Help! U.S. Bank CLI and/or Citi Platinum vs Discover More (balance transfer)

[asot6]

Looks like U.S. Bank no longer does a CLI without a hard pull.  Mine has always been increased automatically, but now I'm at a stage where I want to do a few things.  I would ideally like a CLI from them, and also do a balance transfer.  Any advice on the order I should go about things?  E.g., apply for a CLI from U.S. Bank right away and without wasting any time at all apply for a Citi credit card, or wait for a decision from U.S. Bank before doing anything else, apply for a new credit card first, etc. or what? 

I'm deciding between either the Citi Platinum MasterCard Select or Discover More (As of now I prefer the Citi because it seems like my initial CL will be higher with them, and also the 0% APR for 18 months is also for new purchases on the Citi card, not just balance transfers as the Discover 0% APR only lasts 6 months for new purchases). Which would you choose, between the two? Some personal relevant info given below:  (Sorry for the length)!

I am 24 years old, and have been with U.S. Bank my whole life and have had a credit card with them since 18.  Up until about two years ago, I always paid the monthly amount carried in full, and have been given a very generous limit for folks my age...current CL from U.S. Bank cc alone is $12,500.  I have about ~$2,000 credit left on that card, so the utilization is close to the max, and has been since then, but I've never missed a payment or anything.  Fico from this site given today shows my Equifax at 675...although in the fall of last year when applying for apartments, the one lady said my credit was excellent and remember it being around 715.  Only other cards I have are Firestone ($0 balance and CL of $2,000), and Banana Republic ($0 balance and CL of $724).

I have another year left until I get my Bachelor's (took time off in the past and parents paid for everything until I transferred to a UNI autumn of 09)...have only taken government loans out, and the total is under $14k to give an idea.  This year was basically free because of grants, but I still took the government loans which obviously then result in extra money leftover(rebates).  I have $9k in my main checking account, so, I could just about pay off my debt entirely if I used it all at the moment (for sake of argument).

Any advice/info would be greatly appreciated!

[frogfan12]

Is the US Bank CC the only CC you have? If that's the case, you will definitely want to pay that CC down before applying for something else. Credit scores are important but utilization is important as well. No bank is going to approve someone for a new CC when their current util. is near 90%.

[LS2982]

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@frogfan12 wrote:

Is the US Bank CC the only CC you have? If that's the case, you will definitely want to pay that CC down before applying for something else. Credit scores are important but utilization is important as well. No bank is going to approve someone for a new CC when their current util. is near 90%.

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+1

Esp. with a 10K debt on a card.

[asot6]

The only bank type CC yes, but like I said I also have a Firestone one (Zero balances w/ $2,000 limit), and a Banana Republic one (Zero balances w/ $724 limit).  I guess I'm looking for advice/suggestions other than I merely need to pay down my current CC.  This is true and I know this, but it's time I need to do something else--either apply for a CLI from U.S. Bank, and/or apply and do a balance transfer of as much of the debt as I can while these 0% APR for 18 months cards are still being offered. 

The reason I'm asking this is because at the current moment there are several routes I can go...since I have ~9k in my checking account now.  I could theoretically make an instant payment of ~7k and bring my debt on this card down to slightly over $3,000 in the blink of an eye. 

Better yet, I could make between a 1-2k payment now, apply for a CLI soon after, then depending on the result, apply for a new CC with Citi or Discover and do a balance transfer of the remaining debt (or as close to it as possible).  With one of those new cards with 0% APR on transfers/purchases for 18 months, I would just have to pay the 3% one time transfer fee, then would be saving dramatically on the interest that would have accrued, and I then would be able to fully pay the debt off on the new card within those 18 months, not to mention it would be another card to improve my utilization ratio, and would help my credit/fico tremendously in many ways in the long run (after the initial dings go away and my timely payments stack up)....

Or, I could look into credit unions and current rates and see about doing a balance transfer with one of them instead...regardless, I have many, many different options and paths I can take right now, and would like advice as to what and how I should go about it. 

If I applied for a Citi/Discover card (for the sake of argument), they do not see/take into account how much money I have currently do they?  I mean it wouldn't surprise me if it was a question on the application, but this really will effect how I go about things.  Because if that doesn't count towards it, obviously I will want to utilize at least 50% of my current money in my checking account to pay down the CC, then will consider/apply for the CLI from U.S. Bank and then applying for new CC for the remaining balance transfer.  Thanks all.

[frogfan12]

Unless you pay that US Bank card way down, it's very unlikely that they would grant you a CLI. Just my two cents.

[ShiningDown]

Im pretty sure my balance was around 4500 with 6000 CL on   one of my cards  when I was approved for a citi diamond preferred with 21 months for purchases and balance transfers. But I only got 1,500 CL.   This was 4 months ago.  I had paid it down to 2700 and my son used it for motor repairs and it went back up to 4500 . That's when I got the citi card for  balance a  transfer. The balance transfer is good until August 23  2013  so if I pay down my balance I can keep transferring money until nov 2013,pretty good deal. Had to edit because I have to many cards,gets confusing sometimes. 

[LS2982]

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@frogfan12 wrote:

Unless you pay that US Bank card way down, it's very unlikely that they would grant you a CLI. Just my two cents.

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+1