First of all, I have not charged anything in 14 months- cash payment or no purchases now. I have several high interest cards, 12-29%, for a total of $16k. The rates are killing me! According to credit karma, my credit score is 653 and the only hurtful factor is high cc utilization, all other aspects are in great shape.
My idea is to get a 90 day loan (for free) from my parents for the amount owed. My credit score should bounce back to 770 once the balances are reported as paid. At that point, I will apply for a loan to repay my parents asap. With the high credit score, I should be able to get a much lower interest rate and make bigger gains with my payments and get the debt paid off faster.
Are there any flaws in this plan?
Submitted May 24, 2017 at 07:08PM by owlbeready http://ift.tt/2qdCANI
