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Frequent Contributor
Posts: 474
Registered: ‎08-20-2010
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Re: Thinking of cold apping AMEX

If you got a consolidation loan, that would lower your utilization and increase your scores. Then you could either get some low ape cards to balance transfer to, or just refi the loan at better terms.
Last app 1/2/2017.
In the garden until at least 6/2/2017.
Valued Contributor
Posts: 2,035
Registered: ‎02-05-2016

Re: Thinking of cold apping AMEX


jdxprs1 wrote:
If you got a consolidation loan, that would lower your utilization and increase your scores. Then you could either get some low ape cards to balance transfer to, or just refi the loan at better terms.

Is that because the consolidation loan is not considered revolving?


TCL 115k / UTIL 23% = $26,690
Experian: 673 (33) | TransUnion: 692 (34) | Equifax: 692 (6)
Gardening as of: 6-1-2017
Updated 7-26-17
Frequent Contributor
Posts: 474
Registered: ‎08-20-2010
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Re: Thinking of cold apping AMEX

Would be installment I believe.
Last app 1/2/2017.
In the garden until at least 6/2/2017.
Valued Contributor
Posts: 2,035
Registered: ‎02-05-2016

Re: Thinking of cold apping AMEX

Ok, now I am really excited. Pulled my new CCT and got these new scores. TU still shows my 32% UTIL but the others have updated.

 

Experian 680 --> 698

Tranunion 698 unchanged (they still show 32% UTIL)

Equifax 680 --> 706

 

These are the highest scores I have ever had except for TU which was once at 726. I am really stoked about these!


TCL 115k / UTIL 23% = $26,690
Experian: 673 (33) | TransUnion: 692 (34) | Equifax: 692 (6)
Gardening as of: 6-1-2017
Updated 7-26-17
Established Contributor
Posts: 776
Registered: ‎02-23-2017

Re: Thinking of cold apping AMEX

Factor in that a loan from a consumer finance company dings scores. A loan from a bank or CU is better. Also, some consolidation loans require closing one's cards.

 

MLF's position is different than what we often see here. There's a lot of debt, but his scores and overall utilization are OK. The issues with applying and being accepted are likely to come with utilization on individual cards, debt to income (rather than debt to limits), and inquiries.

 

Because MLF's inquiries are so high, I can't see how it can get much worse by accumulating a couple more by trying a couple of judiciously placed apps. But I wouldn't suggest going overboard.

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Posts: 776
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Re: Thinking of cold apping AMEX

Great work with the scores, MLF. Smiley Happy I hadn't seen them when I posted my message above.

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Re: Thinking of cold apping AMEX


HeavenOhio wrote:

Factor in that a loan from a consumer finance company dings scores. A loan from a bank or CU is better. Also, some consolidation loans require closing one's cards.

 

MLF's position is different than what we often see here. There's a lot of debt, but his scores and overall utilization are OK. The issues with applying and being accepted are likely to come with utilization on individual cards, debt to income (rather than debt to limits), and inquiries.

 

Because MLF's inquiries are so high, I can't see how it can get much worse by accumulating a couple more by trying a couple of judiciously placed apps. But I wouldn't suggest going overboard.


Perfectly stated.  MLF has been aggressively working to take care of his problem before it became unmanagable.  So glad he avoided that deferred Amazon interest, too.  Congrats on the increases - 698 may likely get you that AmEx and I hope to see an update today on that!  The EQ is looking really good.  MLF - remind me of your status with any PenFed accounts?  I can't think of anyone else exclusively pulling EQ that could help you out nearly guaranteed.


400k+ club. | FICO 08 [June 2017]: EQ 745 EX 745 TU 735 | Repeat garden bronze spade offender.
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Re: Thinking of cold apping AMEX

Not a PenFed member. That is another option on the table. I just really don't want to app them only to get denied and have another CU open out there. Not sure if 706 would carry the day for me over there. 


TCL 115k / UTIL 23% = $26,690
Experian: 673 (33) | TransUnion: 692 (34) | Equifax: 692 (6)
Gardening as of: 6-1-2017
Updated 7-26-17
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Posts: 1,242
Registered: ‎11-19-2016
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Re: Thinking of cold apping AMEX


MyLoFICO wrote:

Not a PenFed member. That is another option on the table. I just really don't want to app them only to get denied and have another CU open out there. Not sure if 706 would carry the day for me over there. 


I wish that PenFed left their Truth In Lending disclosures in the Messages folder for longer, but I am 90% sure that my EQ 08 was somewhere around 705-715 when I joined last year.  I got approved instantly for the PenFed Defender at $7,500 and then did the auto refinance for 1.99% on wife's vehicle.  I think the PenFed Promise is perfect for you and I think you have very good odds of being approved and (depending on which direction your NG2 goes in comparison to your 08 score) probably not with a toy limit.  Their recon is awesome and I think if you spoke with a loan officer and told them you wanted to transfer your balances to them, they could surprise you.


400k+ club. | FICO 08 [June 2017]: EQ 745 EX 745 TU 735 | Repeat garden bronze spade offender.
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Posts: 2,035
Registered: ‎02-05-2016
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Re: Thinking of cold apping AMEX

Well, my gold spade is gone. 

 

http://ficoforums.myfico.com/t5/Credit-Card-Approvals/AMEX-left-a-window-open-I-snuck-in-successfull...

 

As fpor PenFed, they shut me down pretty hard. Averything I app'd for got this reason:

 

TURNED DOWN 04/21/2017

# OF REVOL ACCTS HIGH UTILIZATION
TOT BALANCE ON BANKCARD ACCOUNTS
NUMBER OF NON-UTILITY INQUIRIES


TCL 115k / UTIL 23% = $26,690
Experian: 673 (33) | TransUnion: 692 (34) | Equifax: 692 (6)
Gardening as of: 6-1-2017
Updated 7-26-17

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