@Anonymous wrote:Hello,
I've been on this forum for years and at the beginning of this year was able to get my scores from mid 500's to 760/780. I was then approved for a $7500 and $25k Navy Fed.
Around June I quit my job and my income went to $0 and I pretty much lived off my cc's. That has resulted in me now having high balances. I relaunched my business this year and now my balances are as follows:
Navy Fed $24,622 due on the 19th $25k
Navy Fed $3,035 due on the 10th $7500
Discover $3,922 due on the 12th $9000
Cap 1 $5,248 due on the 10th $7500
Cap 1 $5,035 due on the 28th $5400
Amex, Fingerhut, BOA $0 balance
My question is what is the smart way to pay them down to avoid a drop in my score? I was told if I pay them down to $0 my score could actually drop. Thats is false. You scores will go up.All of my cards were maxed out last month, so the new balances for the cards due on the 10th-12th havent reported yet. I'm hoping the lower balance will help my score go up a bit. Any advice is greatly appreciated. I plan to pay $4000-$5000 for the $25k Navy Fed, then $2000-$3000 on the Cap 1 due on the 28th if you guys think it's a smart move. My scroe dropped from 700's to 450's. It recently went up to 519... I really want to get back to 700's and I'm hoping thats still a chance since I tanked so bad recently.
Any help would be greatly appreciated.
Main thing first is to get the maxed out cards below 89%. (In red) Then keep lowering all your balances and you scores will rise on up. Once you get them all down to 0 and have 1 report a balance of <8.9%. 700 will be in reach and then some. Its great your tackling your debts and hope it doesnt happen again. You will pass thresholds and your score will go up each time. Good Luck!
It will take some discipline. But once you see your progress from the debts going down and the scores going up. You'll go into high gear and it will be a thing in the past. Tell that person who said your scores go down paying off debt to make a visit here. HeHe. It doesnt work that way. in time. You'll rebound just fine. Good Luck!
I agree tackle the biggies first and just go slowly one at a time once you get them down to a certain percent if you feel comfortable to add one or two more and start paying them down too you are more than welcome but you will start seeing increases as they go down and as they get below certain percents. 
Welcome welcome and Good Luck on your Journey!
@Girlzilla88 wrote:I agree tackle the biggies first and just go slowly one at a time once you get them down to a certain percent if you feel comfortable to add one or two more and start paying them down too you are more than welcome but you will start seeing increases as they go down and as they get below certain percents.
Thank you for responding! I think I've been going about it wrong then, I've been paying a chunk of the balance down in the order that they are due. lol But, I'll start working on the bigger balances. Thank you again.
I'm having the same issue. My scores were close to 700 about 6 months ago and now they are a little under 600 and its basically because of my ulitization. I moved out of state for a better job opportunity and my credit card balances increased because I had to use them on hotels, travel, and the move itself. I plan on focusing on one card at a time while paying the minimum on the rest. Maybe you should try doing the same
