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Established Member
bustinloose82
Posts: 24
Registered: ‎06-21-2013

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?

EQ FAKO: 690 (8/19/13) MyFico EQ: 680 (11/30/13)

Good: Perfect Payment History | Bad: See Ugly| Ugly: Utilization 92%
Portfolio:
Loans: BPCU $5,174 | Student Loans: $19,384 | OneMain: $1,979
CC: CapitalOne x 2, Barclays Apple, Discover, BPCU
Auto and Mortgage


MyFico goal: 750
Valued Contributor
jamesdwi
Posts: 1,421
Registered: ‎09-16-2011

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 & CSP 10k & Amtrak 4.6k, & Freedom 3.3k & Slate 3.3k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & AMEX Hilton Surpass 7.5k & AMEX Zync NPSL, Sams Club Discover 10k, Paypal Extras MC 6k, CapOne 2.5k, CapOne 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Mega Contributor
coldnmn
Posts: 10,813
Registered: ‎08-08-2011

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.

My Wallet /US Bank Cash+ Signature $10,000/ Ace US Bank $10,000 / Sam's Mastercard $8000
/ Walmart Discover $8000 / Discover IT $5000 / Care Credit $5000
PayPal SmartConnect $4800 / Cap1 Quicksilver $4000 / Barclay Ring $3550
Last App 10/25/13 /
Established Member
bustinloose82
Posts: 24
Registered: ‎06-21-2013

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.

EQ FAKO: 690 (8/19/13) MyFico EQ: 680 (11/30/13)

Good: Perfect Payment History | Bad: See Ugly| Ugly: Utilization 92%
Portfolio:
Loans: BPCU $5,174 | Student Loans: $19,384 | OneMain: $1,979
CC: CapitalOne x 2, Barclays Apple, Discover, BPCU
Auto and Mortgage


MyFico goal: 750
Established Member
bustinloose82
Posts: 24
Registered: ‎06-21-2013

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.

EQ FAKO: 690 (8/19/13) MyFico EQ: 680 (11/30/13)

Good: Perfect Payment History | Bad: See Ugly| Ugly: Utilization 92%
Portfolio:
Loans: BPCU $5,174 | Student Loans: $19,384 | OneMain: $1,979
CC: CapitalOne x 2, Barclays Apple, Discover, BPCU
Auto and Mortgage


MyFico goal: 750
Mega Contributor
Creditaddict
Posts: 18,804
Registered: ‎10-23-2007

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 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Frequent Contributor
Credit-hoarder
Posts: 499
Registered: ‎08-30-2013

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.

Community Leader
Valued Contributor
user5387
Posts: 1,794
Registered: ‎07-01-2010

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

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

 

Mega Contributor
Creditaddict
Posts: 18,804
Registered: ‎10-23-2007

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 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Established Member
bustinloose82
Posts: 24
Registered: ‎06-21-2013

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

EQ FAKO: 690 (8/19/13) MyFico EQ: 680 (11/30/13)

Good: Perfect Payment History | Bad: See Ugly| Ugly: Utilization 92%
Portfolio:
Loans: BPCU $5,174 | Student Loans: $19,384 | OneMain: $1,979
CC: CapitalOne x 2, Barclays Apple, Discover, BPCU
Auto and Mortgage


MyFico goal: 750

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