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Updated over 9 years ago on . Most recent reply
Credit cards for funding a project
Hello everyone,
I'm planning on using 0 % credit cards to fund a rehab project. I decided to not take the HML route since it takes a good chunk of my profits.
With that being said, I'm concerned how this could potentially ruin my credit. I'd like to know what would happen if I max all my credit cards and if my credit score will recover at some point.
If someone could also share some of their CC strategies, that would be very helpful as well.
Most Popular Reply
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Stay below 30% utilization, 50% at the very maximum. If you max out a bunch of credit cards, it absolutely will hurt your credit score. I ran into this when doing a buy/rehab/rent/refi project. It did impact my ability to do the refi.