Need Some Advice Please!

[amdm2013]

I have been enjoying my gardening since mid-October, but, I have been feeling restless and feel like going on an app spree and need your expert advice. I have 9 HP's this year.

4 BofA (approved)

1 Macy's (approved, and limit increased by $200 last month without requesting for one)

1 Capital One (declined)

3 from Amex (approved and declined)

I was declined because I had almost maxed out one Amex from BofA, and my total UTL is currently at 49%. I will be settling part of the outstanding to reduce my

UTL to less than 30% by end of this month. I have never missed a payment. My AAoA is 0.75 yrs. Oldest credit line is 2 1/2 yrs old. My credit score in October was 720, but, it has now dropped down to 688, according to Trans Union, due to the 49% UTL and HP's.

Eighty percent of my utilization is used for my own business. I would like to achieve the following goals:

1) January 2014 - Appy for a BofA Business Credit/Charge card after I reduce my UTL to less than 30%. Will this be considered as a HP by BofA?

2) Jan/Feb 2014 - Request a CLI from BofA on all/or some my 5 credit cards

3) Feb/March 2014- Apply for an Amex Gold Premier Rewards Card (which would be the easiest Amex card to be approved?)

4) March/April 2014 - Capital One Quick Silver Card

Please bare in mind, that I do not have an SSN. I live between Bahrain and the US, and I'm self-employed so I do business in the US with the Middle East.

Amex and Capital One started accepting applications without SSN or ITN since 2013.

Do you think this would be achievable? Thanks.

[FinStar]

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@amdm2013 wrote:

I have been enjoying my gardening since mid-October, but, I have been feeling restless and feel like going on an app spree and need your expert advice. I have 9 HP's this year.

4 BofA (approved)

1 Macy's (approved, and limit increased by $200 last month without requesting for one)

1 Capital One (declined)

3 from Amex (approved and declined)

I was declined because I had almost maxed out one Amex from BofA, and my total UTL is currently at 49%. I will be settling part of the outstanding to reduce my

UTL to less than 30% by end of this month. I have never missed a payment. My AAoA is 0.75 yrs. Oldest credit line is 2 1/2 yrs old. My credit score in October was 720, but, it has now dropped down to 688, according to Trans Union, due to the 49% UTL and HP's.

Eighty percent of my utilization is used for my own business. I would like to achieve the following goals:

1) January 2014 - Appy for a BofA Business Credit/Charge card after I reduce my UTL to less than 30%. Will this be considered as a HP by BofA?

2) Jan/Feb 2014 - Request a CLI from BofA on all/or some my 5 credit cards

3) Feb/March 2014- Apply for an Amex Gold Premier Rewards Card (which would be the easiest Amex card to be approved?)

4) March/April 2014 - Capital One Quick Silver Card

Please bare in mind, that I do not have an SSN. I live between Bahrain and the US, and I'm self-employed so I do business in the US with the Middle East.

Amex and Capital One started accepting applications without SSN or ITN since 2013.

Do you think this would be achievable? Thanks.

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IMHO, not much momentum will be gained until you get the utilization <30% (ideally ~10% if you expect some lenders to provide additional credit).  Typically, lenders do not favor maxed CCs, regardless if used for your business (technically personal cards should not be used for business expenses but that's another topic all on its own).

Your scores will also need to recover and be higher as well.  Best approach is to wait it out 5-6 months (give or take) and try again since AMEX can also hinge on your utilization AND your recent HPs (depending on where most are).

[amdm2013]

Thanks. I will definately be able to lower the utilization to 10%. I would however require a business credit or charge card from BofA because I read somewhere in this forum that they dont appear in CRs. And they dont HP. My last ClIs from BofA six months never appeared in my CR and was wondering If it would happen again. As for Amex and Capital, yeah it would be worthwhile to wait for another several months and th HPs would be worth it.

[coldnmn]

Unfortunately with limited credit history everything in your file becomes enhanced.  What one wants isn't what one can get. Time spent gardening is sometimes the only road to your credit goals. Every inquiry and denial will only hurt your credit file. Good Luck in what ever you decide to do. Credit is a journey not a race as many have found out.

[amdm2013]

Noted. Thanks.

[FinStar]

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@amdm2013 wrote:
Thanks. I will definately be able to lower the utilization to 10%. I would however require a business credit or charge card from BofA because I read somewhere in this forum that they dont appear in CRs. And they dont HP. My last ClIs from BofA six months never appeared in my CR and was wondering If it would happen again. As for Amex and Capital, yeah it would be worthwhile to wait for another several months and th HPs would be worth it.

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It's probably a good idea to go the business card route to separate personal and business expenditures.  However, there have been mixed anecdotes on whether HP or SP for BOA business card approvals.  I've read/read HP all depending on how your business is structured and whether you will be the PG.  You can try posting in the business forum to gain more insight on this.

[amdm2013]

Will do thanks.

[youngman1234]

Your going way to fast...relax don't apply for at least a year... What kind of limits are you getting if they are all under 5k what's the point of applying so much ???

They way you are going either Amex or boa risk department will be coming knocking on your door. I wouldn't be surprised if you FR'd by Amex... In other words you better have tax returns to prove your income...

[amdm2013]

I understand 'youngman1234', but sometimes one can't help the temptation 

All my cards are only from BofA because they were the only lenders offering me credit cards at that time. I do not have an US-issued Amex card,

this is what I plan to apply after six months once my credit score improves. I'm not concerned about limits at this point,  but, prefer to have as much cards as I can because

I know in time, my CLs will be increased.