topic Re: 50% util, should I app? in Credit Cards

50% util, should I app?

jcstarkey8826 — Thu, 17 Jan 2013 18:41:05 GMT

Im going to join DCU in February. Im wondering if I should app for their Visa when I join? below is my report in a nutshell, should I wait or give it a shot?

charter one: $0 / 500CL opened Jan 2012

chase: $0/ 500 CL opened september 2012

Wal Mart: $450/ 1000 opened september 2012

Kay: 2k/ 3000 CL opened august 2012

No LATES ON ANY CARDS ABOVE

DTE energy: opened april 2011 never late

Mohela student loan 7 years no lates

another Mohela student loan 6.5 years no lates

Discover card CO from 08' PAID

Key Bank SL CO from 08' PAID

Re: 50% util, should I app?

jsickz32 — Thu, 17 Jan 2013 18:47:11 GMT

Join first then app. Wait until you get your welcome package and everything then app. Its gonna be a HO for each either way.

Re: 50% util, should I app?

Revelate — Thu, 17 Jan 2013 18:53:00 GMT

Usually I suggest that you open a tradeline as soon as possible if you want it, but in this case I'm not certain I see the draw.

As I understand it, you're going to take a HP to join; you're going to take a HP to open the card; you're going to take a HP to get any CLI's in the future.

It won't matter long term but if you're doing this for limit chasing in addition to the FICO score, I think you're better waiting to make your report as pretty as possible. If you just want the FICO score and the limit is irrelevant, then apply on opening.

Edit: April looks good from a tradeline perspective if you can pay down by then, take the 6 months seasoning on half your cards for a likely FICO bonus.

Re: 50% util, should I app?

battles11 — Thu, 17 Jan 2013 19:38:27 GMT

I just joined dcu. I apped for visa then became a member. Its going to be two hardpulls. I had 80% utilization on my cards with a EQ fico of 666 and was approved for a 3k limit.

Re: 50% util, should I app?

toppers555 — Thu, 17 Jan 2013 20:02:50 GMT

I would wait 50% utilization is pretty excessive. you may be apporved , but I assume it will be for a low amount like poster above me.

Re: 50% util, should I app?

jcstarkey8826 — Thu, 17 Jan 2013 20:23:55 GMT

toppers555 wrote:
I would wait 50% utilization is pretty excessive. you may be apporved , but I assume it will be for a low amount like poster above me.

I have a ring and tv on 0% interest while I pay it off. My non store cards are always pif and never carry a balance, but they have such low limits that my util reports very high. I am chasing a higher limit, and I know you say the person above received a low limit, but its all perspective. I would be ecstatic with a 3k limit! I hate having these $500 CL with multiple payments per month. I just figured they would be my best bet to get a limit of 1k or more. Myfico score is only 670 TU 674 EQ and 680 EX last pull.

Re: 50% util, should I app?

jcstarkey8826 — Thu, 17 Jan 2013 20:25:22 GMT

battles11 wrote:
I just joined dcu. I apped for visa then became a member. Its going to be two hardpulls. I had 80% utilization on my cards with a EQ fico of 666 and was approved for a 3k limit.

what was your AAOA? Your scores are about what mine are and util a little higher, but did you have any negatives or maybe a long history of revolving credit usage? My AAOA is 2.5 yrs and 1 yr revolving experience

Re: 50% util, should I app?

battles11 — Thu, 17 Jan 2013 22:07:56 GMT

My aaoa is roughly 4 years and only negative on my report is a paid 2 year old tax lien. Im sure i woulda gotten a much better limit with a lower utilization. Ill just cli in a few months when my uti is a 9%. Dcu only pulls EQ. I only had 1 inquiry on report also.