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About to pay off all my CC debt 26K

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About to pay off all my CC debt 26K

I'm finally getting my divorce settlement money and I'd like to pay off all my credit card debt.  According to the Score Simulator here on MyFico I'm going to go from scores of 650, 664, and 656 to 745, 759, and 756.  I've been at 98% utilization for like a year now.  Is there a certain technique I should use to pay off these cards so that none of my credit limits get dropped way down?    My plan is to just pay them all off at once, wait another 3 months, and then try to get CLI on my Navy Federals, Discover, and two Chase cards as well as Capital One.  I plan on keeping a 0-5% balance from now on.  Really want to get some high limits so in two years when I'm ready to start investing in Real Estate Rental properties, I'll have credit available to use for renovations/emergencies if I need to, and can then pay back with the cash out refinance. Anyinput is appreciated!  Thanks!

 

Robert

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Established Contributor

Re: About to pay off all my CC debt 26K


@Robertwd82 wrote:

I'm finally getting my divorce settlement money and I'd like to pay off all my credit card debt.  According to the Score Simulator here on MyFico I'm going to go from scores of 650, 664, and 656 to 745, 759, and 756.  I've been at 98% utilization for like a year now.  Is there a certain technique I should use to pay off these cards so that none of my credit limits get dropped way down?    My plan is to just pay them all off at once, wait another 3 months, and then try to get CLI on my Navy Federals, Discover, and two Chase cards as well as Capital One.  I plan on keeping a 0-5% balance from now on.  Really want to get some high limits so in two years when I'm ready to start investing in Real Estate Rental properties, I'll have credit available to use for renovations/emergencies if I need to, and can then pay back with the cash out refinance. Anyinput is appreciated!  Thanks!

 

Robert


I paid off 30K all at once. Never recieved any AA from NFCU or Discover, cant say about Chase. I would just say make sure to get pay off quotes from all to include any interest that has been accuring daily. 

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Re: About to pay off all my CC debt 26K

Congrats! Once you pay them off. Leave 1 with a tiny balance. Then slowly start hitting them up for CLI's. If any of them balance chase you. (Not knowing what cards you have) There little you can do. But since they didnt AA you carrying such a high util %. You may make it out alive. Keep us updates.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
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