04-03-2013 07:11 AM
The worst time to apply for credit is when you need it. Maybe back in 2004 or something they didn't care much about high utilisation, but I seriously doubt any lender is going to approve you with all of your cards maxed out. I don't believe a relationship with their deposit account side is going to help sway this in any way. I don't mean to sound too negative, but I am surprised everyone is saying to keep asking for reconsideration. Also if asking for a reconsideration with them, make sure to say you would like them to use the same credit report. Chase likes to pull a new inquiry right away.
04-03-2013 08:03 AM
The worst time to apply for credit is when you need it.
One of the most irrational adages I've heard brandied about over the years has been, "don't apply for credit unless you need it." Nothing can be futher from reality.
04-03-2013 09:34 AM
04-03-2013 10:25 AM
OP here. Thank you for all the great advice! It has really given me the framework I needed to rebuild my score.
I just wanted to clarify, my banking institution is BofA, my 2 large CC's are with them as well.Not particularly satisisfied with them, but it's convenient. So using the Chase relationship angle isn't an option unless I switch over?
Just wondering, there was advice to put available cash to lower my utilization and then attempt a recon. I have roughly $1,500 in discretionary funds that I can put onto my balances right now. That would lower my 91% ($5700/$6250) utilization to 67.2% ($4200/$6250) immediately. I'm sure this would help the recon, but how long must I wait before it takes affect for the credit analyst to see it? And lastly, how long do I have to recon from my application ldate (3/27).
Thanks again everyone!
04-03-2013 10:40 AM
04-03-2013 10:58 AM
03-14-2014 08:54 PM
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.