Advice--Should I Sign Up for a 0% Offer or Ride it Out?

[Anonymous]

Hello, guys.

A while ago I mentioned how my mother's medical bills came onto me. Of course, I don't mind--my mother comes first. The past few months became me lifting my utilization on one card up to 75% multiple times a month, and paying down to about 40% as I could.

Right now I'm at almost 1500/2000 on my Freedom (I only have a Slate otherwise, paid off--I don't use the card beyond charging about 5 bucks every two months and paying off to keep the card active... and assure Chase that I'm not in such an emergency that I'm desperate, as not to spook them, bahahaha!)

At the end of this month, I can lower my balance to 900/2000 with my bonus, and after this, I will start getting charged interest on my Freedom. (22.99%... ouch.) Right now my EX hovers at 700-705. Don't know what my other scores are, but my 3 reports are identical.

My question is--at 45% utilization on one card (30% overall utilization), do I have a chance at getting accepted for a card with a 0% period (like Citi Simplicity, Cap1 QS, etc.), and if so, should I do it and take the AAoA hit (my credit history is small, only about 1 year of cards, average of 2.5 years on loans), or should I ride it out and pay the interest?

Thanks for the help, guys.

[NRB525]

When you go to the Citi website, what is your result when you use the Prequalification tool, asking for "Balance Transfer" ?

If you get a result for Simplicity that is a single APR, after the 0% Promo period, then you probably have a good chance to get the card. Even if it's a high APR after the promo, it's 21 months at 0% on the Simplicity, which is pretty nice in your situation for avoiding interest.

[takeshi74]

No idea on specific chances.  We're not underwriters for any of the card issuers.

Your revolving utilization will certainly impact what you qualify for -- not just approval but limit and APR as well.  Again, we can't say what the specific impact would be even knowing your revolving utilization.  All you can do is apply and see.

Can you drop the reported utilization for other cards?  I mean, will paying prior to report date help to drop your reported utilization at all?

[Anonymous]

I don't recall the specifics, but when I applied for my Citi DP I had way higher ultilization than you do now. I think you will be fine with 45% ultilization one card and 30% overall. Though <30% overall will do you MUCH better.

If you can spare a HP, give it a try. If you're approved, and you can spare another HP, call them for a CLI upon activation. There are numerous report on myfico of doing that for higher CL as Citi usually starts with low CL.

[Anonymous]

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@Anonymous wrote:
I don't recall the specifics, but when I applied for my Citi DP I had way higher ultilization than you do now. I think you will be fine with 45% ultilization one card and 30% overall. Though <30% overall will do you MUCH better.

If you can spare a HP, give it a try. If you're approved, and you can spare another HP, call them for a CLI upon activation. There are numerous report on myfico of doing that for higher CL as Citi usually starts with low CL.

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I don't understand this whole "take another HP on activation for CLI" idea. That seems like a waste of HP for sure. If you're approved, why not call CS the same day and request a CLI? That way, your HPs are combined and you still get a CLI. I did exactly this for a Slate card a little while back (both HPs combined)

[Anonymous]

NRB525, I'm opted-out due to an incident that went on with a neighbor of ours (she took one of my offers and tried to fill it out for herself--thankfully my reports were on fraud alert), so I'm afraid I don't know. If push comes to shove, I'll opt back in temporarily.

takeshi74, I was planning to, after I pay the Freedom down to $900, to run and PIF a small charge on Slate, since Chase always seems to report a new FICO days after I pay off the Slate. If anyone gives me a gift card this holiday season I'll use the cards instead of cash and use the cash to pay off a little more.

KoF88, that eases me a little bit.

I dunno, I might suck it up and pay the interest for a month and get my balance <30% overall.

[Anonymous]

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@Anonymous wrote:
Hello, guys.

A while ago I mentioned how my mother's medical bills came onto me. Of course, I don't mind--my mother comes first. The past few months became me lifting my utilization on one card up to 75% multiple times a month, and paying down to about 40% as I could.

Right now I'm at almost 1500/2000 on my Freedom (I only have a Slate otherwise, paid off--I don't use the card beyond charging about 5 bucks every two months and paying off to keep the card active... and assure Chase that I'm not in such an emergency that I'm desperate, as not to spook them, bahahaha!)

At the end of this month, I can lower my balance to 900/2000 with my bonus, and after this, I will start getting charged interest on my Freedom. (22.99%... ouch.) Right now my EX hovers at 700-705. Don't know what my other scores are, but my 3 reports are identical.

My question is--at 45% utilization on one card (30% overall utilization), do I have a chance at getting accepted for a card with a 0% period (like Citi Simplicity, Cap1 QS, etc.), and if so, should I do it and take the AAoA hit (my credit history is small, only about 1 year of cards, average of 2.5 years on loans), or should I ride it out and pay the interest?

Thanks for the help, guys.

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From my experience, Cap1 is not too bad in regards to utilization. It looks like the Cap1 Venture One has the best BT offer right now (until December 2016). BoA has been good as well, and the Bank Americard is running an 18 month 0% offer as well. My utilization is currently 2%, and Citi approved me for a Simplicity recently, but the SL is only $5K.