About To Make A Large Lump Sum
hey guys i have an assignment that is about to go through and i have a lot of credit card debt with the balances almost maxed out . now when i recieve my asssignment fee, should i just clear all my cards with one shot?
Sure. If later you need the money do a cash advance.
but what effect will it have on my credit score
I just read a book out by Liz Pulliem Weston "Your Credit Score...How To Fix..." Worth the Quick Read
Confirms percentages that make up your score.
Anyway, the percentage of usage overall and the % usage per account matters, so pay down to below 50%. I have read that you can actually take a hit for big payoffs because it looks like you got $$ from somewhere. My advice recently to my son was to send double payments every week this month, then triple payments next month on all cards with large bal. Then look for pay below 30% 3rd mo. Little work, but should improve scores better than pay off. I have paid off and it does not improve score.