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Hi All -
I'm new to this forum and was hoping for some feedback. I've recently began to pay off my accumulated debt and I currently owe 2,807 out of 5,450. More specifically I have My Amex charged right to the limit since I've been focusing on paying off the cards that have interest. The Amex has been open since 6/13. Anyway, I'm now interested in applying for the Costco card, but I'm guessing I should wait until all my balances are way lower, especially on the amex?
Just throwing it out there Forgive me if I don't make any sense or am in correct in how/where I am posting this.
Thanks!
Have you hit the 61 days CLI from Amex yet?
Yes, and I was shot down, but at that time all of my cards were maxed out. In my defense I've never made a late payment on anything. lol
Yes. I have my Amex that is near it's limit, but I am constantly paying on it and charging more. I run all my cash through it. The only other balance I have showing is 832 on the chase card. The Cap1 and Elan card all paid off.
I'm thinking that Amex would laugh in my face at this point, and I should pay off the remaining chase and lower my balance on my amex before trying anything...
I should also mention that I'm aggressively paying these off, so the Chase card will have a zero balance as of Feb 1 and I can have the Amex paid off by 3/15/14
Wait until you pay off your cards. Let 1 card report a balance of 1% - 9% of it's CL. Once you've reached that, apply and you'll be looking just about as good as you can look.
Scores | 2013-09-21 | Current |
Equifax | 630 (LP) | 755 (CK)/749 (Quizzle) |
Experian | 640 (FCR) | FICO 707 (Amex) |
TransUnion | 588 (CK) | FICO 754 (Barclaycard) |
@titanofold wrote:Wait until you pay off your cards. Let 1 card report a balance of 1% - 9% of it's CL. Once you've reached that, apply and you'll be looking just about as good as you can look.
+1
Thanks for the feedback. I believe I knew that would be best, but I just needed to hear it from someone else! Out of curiousity, would it hurt to try now anyway? My understanding is that it would be a soft pull?
@titanofold wrote:Wait until you pay off your cards. Let 1 card report a balance of 1% - 9% of it's CL. Once you've reached that, apply and you'll be looking just about as good as you can look.
+1. If you apply now with all the balances and the near maxed out credit card, Amex will think you're desperate for credit and that's not a good thing.