Maxed out Credit Cards Payment Startegey

[kingofspades]

Hello Everybody,

 

About a year and a half ago I had a 810 credit score and carried no balances, right now I'm to scared to look at my score as all my cards are maxed out (within a $100 of the limit or so). Right now I currently owe about $40,000. I have the cash now to pay them all off, I'm just wondering if I should pay them off at once or do it over a period of a couple of months.

 

Other then me maxing out my cards my credit is perfect, no collections, no late payments. What I am concerned of is if I pay all my cards at full they might close my accounts or significantly drop my credit lines especially if they're looking at a credit report from 30 days ago when all of my cards are still maxed out.

 

Any thoughts?

 

Thanks.

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[spikedup]

I recently paid off many of my credit cards, including a Bank of America, Barclay, and Discover without getting any credit line decreases. If you have no negatives on your account except for the high utilization, I would think you would me okay paying them completely off.

[BobWang]

Sounds like you have a lot of cards.

It would be unusual for ALL of your creditors to take Adverse Action.

 

I would just pay everything off and stop the interest hemorrhage.

[butterflywings]

Hi, welcome to CB.

 

We paid off all, but one of our credit cards a few months ago, which included 2 Amex's, and 2 Chase's and we had no adverse action taken at all. We only have a small balance left on BOA that we're paying off soon. My advice is pay off your debt all at once, and enjoy the huge FICO boost. We did. Your credit card companies will appreciate your FICO boost as well.