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BowdenFan

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I want to pay off credit cards with a 2nd mortage.
Credit score is excellent and an A but credit card debt ratio is 58% of chargeable amount. I have two credit cards with balances. If I take out a 2nd mortgage to pay off one credit card completely and a third of a second credit card, will this lower my credit card debt ratio percentage? How would the 2nd mortgage affect the overall picture? My family plans to move in summer 2015.

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Not sure if this is a good idea.  You'll just be moving the debt around, so your overall utilization will not change.  However, the 2nd mortgage will be a hit to your credit score, at least in the first few months.  Would the interest rate on 2nd mortgage be better than what you are paying now?   If not, then it really makes no sense.   I think it would be better to pay down your cards over the next few months instead of paying them off with another loan.  Get your utilization below 30% over the next few months and your score is sure to go up.  

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