Reply
Frequent Contributor
Posts: 378
Registered: ‎03-31-2012
0

Re: Difficult time sitting on my hands...

[ Edited ]

Wow - You have 32+K in open credit.  This is a large amount.  The concerns seems to be that the total limits of 32K is spread out over so many cards.

 

I have 28K of available CC limits, but only  spread out over 3 cards.  Pay them off.  Get your credit score above 750, and reduce the total number of cards.  Then you will be able to apply for cards with larger limits, or ask your major cards for credit limit increases.

 

 

Regular Contributor
Posts: 144
Registered: ‎07-21-2012
0

Re: Difficult time sitting on my hands...

[ Edited ]

With so many cards do you really think a prime CCC is going to give you a high CL when you could possibly max out 20 + cards at any moment? You may be the most responsible person in the world, but managing 20+ cards is a full time job, let alone a financial risk. I'm pretty sure that regardless of your FICO score you will always be classified as a risk as long as you have so many lines open.

 

Starting Score: EX: 736 FAKO | TU: 757 FICO | EQ 730 FICO
Current Score: EX: 736 FAKO | TU: 750 FICO | EQ 730 FICO
Goal Score:     EX: 750 FICO | TU: 750 FICO | EQ: 750 FICO
In my wallet:  $16,000  $8,000
Established Contributor
Posts: 921
Registered: ‎12-10-2011
0

Re: Difficult time sitting on my hands...

good idea too:smileywink:


Starting Score: 722
Current Score: Now 687 what the hockey sticks...from a 784 (Aug 12 EX 751 EQ Fico)
Goal Score: 800

If your outGo is more than your INcome than your UpKeep will become your downFALL.

Take the FICO Fitness Challenge


Valued Contributor
Posts: 2,153
Registered: ‎09-16-2011
0

Re: Difficult time sitting on my hands...

With 20+ cards basicly maxed out feel free and APP, I don't think First Premie will approve, I don't think CapOne would approve you for a secured card at this point. 

Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 12k Sally Mae5k Sams Club MC 10k, Paypal Extras MC 6k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5k, Walmart 10k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 8.5k and a nice stack of store cards.
Last APP/HP 4/22/2015
New Contributor
Posts: 62
Registered: ‎10-07-2007
0

Re: Difficult time sitting on my hands...

[ Edited ]

It's not the amount of cards, nor their respective credit limits, that creditors aren't going to like. The problem rests with the high utilization - that all by itself is tanking OP's FICO score.

 

I personally have 15 open credit cards and they really don't take that much time to manage. If creditors got worried based solely on the number of trade lines, I would have a lot of toy credit limits.

 

ETA: OP, all your cards are either maxed out or barely utilized. If you apply for any additional cards without paying off those balances, a lender is going to look at your report and wonder. If they extend you credit, will their card also get maxed out?

~~Credit Cards~~
Alliant Platinum Rewards Visa, AmEx BCP, BofA Power Rewards, Bank of the West Platinum, Barclay Rewards World MC, Chase Freedom/Chase Sapphire Preferred, Citi Thank You Preferred/Citi Dividend Select, Discover IT, FNBOmaha, Paypal MC, US Bank Cash+/US Bank Perks+.

Total: $300,000+ in lines.
Contributor
Posts: 96
Registered: ‎06-24-2012
0

Re: Difficult time sitting on my hands...

[ Edited ]

Pay down that utility... Nurture the relationships you have, dont apply for anything else.  Just by paying down the utility you should see a huge increase in scores.   I recently fixed my utility and it was an 80 point jump in scores

 

Continuing on current this path of yours won't lead to anything good short or long term.  Think about what is in your best interests long term

Zync NPSL, BCP ($2000), Chase United ($2000) Chase Amazon ($1500), Chase Freedom ($3000), Discover More ($2000), Paypal Extras ($5000), Citi Forward ($2000), Orchard $2000, Amazon ($5000)
Pre-App Scores: TU98 779, TU04 797, EQ 682, EX 788 (Amex) 8/12
Frequent Contributor
Posts: 399
Registered: ‎08-02-2011
0

Re: Difficult time sitting on my hands...

Seriously? You have 29 cards and over 20 thousand dollars in credit card debt. Your minimum payments are $790 a months and that's just to stay afloat. If you only pay the minimums you'll take decades to dig your way out. I don't have all the details of your full financial situation but it seems like you might have a credit addiction problem and/or a spending problem. Most of the prime cards you are after are rewards cards, and at this point you need to focus on paying balances down so the interest doesn't crush you. After you are paid off and can PIF every month then you'll be in a position to play the rewards game.

Sorry if it seems harsh and I hope I'm not out of line, I might be way off the mark and you PIF $20k monthly already but it seems otherwise. I'm not judging you, in fact most of us have been there and had to dig out of debt, myself included. I had $14k in CC debt and it took over 4 years of going full Dave Ramsey mode to get out. You can do it you just need to come up with a plan.


Starting Score: 690
Current Score: EQ 780 EX 814 TU 783
Goal Score: 800

Take the FICO Fitness Challenge
Valued Contributor
Posts: 1,275
Registered: ‎09-22-2009
0

Re: Difficult time sitting on my hands...

[ Edited ]

OwNt wrote:

It's not the amount of cards, nor their respective credit limits that creditors aren't going to like. The problem rests with the high utilization - that all by itself is tanking OP's FICO score.

 

I personally have 15 open credit cards and they really don't take that much time to manage. If creditors got worried based solely on the number of trade lines, I would have a lot of toy credit limits.


I personally have 12 open credit cards, 6 of which were opened in the 1980's (yes, I'm old).  Creditors WILL worry when they see someone who has a lot of revolving accounts with a short average age of accounts, especially with high utilization.  There has to be a lot of TIME that has passed, and the demonstrated ability to repay debt over that time.  It's really the only way to break out of toy limit hell, and it takes patience.   

EQ FICO - EQ08 - 850 - 01/01/15
TU FICO - TU08 - 850 - 01/01/15
EX FICO - EX08 - 850 - 01/01/15
EX FICO - V2 - 840 - 01/01/15
EQ FICO - EQ04 - 818 - 01/01/15
EQ FICO - Bankcard Enhanced 8 - 885 - 1/24/15
Established Contributor
Posts: 1,011
Registered: ‎04-08-2012
0

Re: Difficult time sitting on my hands...

It's definitely time to create a plan to reduce your utilization and cards, To a Prime lender---you look risky. What's your AAoA?

 

Start by planning to pay off 1 or two at a time, Don't close anything until you're done reducing your utilization. If you have more than one card with a lender, ask them about consolidation.

-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

Take the FICO Fitness Challenge

Frequent Contributor
Posts: 268
Registered: ‎10-04-2009
0

Re: Difficult time sitting on my hands...

Your cards are all maxed out. The only reason the final utilization number isn't horrendous is because you have a few "fluff" accounts like Kay that artificially lower it. If you look closely at your statements, I would suspect you actually exceed your limit each month on many of those store cards when that months interest charges post -- and only drop back below when your minimum payment posts.

 

The only way around utilization like that on a new application would be report timing issues (i.e. I pay my Visa in full but it shows a balance on the credit report because I pay before due date not statement date) -- and I don't think you could successfully argue that with the number and type of accounts you have maxed out. If you had one card reporting maxed out, maybe.

 

Most of the accounts you listed also carry interest rates in the upper 20's.

 

Let the accounts age while you work on agressively paying them off. Once you've paid them enough to seriousy lower your utilization, you will also be rewarded with many more months of positive history. Both factors (lower balances and longer history) will result in far more application success.

 

And wouldn't your household budget feel better if you could redirect that ~$750 towards other expenses instead of credit card minimums?

 

Good luck!

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.