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BILL3588

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Judgement about to enter - affect on FICO?
Hello - here's the situation. My uncle sued someone, and they counter-sued him for legal fees. They will win ($50k) some of the fees they are asking for.
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The hearing on this matter, that will make it "official", occurs on March 14. After that, the judgement will enter and execute.
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He has about $200k as open and available for credit card cash advances, which he needs to borrow for a business. Will this judgement affect his FICO score? (i assume yes). And will that, in turn, cause the banks to lower his credit limits?
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If the answers are yes, then he will be doing $200k worth of cash advances this week, before the judgement hits the 3 bureaus. Any advice, ideas, or things he is missing in his plan ? Thanks

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This is such a serious situation that you need to speak with an attorney or financial professional, since so much is riding on this, Credit Karma is not where I would turn fo advice. If a judgement hits his reports, then yes that would be very bad. Whether or not the lenders would lower the credit lines is uncertain, but I would expect it. If he is dealing in this kind of money, paying the amount in the lawsuit may be a good option.

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