Approved for Venture card (Visa signature), 10K limit!

[shasta]

My white whale is the CSP and I apply once per year and get declined everytime. I have a freedom with a toy limit, $500. I've had it for almost 2 years and they never increase my limit. I decided that I would app for the Slate and I was approved with another toy limit, $500. I figured that I had pretty much maxed myself out for the number of credit cards I was eligible for (I now have 8).

Well, I went to capital one and saw the venture card and thought, why not. Well, to my shock I was approved for 10K. I was floored. In my long life, I haven't had a credit card with a limit higher than $1800. It is my understanding that Chase likes to see, among other things, that you have a credit card with at least 5K. I'm hoping this new Venture limit will allow me to get a CSP in about a year.

Also, I believe that I should consolidate my other credit cards onto the Venture. 

Question:  Is it better to leave the venture with zero to 10% usage and leave my other cards with balances? Or, transfer all balances to the venture, putting it at 75% usage, while my other cards will be at 0% ?

BTW, myfico TU is 695 and I am at 90% usage on all other cards.

[Jeff532003]

Wow that's high some pretty high usage and is definitely affecting your score and also what is most likely keeping you from CLI's with Chase. When your at 90% banks get scared you're looking for more credit to keep yourself afloat. Chasing debt.
Personally if you got the 0% for 10 months on the Venture I would transfer it and try to pay it off before the interest kicks in and then work at keeping your balances lower across all your cards.

[Anonymous]

Multiple cards with 90% utilization is the reason you're getting declined & getting toy limits. Quit that. Pay your cards off. Then, stop using them to increase your standard of living. Use them as if they were debit cards. Pay them in full each month before the statement close date.

[shasta]

I haven't exactly been frivolous with my credit card debt.

I was laid off for the 3rd time in about 5 years and decided that I needed to change careers. I had to buy tools, consumables, fuel and things like that while I was learning a new trade. I couldn't find reliable work in my new field and so far haven't paid off the credit card debt that I ran up. Things are looking up though, I was just made a job offer today and if it works out, I should be able to pay debt off in about 6 months. 

[OmarGB9]

Grats on the approval!

[I-think-I-can]

Congrats on the Venture approval! It is a great card!

[Anonymous]

Congrats! Agree with everyone else..Util is to high

[black_citi]

Congrats! I really hope your new job works out great for you.

[newhis]

Congrats on your Venture, you are very lucky. Is hard to find someone to give you a card if your other cards are at 90%.

Don't apply for anything else until you get your debt under control, at least under 30%. Try to get to less than 10% on 1 card and $0 on the rest for best score. Good luck!

[Anonymous]

New job & multiple cards at 90% is definitely not the time to apply for premium cards then. Get those balances paid way, way down & as many as you can completely paid off. In 6 months, you might be able to get that "Holy Grail" card you keep trying for.

---

@shasta wrote:

I haven't exactly been frivolous with my credit card debt.

I was laid off for the 3rd time in about 5 years and decided that I needed to change careers. I had to buy tools, consumables, fuel and things like that while I was learning a new trade. I couldn't find reliable work in my new field and so far haven't paid off the credit card debt that I ran up. Things are looking up though, I was just made a job offer today and if it works out, I should be able to pay debt off in about 6 months. 

---