03-01-2013 08:29 PM
Account Date Opened Limit Utilization Macy's Dec-03 $2,500 92% Express Dec-03 $550 147% Best Buy (account closed) Dec-03 $1,100 32% Capital One Jan-04 $1,300 57% Capital One (formerly Household Bank) Jun-07 $500 47% Applied Bank Apr-04 $1,200 73% Wells Fargo Auto Loan $15,800 balance May-12 NA NA Discover IT (not reported yet) Feb-13 $1,200 0%
Thanks for asking - let me know your thoughts
they rejected you probably because you went overlimit on one card, and you're close to maxing out 1 card.
you might be able to somehow convince a credit analyst about your 92% util on your macy's card, but no prime lender is gonna approve you for a new card when you're overspent almost 50% more than what they extended to you.
I know it's just a few hundred dollars, but lenders care as much about the % as the dollar amount. Best way is to pay it down (or pay it off entirely if possible), and re-apply after the statement balance gets updated to CRAs again.
Grats to getting approved for discover btw! If you are to wait for your statement balance get updated, chances are discover would have reported to the CRAs as well. It is hard to get new lines of credit immediately after just getting one.
OP: Also I would try Chase recon maybe once more and explain you want to build a relationship with them and that you've paid down all your credit cards but they haven't reported to the beaureas yet. They should approve you for at least a $500 limit to start off.
This method will only be counterproductive. The likelyhood that Chase will approve the OP based on the current high state of utilization is unlikely and will definitely not sway an underwriter for the 3rd or 4th time. Additionally, if the OP is attempting to consolidate (instead of maxing his/her credit lines again), then a $500 "foot in the door" credit line (provided Chase may even reconsider), will really not serve much of a purpose.
My advice to the OP is to work on a strategy on reducing the current balances and resist any additional splurging (i.e. EXP, Macy's, etc.) which will look more favorably to another lender down the road for extending additional credit to you. Simply increasing the limits (if successful) on your other retail card lines will not help you in the long term with reducing your debt.
03-02-2013 08:06 PM
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