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Established Member
Posts: 26
Registered: ‎06-21-2013
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Credit Card Approval with HIgh Credit/Debt ratio?

I have a 92% usage rate right now, but my score is almost at 700 for the first time in years. Are there creditors who would issue me a decent credit limit, so I can eliminate a high interest card that I can't seem to pay off?

Valued Contributor
Posts: 2,218
Registered: ‎09-16-2011
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Re: Credit Card Approval with HIgh Credit/Debt ratio?

Looks like any lender that would touch you is going to want extremely high interest rate, might be a good time to sell some stuff, take a second job, cut costs, explain to your family if we don't do this we could loose a lot more than the just a few things gathering dust in the closet or our morning latte's. 

 

To me having a "One Main" on your credit report shouts, houston we may have a problem. On the other hand student loans aren't a problem as long as they are current.

 

Debt repair companies and consolidation loans probably won't help much, you have to deal with core issues not tie up a bunch of debt in a cute little package and then continue to use credit cards as usual.

 

 

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Mega Contributor
Posts: 16,715
Registered: ‎08-08-2011
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Re: Credit Card Approval with HIgh Credit/Debt ratio?

I know this isn't the answer you want but with your utilization and the collection you have on your record any inquiries you make will only get you small limit cards at best. At worst inquiries on your credit file and credit score drop. Maybe someone else has something to report that's positive. Good Luck I feel your pain.

Established Member
Posts: 26
Registered: ‎06-21-2013
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Re: Credit Card Approval with HIgh Credit/Debt ratio?

Oh, I need to update my signature.

 

The collection is no longer on my record due to the information and advice obtained in these forums. My (real) Fico score is now 680.

Established Member
Posts: 26
Registered: ‎06-21-2013
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Re: Credit Card Approval with HIgh Credit/Debt ratio?


jamesdwi wrote:

 

 

To me having a "One Main" on your credit report shouts, houston we may have a problem. On the other hand student loans aren't a problem as long as they are current.

 

 

 


   Yeah, One Main is not my friend.

Epic Contributor
Posts: 24,695
Registered: ‎10-23-2007
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Re: Credit Card Approval with HIgh Credit/Debt ratio?

check the pre-qual over at chase and hope for a slate offer and BT that one main and never do that again.
you could check the citi pre-qual too.

 

Fico Scores: EQ- 670., TU 705 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
88 Cards and Counting :smileytongue:
Established Contributor
Posts: 646
Registered: ‎08-30-2013
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Re: Credit Card Approval with HIgh Credit/Debt ratio?

One Main is on my reports too---but it's my mortgage which I've had almost 20 years-my oldest acct on my CR, and has changed hands several times and is about to change hands again. I personally would never take out a personal loan with One Main either.

Valued Contributor
Posts: 1,794
Registered: ‎07-01-2010
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Re: Credit Card Approval with HIgh Credit/Debt ratio?

Have you considered alternatives like an installment loan from your local CU, or Lending Club?

 

Epic Contributor
Posts: 24,695
Registered: ‎10-23-2007
0

Re: Credit Card Approval with HIgh Credit/Debt ratio?

One main is a counter to lending club but if it's been a while might be worth checking that again
Fico Scores: EQ- 670., TU 705 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
88 Cards and Counting :smileytongue:
Established Member
Posts: 26
Registered: ‎06-21-2013
0

Re: Credit Card Approval with HIgh Credit/Debt ratio?


user5387 wrote:

Have you considered alternatives like an installment loan from your local CU, or Lending Club?

 


I already have an installment loan from my CU

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