We are doing a cash out refinance.--our main objective is to pay off our credit cards----I have heard it is not wise to pay them off all once....what is your advice? thanks
Try to get all (credit cards, credit lines, etc) at least to or below 30% of the limits within 2-3 months billing cycles.
As your lines age you will receive increases.
I did this earlier in the year and have quadrupled credit lines while maintaining and actually increasing my scores and the scores of the company.
We are able to charge almost any amount now and pay-off 100% if we wish with consistent closing checks....without cutting into cash, cash-flow.
Try to get all (credit cards, credit lines, etc) at least to or below 30% of the limits within 2-3 months billing cycles.
As your lines age you will receive increases.
I did this earlier in the year and have quadrupled credit lines while maintaining and actually increasing my scores and the scores of the company.
We are able to charge almost any amount now and pay-off 100% if we wish with consistent closing checks....without cutting into cash, cash-flow.
SG