drop it a good chunk but not nearly as bad as I feared.     I am curious to see how fast it pops back up and how the house will affect scores as well but now everyone can use this as sort of a guide and again next time I won't do them all hopefully they will see me paying on it fast and not close them out XD   AHHHH    Smh.    


Just to satisfy my own curiosity, what kind of payments are you planning to make if not in full? Will you get them all below 28.9% with your payment? My hope is that none of them will think bust-out fraud as kforce said. That would be big time YUCK


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 20 of 52
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.