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My credit score is finally up how should I go about getting some decent low APR cards?

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bri
New Member
New Member

My credit score is finally up how should I go about getting some decent low APR cards?

Hi All, I'm now emerging from the dark ages of credit that have haunted me since I acted ultra irresponsibly with my credit in 1999. Prince’s “1999” was like my theme song at the time. My FICO is about to go into the 720+ range and I would love to receive some advice on how I should apply for some high CL low APR cards when this happens.

Some of my concerns are:

1) since my current credit limits are low, I won't be considered for a higher amounts.
2) i would like to apply for amex but i paid them very late on a green around 1999 and the "grantor closed" the account. They were nice enough to not give me any derogatories on my report though. I also called them to check if I owe them any money and the CS rep said that I do not. She also asked me if I would like to apply and my response was, "not yet."

Here is some additional info:

My EQ FICO recently reached 692. I only have FAKOs for the others right now but they are all at about 40th percentile. I have a settlement on my EX that is supposed to fall off in October and a 30 day late on EX from 2000. I am currently at 99% utilization – I was unemployed for a very long time - with about 12k combined credit limit on 3 cards. According to the myFICO simulator my score should improve dramatically (to 750-800) after I pay off just 50% of my CC debt. I have read that I shouldn't trust the simulator but I'm pretty sure that going from 99% to 50% util would be a big improvement for anyone.

I convinced my sister to loan me some money so that I can pay off all my CCs immediately, improve my scores, get some decent credit cards and possibly refinance my private grad school loans. I currently pay about 20% APR on my CCs. MBNA/BofA charged me 11% for a while but upped it to 20% after they saw my utilization go past 90%.

Thanks for all the great posts and thanks in advance for your help.

Message Edited by bri on 09-25-2007 11:14 AM
Message 1 of 4
3 REPLIES 3
cadavis0609
Frequent Contributor

Re: My credit score is finally up how should I go about getting some decent low APR cards?

you have got to get that utilization down, you know that already though. Heres what I would do. Call your current creditors and ask them to raise your limits and lower your interest rates, to start off with. That in itself will be the first step in lowering uti. Should save you some hardpulls and be quite effective, I would think. Go to whogavemecredit.com and find out what people in similar circumstances were able to get. Oh, and be careful with borrowing money from your sister. Thats a tough road to go down. Money can break a relationship.
Sept 07 EQ 419

April 2012 EQ- 669 EXP- 680 TU-700= Proud New Homeowner!
Message 2 of 4
bri
New Member
New Member

Re: My credit score is finally up how should I go about getting some decent low APR cards?

Thanks for the sound advice. Regarding the increase, I'm assuming it would be better to ask for it when the util is lower. How long do you think I should wait after paying off a card before I ask for a limit increase? Also, do I call and just ask directly, if I can get an increase without doing a credit check? The cards are MBNA/BofA, Discover, and Capital One.
Message 3 of 4
haulingthescoreup
Moderator Emerita

Re: My credit score is finally up how should I go about getting some decent low APR cards?


bri wrote: Thanks for the sound advice. Regarding the increase, I'm assuming it would be better to ask for it when the util is lower. How long do you think I should wait after paying off a card before I ask for a limit increase? Also, do I call and just ask directly, if I can get an increase without doing a credit check? The cards are MBNA/BofA, Discover, and Capital One.
Here's my take:

I know you feel pressured to fix a lot of Stuff now, now, now, but the best thing you can do before asking anyone for anything is to get everything paid down, and then wait for them to post onto your credit reports, and then just sit back and breathe.

The thing about credit scores is that they are completely short-term memory. They have no idea how you looked a week/ month/ year ago; all they know is the data they are looking at now.

But in asking for a CL increase, it's completely different--your CCC knows exactly what your history is. If you've been running at 99% for a while due to unemployment, I'm betting that they would like to see 3-6 months of your being able to keep it at 10-30% (even better, 1-9%) before they raise your limits.

And be kind to yourself--after you have paid down your accounts, use the money that used to go to your accounts to pay back your sister so that you don't have that emotional anchor to drag around. Maybe pick up a second 10 hour a week job for a while if you don't have small children--I work two jobs, and it's amazing what it did for my financial health. (Besides, I'm too tired and have no time to spend again.) It looks like you're really close to having a really pretty credit report. Hang in there, don't go crazy, give yourself some time, and you'll be way ahead of where I am with your scores! good luck

Message Edited by haulingthescoreup on 09-26-2007 01:39 AM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 4 of 4
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