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What credit card would you apply if

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Anonymous
Not applicable

What credit card would you apply if

Hi Guys. 

 

So glad I found this wonderful forum!!

 

There are so many different answers to credit but all of you guys seem to know a lot.

I am hoping you cn help me.

I currently have 2 cards discover and bank of america. Both of them I have high balances, I always pay on time and have FICO of 715

I recently applied for another Discover miles card and got denied. I never thought I would get denied since I have good credit.

Their response was number bank revolving trades with high utilization -sufficiently obligated.

I applied two months ago.

I want to apply for a credit card mainly for my business but doesnt matter really..

Which credit card would you recommend I apply for so I can get approved? 

I dont want a super high APR.

 

Any feedback would be wonderful.

 

Thanks so much

 

Message 1 of 15
14 REPLIES 14
Anonymous
Not applicable

Re: What credit card would you apply if

Welome to the board.  There is often a clue hidden in the denial reason and in your case "number bank revolving trades with high utilization -sufficiently obligated."  Before we go on recommending a card for you, how high is your utilization on the two cards you have? Also, what kind of card are you looking for based on your spending habits?

Message 2 of 15
p-
Valued Contributor

Re: What credit card would you apply if


tashr wrote:...I currently have 2 cards discover and bank of america. Both of them I have high balances, I always pay on time and have FICO of 715

Which credit card would you recommend I apply for so I can get approved?


Don't apply for any, until you pay down the balances.  I'm not sure if you pulled your score, but you'll find that high balances on your cards will kill it, no matter what else is on your report.  Pay down until you have less than 9 percent of your credit used, and only a balance on one card.  Then, pull your reports and scores, and share the score here for advice on which card to take.  Check out this chart of what your score does when balances go up:

 

UtilEffect_zpsc12faa4d.jpg

Message 3 of 15
Anonymous
Not applicable

Re: What credit card would you apply if

Thanks Guys~

 

Balance is 17,000 on one..and 11,000 on another.. 

So I guess even If I have a good credit score.. having these high balances pushes my credit down.. Smiley Sad

 

Yes- its-me , I  would like to use the card for business stuff.. website, hosting, etc..

Message 4 of 15
degs138
Established Contributor

Re: What credit card would you apply if

Do you have an income that can pay down 10k a month on those cards or are you just that deep in debt? How much interest do you incur a month?

FICO TU 757 Eq 741 116,900 Total revolving Credit.
Favorite cards: AMEX BCP, US Bank Cash+, Chase Sapphire Prefered
Message 5 of 15
RonM21
Valued Contributor

Re: What credit card would you apply if

After showing those balances, I would definitely not apply for anything until you get them down. You'll also get a nice score boost once they're paid down. That will put you in better position when you apply. Not only to get approved, but possibly a higher SL.


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 6 of 15
p-
Valued Contributor

Re: What credit card would you apply if


tashr wrote: Balance is 17,000 on one..and 11,000 on another..

When a CC company sees a high balance and you're still looking for more credit, they assume you are havbing trouble paying off what you have, and will maybe default if you have any more debt.  The scoring algorithm reflects that.  Mainly because most people who default have high balances before they do.  You end up fitting a profile that makes you look bad, even if you wouldn't actually default.

Message 7 of 15
jawbrkr
Established Contributor

Re: What credit card would you apply if

Agreed. Definitely pay down the balances to <10% of overall CL. The only thing that will happen right now if you open another card is drive that balance up as well and make things worse for yourself.



|| TU08: 811 || EQ08: 811 || EX08: 802 ||



Message 8 of 15
thummel
Established Contributor

Re: What credit card would you apply if

Once those balances are paid down and your report otherwise if clean, your golden and could probably get anything you would want. Assuming your report is otherwise spotless.
Message 9 of 15
Anonymous
Not applicable

Re: What credit card would you apply if


@Anonymous wrote:

Thanks Guys~

 

Balance is 17,000 on one..and 11,000 on another.. 

So I guess even If I have a good credit score.. having these high balances pushes my credit down.. Smiley Sad

 

Yes- its-me , I  would like to use the card for business stuff.. website, hosting, etc..


OP, I feel the same way that others here do. Pay down the balances on the cards before you apply for anything else. A good credit score is not the only thing that lenders look at when deciding to approve or deny an application for credit. What are the limits on those two cards? For best results, you should pay them down to under 20%, but under 30% and you will still see a boost in your scores. When lenders see high utilization it can freak them out. Think about it this way, if you were a lender and someone came to you for a credit card but they were almost maxed out on their current cards, what would you think?

Message 10 of 15
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