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Maintaining credit lines while paying down large amounts of debt
I have a large amount of credit card debt spread over several cards. I am in the position to now begin paying off large amounts of debt, to the point where I can clear all balances within a year. How do I avoid having my credit lines reduced as I do this? I am trying to pay down gradually across the cards, but 1 card with the largest balance has a 30% annual rate - while I'd like to pay this card down asap (and can), I don't want to have my limit on it progressively reduced. I would like to maintain my credit limits as I pay down, in order not to see my credit utilization stay the same (currently close to 100%). I noticed that after I paid down about a third of 1 card as a test, sure enough 2 weeks later, my limit on that card was cut to a small amount above the paid-down balance. Any thoughts would be appreciated!

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No idea

The credit card companies see you as a big credit risk based on your history. They want to limit their risk for the future.

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I have worked in the credit card industry for 8 years, and I have seen people with with 20 plus credit years worth of credit history and $50K plus credit lines reduced to $500.  If you have been almost maxed out for a long while, and just paying the minimum, your credit line will most likely be lowered if you pay if off.  Here's why:  When you pay it off, the bank will probably wait until your payment successfully clears, then they will pull your credit report (soft pull), and when they see you are almost maxed out on other cards, BAM!  credit line reduced. 

If you cannot pay them all off at the same time, here's what I recommend:  Start paying off the ones you do not care to have the lines reduced first, and the one you care about the most, pay off last.  Definitely, wait until the less important cards show paid off on all of your reports, before you pay off your highest limit or most important card.  That way, when they pull your credit, they'll see zero balances on other cards, as supposed to maxed out, and may leave your credit line alone, or reduce it very little. 

If you care about all of your credit lines, there's no way around it, other than paying them off, and keeping your fingers crossed.  If your credit lines get reduced, just request a CLI, but make sure all cards have reported little to no balance first.

BTW, if you're cards are with CITI, good LUCK!  You will need it!

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