Going on a app spree

[Anonymous]

I haven't applied for a new card since 2015 as I have been working to get things lined up to purchase a home. My current utilization (all cards combined) is at 59%. Will this keep me from getting approved/not allow me to get higher limits when I apply for a couple of different cards at the end of Feb after we close on our home? Planning to try for a Lowes card, Ashley Furniture (synchrony) and possibly 1 other general card (not store specific). All of our extra money is going towards closing costs so I'm not in the position to pay balances down.

[Anonymous]

My Bankcard Score 8's range from 694-704 if that matters

[Anonymous]

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@Anonymous wrote:

I haven't applied for a new card since 2015 as I have been working to get things lined up to purchase a home. My current utilization (all cards combined) is at 59%. Will this keep me from getting approved/not allow me to get higher limits when I apply for a couple of different cards at the end of Feb after we close on our home? Planning to try for a Lowes card, Ashley Furniture (synchrony) and possibly 1 other general card (not store specific). All of our extra money is going towards closing costs so I'm not in the position to pay balances down.

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I wouldn't even think about adding more credit until you get what you already have paid off.

Not only does that make you look like a pretty big risk, but even if approved your limits will be substantially smaller since lenders won't want to extend a bunch of credit to someone who seems like they may be struggling to pay their bills.

[Anonymous]

What percentage do I need to be at before applying?

[Anonymous]

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@Anonymous wrote:

What percentage do I need to be at before applying?

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depends on how likely you want to be approved, and how big of limits you are hoping for.

I would not recommend applying for anything you really want until below maybe 15% overall, and definitely not above 30% on any single account. It looks best if you have a balance on only 1 card, just a heads up.

[Anonymous]

So I would need to pay down balances and then wait til they report to the bureaus? We have cash to pay down the balances but can't deposit the cash into checking due to being in underwriting.

[Anonymous]

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@Anonymous wrote:

So I would need to pay down balances and then wait til they report to the bureaus? We have cash to pay down the balances but can't deposit the cash into checking due to being in underwriting.

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Yes you would need to do that.  Your mortgage uNnderwriter isn't making you pay off your CC balances before closing?

[Anonymous]

No, my mortgages scores are high enough and DTI is within reason.

[Anonymous]

What are the odds of getting a CLI with Capital One with the overall higher utilization? I have 2 cards with them, one is almost paid off ($100 balance $2500 limit) and the other has $2200 w/$3300 limit. My 6 month mark from the last CLI is Feb 1st. Maybe this would lower the percentage so that I could get approved for the other cards right after closing and at the same time use the cash on hand to pay down current balances.

[Aduke1122]

It's possible but would be best if you paid it down to under 30 percent bf you tried for a CLI , you would definitely yield higher results doing so. Also you mentioned your checking acct being in underwriting , could you open a 2nd checking to pay your cc balances down ?