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.
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.
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!