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Frequent Contributor
pdog661
Posts: 373
Registered: ‎03-31-2012

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
HenryJumbo
Posts: 135
Registered: ‎07-21-2012

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
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Established Contributor
JusdoNit
Posts: 921
Registered: ‎12-10-2011

Re: Difficult time sitting on my hands...

good idea too:smileywink:


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Valued Contributor
jamesdwi
Posts: 1,390
Registered: ‎09-16-2011

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. 


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New Contributor
OwNt
Posts: 62
Registered: ‎10-07-2007

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
SoCalBound
Posts: 96
Registered: ‎06-24-2012

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

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Frequent Contributor
LTomBerry
Posts: 393
Registered: ‎08-02-2011

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.


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Valued Contributor
android01
Posts: 1,186
Registered: ‎09-22-2009

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.   

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Established Contributor
jordanmedical
Posts: 1,011
Registered: ‎04-08-2012

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.

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Regular Contributor
bostonte
Posts: 246
Registered: ‎10-04-2009

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!


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