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Credit Card Approval with HIgh Credit/Debt ratio?

Established Member

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?

Starting EQ: 601 | EXP: 623 | TU: 637 (2/17)
Current EQ: 684 | EXP: 691 | TU: 722 (8/17)

Goal EQ: 750 | EXP: 750 | TU: 750 (12/17)
Credit Card Debt Free Goal: March 2018

*NEW* Chase Freedom Unlimited $0 ($4,000) | *NEW* Discover It $0 ($5,000) | *NEW* Barclay Card NFL Extra Points $0 ($6,000) | *NEW* Marvel Mastercard $0 ($4,000) | *NEWLY UPGRADED* Nordstrom Visa $0 ($7,000) | American Express Every Day $0 ($1,000) | *NEWLY UPGRADED* Capital One Quicksilver $0 ($3,900) | Capital One Platinum $0 ($3,500) | Bayport Credit Union $6,876 ($7,500) | American Express Delta $1,400 ($2,000) | BarclayCard Visa $3,105 ($3,190) | Macy's $1,701 ($3,000) | JC Penney $0 ($3,500) | Bayport Credit Union Flex Account $2,029.68 ($3,000) | Synchrony Amazon $2,728.40 ($4,000)

Other Debt

Car Loan - Payoff Date 9/17 (60 month loan) Smiley Happy Smiley Happy Smiley Happy Happy Dance
Mortgage
Student Loans
Message 1 of 14
13 REPLIES
Valued Contributor

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.

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 2 of 14
Mega Contributor

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.

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $13.5k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $6.1k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $4.85k / Citi DC (WMC) $7.1k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 3 of 14
Established Member

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.

Starting EQ: 601 | EXP: 623 | TU: 637 (2/17)
Current EQ: 684 | EXP: 691 | TU: 722 (8/17)

Goal EQ: 750 | EXP: 750 | TU: 750 (12/17)
Credit Card Debt Free Goal: March 2018

*NEW* Chase Freedom Unlimited $0 ($4,000) | *NEW* Discover It $0 ($5,000) | *NEW* Barclay Card NFL Extra Points $0 ($6,000) | *NEW* Marvel Mastercard $0 ($4,000) | *NEWLY UPGRADED* Nordstrom Visa $0 ($7,000) | American Express Every Day $0 ($1,000) | *NEWLY UPGRADED* Capital One Quicksilver $0 ($3,900) | Capital One Platinum $0 ($3,500) | Bayport Credit Union $6,876 ($7,500) | American Express Delta $1,400 ($2,000) | BarclayCard Visa $3,105 ($3,190) | Macy's $1,701 ($3,000) | JC Penney $0 ($3,500) | Bayport Credit Union Flex Account $2,029.68 ($3,000) | Synchrony Amazon $2,728.40 ($4,000)

Other Debt

Car Loan - Payoff Date 9/17 (60 month loan) Smiley Happy Smiley Happy Smiley Happy Happy Dance
Mortgage
Student Loans
Message 4 of 14
Established Member

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.

Starting EQ: 601 | EXP: 623 | TU: 637 (2/17)
Current EQ: 684 | EXP: 691 | TU: 722 (8/17)

Goal EQ: 750 | EXP: 750 | TU: 750 (12/17)
Credit Card Debt Free Goal: March 2018

*NEW* Chase Freedom Unlimited $0 ($4,000) | *NEW* Discover It $0 ($5,000) | *NEW* Barclay Card NFL Extra Points $0 ($6,000) | *NEW* Marvel Mastercard $0 ($4,000) | *NEWLY UPGRADED* Nordstrom Visa $0 ($7,000) | American Express Every Day $0 ($1,000) | *NEWLY UPGRADED* Capital One Quicksilver $0 ($3,900) | Capital One Platinum $0 ($3,500) | Bayport Credit Union $6,876 ($7,500) | American Express Delta $1,400 ($2,000) | BarclayCard Visa $3,105 ($3,190) | Macy's $1,701 ($3,000) | JC Penney $0 ($3,500) | Bayport Credit Union Flex Account $2,029.68 ($3,000) | Synchrony Amazon $2,728.40 ($4,000)

Other Debt

Car Loan - Payoff Date 9/17 (60 month loan) Smiley Happy Smiley Happy Smiley Happy Happy Dance
Mortgage
Student Loans
Message 5 of 14
Epic Contributor

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.

 

Message 6 of 14
Valued Contributor

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.

Message 7 of 14
Valued Contributor

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

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

 

Message 8 of 14
Epic Contributor

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
Message 9 of 14
Established Member

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

Starting EQ: 601 | EXP: 623 | TU: 637 (2/17)
Current EQ: 684 | EXP: 691 | TU: 722 (8/17)

Goal EQ: 750 | EXP: 750 | TU: 750 (12/17)
Credit Card Debt Free Goal: March 2018

*NEW* Chase Freedom Unlimited $0 ($4,000) | *NEW* Discover It $0 ($5,000) | *NEW* Barclay Card NFL Extra Points $0 ($6,000) | *NEW* Marvel Mastercard $0 ($4,000) | *NEWLY UPGRADED* Nordstrom Visa $0 ($7,000) | American Express Every Day $0 ($1,000) | *NEWLY UPGRADED* Capital One Quicksilver $0 ($3,900) | Capital One Platinum $0 ($3,500) | Bayport Credit Union $6,876 ($7,500) | American Express Delta $1,400 ($2,000) | BarclayCard Visa $3,105 ($3,190) | Macy's $1,701 ($3,000) | JC Penney $0 ($3,500) | Bayport Credit Union Flex Account $2,029.68 ($3,000) | Synchrony Amazon $2,728.40 ($4,000)

Other Debt

Car Loan - Payoff Date 9/17 (60 month loan) Smiley Happy Smiley Happy Smiley Happy Happy Dance
Mortgage
Student Loans
Message 10 of 14