american_bulldog25 asked:
I just took out a loan for $10,000 in which $5000 paid of credit cards and I used another $2500, so a total of $7500 with all credit cards paid off. now I was thinking of reducing all my credit cards to $100 limit so all I’d have mainly is the $7500 I owe on the loan. Question is….Is this a good idea? If I kept the credit cards with the high limits would this show high risk along with a 10,000 loan? I’m working on refiancing next summer because I have a A.R.M mortgage and I wanna have the best score possibly by then..
PICKETT
I just took out a loan for $10,000 in which $5000 paid of credit cards and I used another $2500, so a total of $7500 with all credit cards paid off. now I was thinking of reducing all my credit cards to $100 limit so all I’d have mainly is the $7500 I owe on the loan. Question is….Is this a good idea? If I kept the credit cards with the high limits would this show high risk along with a 10,000 loan? I’m working on refiancing next summer because I have a A.R.M mortgage and I wanna have the best score possibly by then..
PICKETT
