Hi all: I'm looking to apply for a Discover Care to replace one my current cards (that card has an insanely high APR at 27% - not a penalty APR, and only a limit of 1K, after it was cut from 6K. Here's my situation. I have a line of credit (unsecured) that was closed by BofA, that was 17K, however I still have a balance of about $500, which should be paid off in a month or so. My FICO score with EX was 720. However, I did enroll in Equifax's all-in-one credit report/score and found those scores to be lower (EQ 698 TU 693 EX 699 - I'm not sure, but I don't think they are FICO scores). I have a few dings on my credit, four 30 day late payments and a high CU ratio around 63%. I have one inquiry on TU and EQ and none on EX, and I have an credit history of 10 years, average age 7 years.
My question is this. Do you think I should wait, until I pay down some of my cards, or could I apply for this card now. The plan is to use this for debt consolidation at any rate, I'd just like to get rid of the high interest card, but I don't want to decrease my available credit by simple closing this account, I'd like another card to take its place with equal or more than 1K.
Thanks, I look forward to hearing from you all 
Good or bad ...
Starting Score: TU 620 EX 535 EQ 615
How recent are the lates? With a 720 your an easy approval but the high UT and the lates could affect the CL. What are your other limits?
Lates were over 3 years ago. I went a little crazy in my life at that time, being young and stupid. 