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rusty105

Will a sudden drop in credit card balances be a red flag

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So... I have about 30k ( >90% utl on most cards) in CC debt, ran a lot of that up adjusting after a separation/divorce, finances are getting back on course. However, due to the high interest rates, some in the upper 20% range (will ask how to lower them in another topic), I am finding it hard to keep up. I have applied for a loan against my 403b for about 20k, which by my calculation will give me an additional $350/m after paying off several cards (starting with the highest interest rates first). My question is how should I pay the cards off? Should I just dump the payments at one time? or spread them out a little? Will the card holders think something is wrong when suddenly my utl goes from really high to something in the 30% range? I don't want the cards to be closed or reduced, but I am sure as heck not using them.

 

Thanks!

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PIF and let FICO and the issuers be damned. and never not PIF again. ever. Don't pay more $$$$ in interest out of fear.

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I can probably expect creditors to balance chase??

 

If it matters, 14 accounts (38k total limit) , no lates, 1 medical collection that will be disputed, and likely removed.

Edited by rusty105

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29 minutes ago, rusty105 said:

I can probably expect creditors to balance chase??

 

If it matters, 14 accounts, no lates, 1 medical collection that will be disputed, and likely removed.

then those aren't the creditors you want for long-term credit profile building and financial security.

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