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Another failed attempt, what am I doing wrong?

Established Contributor

Re: Another failed attempt, what am I doing wrong?

This if off topic since you are trying to get the Choice Priveleges Visa (I would love that card as I stay in their hotels mainly & have several trips planned but my credit is nowhere good enough) but I see you mentioned you are retired USAF.  Have you tried applying to NFCU?  They are very generous with their limits and maybe that would allow you to consolidate/close out some of your other cards if you got a decent limit with them.  Just a thought.

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
(7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)

Current (2016): EQ 605 (FICO)/TU 657 (FICO)/EX 646 (FICO)




Senior Contributor

Re: Another failed attempt, what am I doing wrong?

I noticed Credit One is also one of your cards, I would close that one too as it does not fit your portfolio

 

Regular Contributor

Re: Another failed attempt, what am I doing wrong?


john398 wrote:

I noticed Credit One is also one of your cards, I would close that one too as it does not fit your portfolio

 


I was thinking about that, I haven't had the Credit One card that long, just a couple of years, and I didn't realize what it was when I got it. It came pre-approved at a time a friend needed to make an emergency move from Texas to Georgia so I accepted the offer to help him out.

Moderator Emeritus

Re: Another failed attempt, what am I doing wrong?


Reighn9 wrote:

john398 wrote:

I noticed Credit One is also one of your cards, I would close that one too as it does not fit your portfolio

 


I was thinking about that, I haven't had the Credit One card that long, just a couple of years, and I didn't realize what it was when I got it. It came pre-approved at a time a friend needed to make an emergency move from Texas to Georgia so I accepted the offer to help him out.


I agree, you don't need this one in your portfolio.  And what the others are saying, decrease the amount of cards with a balance and that should improve your odds.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
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Frequent Contributor

Re: Another failed attempt, what am I doing wrong?


Reighn9 wrote:

ACsteel wrote:

Clear all your debts first. When you're making demands you should be in a firm position to make them while anticipating objections in advance.


So this means it doesn't matter that you have excellent payment history, longevity, no baddies, or other derogatory information I've seen many others post with success in talking to credit managers and customer service reps. Just no balances on any accounts?


Not to further pulverize this dead horse, but you've *almost* nailed it.  A balance on an account or two (or three) is perfectly okay.  However, stop and put yourself in the creditor's shoes, and try to see things from their perspective.  They see eleven accounts with not-so-insignificant balances, a pretty substantial total credit limit across those accounts, and a request from you for more credit.  A lot of "what if" scenarios are going to run through their mind.

 

First and foremost, they're going to wonder why you're carrying balances on so many cards at once as it is, and rightfully so.  It's okay to carry a balance for a while if you have a 0% APR deal, but chances are very slim you have that deal on 11 cards.  The assumption is that you're carrying this many balances because you can't pay them all, and I'm going to go out on a limb and say that if you had to pay them all down to $0 this month that would be a challenge (no offense, just a shot in the dark).  So why should they give you more rope if it looks likely to them that you're going to wind up hanging yourself?

 

I don't doubt for a minute that you can get this ship turned around and start getting yourself in a better financial situation, which includes a better portfolio of cards.

 

1.  Look closely at each card.  You want to go after your cards with the highest APR first, regardless of balance.  Target those cards.

2.  Pay off the balances you can afford to pay off on those high APR cards first.  Then, look for zero-fee balance transfer opportunities and consolidate the remaining balances onto one or more low-APR cards.  Many creditors will charge a flat fee or percentage fee for balance transfers.  Others will do it for free.  You want free.

3.  Pay down the balances on those low-APR cards as far as you can.

4.  Close out any cards with an annual fee unless there's some really good reason to pay the fee.

 

With a little bit of shuffling and a focus on minimzing the finance charges to allow you to quickly pay down the remaining balances, you'll get the overall balance down, significantly reduce the number of cards reporting a balance, put yourself in a better financial position and look far more favorable to creditors.

5/2002 - Chapter 7
7/2011 - Equifax FICO 693
5/2012 - Equifax FICO 812! In the "800 Club!"
2/2013 - Lender-pulled EQ FICO 821 (car loan)
7/2014 - Lender-pulled EQ FICO 832 (car loan)