Taking out a 15k line of credit and using all of it and pay it down over time or maxing out a credit card with a 15k limit
2007-12-28 04:59:33 · 5 answers · asked by Tim6298 2 in Business & Finance ➔ Credit
Neither are good. Maxing out your credit card is a sign of poor money management and shows a risk that you will continue to overspend. Having a 15k loan and a credit card with a 15k limit has the potential of you being 30k in debt. This will make it hard for you to get future credit.
2007-12-28 06:57:16 · answer #1 · answered by J M 4 · 0⤊ 0⤋
Maxing out the credit card would probably have the most negative impact. Using more than 30% of available revolving credit limits, hurts your score.
On the other hand, the $15K line of credit would affect your debt to income ratio and impact your ability to get any new loans.
2007-12-28 06:26:12 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
Maxing out your cards. the 15k will not have much of a negative effect on you. If you max out your cards you should expect to see a big decrees in your score.
2007-12-28 16:03:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
maxing
2007-12-28 05:02:34 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you didn't need to ask this question. late payments, not paying off your bills.
2007-12-28 05:02:46 · answer #5 · answered by --- 3 · 0⤊ 0⤋