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sailorjay
Posts: 2
Registered: ‎05-06-2013

Credit Overview

Hello, I am looking for some feedback on what my options are. Up until last year I had a credit score of about 798 but then I was laid off. I've used about 60% of my credit and my score has dropped below 700. I used to easily get $5,000-$10,000 cards, but I can't do that any more. My last card I got was $1,600. I know I am going to need more credit soon and I am wondering if I should ask for a credit line increase on my current cards or if I should try to open up a new card. If I tried to open up a new card, does anyone have a card they would suggest for my situation? If I was to ask for a credit line increase, what recommendations/advice do you have for doing so? Thanks. SJ.

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Valued Contributor
myjourney
Posts: 23,641
Registered: ‎02-07-2013

Re: Credit Overview

[ Edited ]

Welcome to the forum 

Will need a little more info 

Whats your CR look like any baddies,INQ, all score, AAoA,CL, last app date 

"Intelligence plus character--that is the goal of true education"
I will be gardening until a better offer/bonus comes along
Last escape 06/06/13 Bronze 7/6/2013 Silver 9/6/2013 Gold 12/6/2013 Palladium 3/6/14 made it
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sailorjay
Posts: 2
Registered: ‎05-06-2013

Re: Credit Overview

Thanks. Last application was last month at Home Depot. They asked me. Overall score is proably 690. Total credit is about $30,000. I would have to sit down and figure out the AAoA, but I've had a great credit history, no missed payments, nothing, for 18 years, half my life. I'd say the average time I have a card is 7 years, I think I saw that on my last report. I don't know how to figure out INQ, but I've had way more this year than ever before. No bankruptcys, ever. Not even a late payment, ever and I use my credit, always have, regularly. For many years, the cards got almost nothing out of me.

Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011

Re: Credit Overview


sailorjay wrote:

Hello, I am looking for some feedback on what my options are. Up until last year I had a credit score of about 798 but then I was laid off. I've used about 60% of my credit and my score has dropped below 700. I used to easily get $5,000-$10,000 cards, but I can't do that any more. My last card I got was $1,600. I know I am going to need more credit soon and I am wondering if I should ask for a credit line increase on my current cards or if I should try to open up a new card. If I tried to open up a new card, does anyone have a card they would suggest for my situation? If I was to ask for a credit line increase, what recommendations/advice do you have for doing so? Thanks. SJ.


I would suggest to not app for credit or use credit heavily while you are unemployed.....this is a slippery slope that could be hard to get out of...

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Community Leader
Valued Contributor
myjourney
Posts: 23,641
Registered: ‎02-07-2013

Re: Credit Overview

[ Edited ]

Rough guess how many INQ's this year?

 

Edit................... what cards do you have now?

"Intelligence plus character--that is the goal of true education"
I will be gardening until a better offer/bonus comes along
Last escape 06/06/13 Bronze 7/6/2013 Silver 9/6/2013 Gold 12/6/2013 Palladium 3/6/14 made it
Valued Contributor
FinStar
Posts: 5,156
Registered: ‎10-21-2012

Re: Credit Overview


beb86 wrote:

sailorjay wrote:

Hello, I am looking for some feedback on what my options are. Up until last year I had a credit score of about 798 but then I was laid off. I've used about 60% of my credit and my score has dropped below 700. I used to easily get $5,000-$10,000 cards, but I can't do that any more. My last card I got was $1,600. I know I am going to need more credit soon and I am wondering if I should ask for a credit line increase on my current cards or if I should try to open up a new card. If I tried to open up a new card, does anyone have a card they would suggest for my situation? If I was to ask for a credit line increase, what recommendations/advice do you have for doing so? Thanks. SJ.


I would suggest to not app for credit or use credit heavily while you are unemployed.....this is a slippery slope that could be hard to get out of...


+1

 

What is also missing from your post is the current utilization/debt in comparison to your existing revolving TLs.  Thus, if you still have a high utilization rate, not an optimal score, combined with any number of recently opened accounts and inquiries, it will be very difficult to persuade any current lender to approve any additional unsecured credit, let alone new lenders grant a higher credit line in relationship to your current credit picture.

Valued Contributor
indiolatino61
Posts: 1,429
Registered: ‎11-10-2012

Re: Credit Overview


sailorjay wrote:

Hello, I am looking for some feedback on what my options are. Up until last year I had a credit score of about 798 but then I was laid off. I've used about 60% of my credit and my score has dropped below 700. I used to easily get $5,000-$10,000 cards, but I can't do that any more. My last card I got was $1,600. I know I am going to need more credit soon and I am wondering if I should ask for a credit line increase on my current cards or if I should try to open up a new card. If I tried to open up a new card, does anyone have a card they would suggest for my situation? If I was to ask for a credit line increase, what recommendations/advice do you have for doing so? Thanks. SJ.


Welcome to myFICO. That is a difficult situation you're in. The old addage, "Banks lend money to people who don't need it" is more true today than ever. Lenders do see that your balances are increasing, so asking for CLIs or apping for additional cards may not be an easy task, I'm sorry to say. I suppose some BT would do you some good, but lenders are sensitive to pyramiding debt now also. I hope your situation improves very soon. Good luck to you.

 photo Logo-CreditCardCollection_zps2f177769.jpgWmart (TU): 802, Disc it (TU): 800, CKarma (TU): 767, AmEx (EX): 755, CSesame (EX): 710, Quizz (EQ): 778, myFICO (EQ): 770.
Oldest: AmEx: 26Y-2M, AAoA: 6Y-1M, Utl: 0.81%, 12/24 Inq: 5/15, Income: $99k, Garden: 03/30/2014. Updated 04/22/2014.
Valued Contributor
thom02099
Posts: 1,288
Registered: ‎08-30-2011

Re: Credit Overview

[ Edited ]

beb86 wrote:

sailorjay wrote:

Hello, I am looking for some feedback on what my options are. Up until last year I had a credit score of about 798 but then I was laid off. I've used about 60% of my credit and my score has dropped below 700. I used to easily get $5,000-$10,000 cards, but I can't do that any more. My last card I got was $1,600. I know I am going to need more credit soon and I am wondering if I should ask for a credit line increase on my current cards or if I should try to open up a new card. If I tried to open up a new card, does anyone have a card they would suggest for my situation? If I was to ask for a credit line increase, what recommendations/advice do you have for doing so? Thanks. SJ.


I would suggest to not app for credit or use credit heavily while you are unemployed.....this is a slippery slope that could be hard to get out of...



Are you unemployed or underemployed?  What sort of assets do you have available, and if any, for how long? The ability to pay what you have in debt is crucial, so taking on more credit to try to resolve would be adverse, as you've seen from some of the replies.  If I were in your shoes I would not be applying for any more credit and also not asking for any further CLI.  As a worst case scenario, perhaps some sort of credit management to negotiate lower payments might be in order.  I know that might be a bitter pill to swallow, but the alternatives are bleaker. 

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K / Wells Fargo Platinum Visa $7.5K / Home Depot $9.7K / Lowes $10K

EX = 765 EQ = 743 TU = 825 Mar/2014

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