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I am a Total Newbie - with a Utilization and CCCU Question

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Anonymous
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I am a Total Newbie - with a Utilization and CCCU Question

Good Evening All,
 
Wow - what a great site!  I stumbled on it when I bought my credit scores just before attempting to get my daughter a private student loan through Citi.  When that didn't get approved, it put me on a mission to get my reports in order!!!  I have learned so much in just a few days, and now I am trying to memorize all the abbreviations!
 
Here is my situation - My three scores are in the 653-673 range, and they have been slowly improving just because of aging alone.  My last 30 day late pay was in 2004, but years 2002-2004 were a bit messy with some late pays on an auto loan, a couple 30 days on my Countrywide Mortgage, and a couple 90 days on my student loans.  Since then my income has greatly increased, which made things much better.  I have developed a few GW letters to try to get these cleaned up - those go out Monday AM.  Thanks to everybody for the examples.
 
My utilization is also very high, as I only have 2 main credit cards - Chase and Citi, which I have had for almost 15 years with just a combined $10K total lines.  They are close to maxed.  I am working on paying down the debt, but with one teenager and one college bound, it is pretty slow.  Does it make sense to increase my credit available, say by applying with CCCU for an additional card?  I know I'd get dinged for the inquiry, and I would hardly use it - just to help out the utilization.  My income to debt is pretty good.  Would I even get approved?  Any thoughts or suggestions?
 
Thanks again for all of your posts.  This site is an incredible, incredible help to many people.  Keep up the great work everybody!  Smiley Very Happy
Message 1 of 8
7 REPLIES 7
Anonymous
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Re: I am a Total Newbie - with a Utilization and CCCU Question

I think it would be worth a shot with CCCU  seems as if everyone has a really great experience with them.
 
I'm not sure what your APR is on the 2 CC's you have now that are close to being maxed but CCCU offers 0% APR on purchases for the first 6 months then 10.9% thereafter ~even on balance transfers.  There is no annual fee or balance transfer fee.  If their interest rate is lower why don't you see if you could get a TL high enough to transfer balances on the CC's you have now? 
 
Just a thought...seems it might help if the APR is lower then you get points for paying down your TL on the 2 CC's you've had for awhile ~ keep them open and with low balances?? 
 
I don't know if that would work as I'm still kinda new at all of this...I'm sure the others 'round these parts will chime in regarding yay or nay...lol
 
Anyway..glad you found us!!  This place ROCKS!
Message 2 of 8
MercyMe
Frequent Contributor

Re: I am a Total Newbie - with a Utilization and CCCU Question



kims wrote:
I think it would be worth a shot with CCCU  seems as if everyone has a really great experience with them.
 
I'm not sure what your APR is on the 2 CC's you have now that are close to being maxed but CCCU offers 0% APR on purchases for the first 6 months then 10.9% thereafter ~even on balance transfers.  There is no annual fee or balance transfer fee.  If their interest rate is lower why don't you see if you could get a TL high enough to transfer balances on the CC's you have now? 
 
Just a thought...seems it might help if the APR is lower then you get points for paying down your TL on the 2 CC's you've had for awhile ~ keep them open and with low balances?? 
 
I don't know if that would work as I'm still kinda new at all of this...I'm sure the others 'round these parts will chime in regarding yay or nay...lol
 
Anyway..glad you found us!!  This place ROCKS!


Good job, Kims... Smiley Happy
Message 3 of 8
Anonymous
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Re: I am a Total Newbie - with a Utilization and CCCU Question

Smiley Tongue
 
I'm learning....I am really learning!! Smiley Very Happy
 
Thanks!
Message 4 of 8
Anonymous
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Re: I am a Total Newbie - with a Utilization and CCCU Question

You would more than likely get approved... Go for it.
 
Rob
Message 5 of 8
Anonymous
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Re: I am a Total Newbie - with a Utilization and CCCU Question

Thank you all for your responses.   Kim, that is a very good idea.  The APR would be less than what I am currently experiencing, which will help pay those down faster.  I will certainly consider giving it a go. Smiley Happy  Now, off to get those GW letters out tomorrow!  I am on a mission!
 
 
Message 6 of 8
fused
Moderator Emeritus

Re: I am a Total Newbie - with a Utilization and CCCU Question



sdmac99 wrote:
Thank you all for your responses.   Kim, that is a very good idea.  The APR would be less than what I am currently experiencing, which will help pay those down faster.  I will certainly consider giving it a go. Smiley Happy  Now, off to get those GW letters out tomorrow!  I am on a mission!
 
 


Is there room in here for me?Smiley Happy I think differently with your situation. I know it's pretty easy to get an approval for a CCCU CC but be careful. You have two CCs nearly maxed-out and have already been turned down by CITI for a loan. Getting CLIs with your current CCCs is unlikely with very high CC util. Even if CCCU approves you, I doubt the CL they will give you will impact your situation or scores much.
 
Do you have a good, established relationship with a bank or credit union in your area? If so, they might be helpful. Of course no guarantees! YMMV! If the GW letters work your scores should improve. It's your util% that is preventing approvals though!
Message 7 of 8
Anonymous
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Re: I am a Total Newbie - with a Utilization and CCCU Question



Is there room in here for me?Smiley Happy I think differently with your situation. I know it's pretty easy to get an approval for a CCCU CC but be careful. You have two CCs nearly maxed-out and have already been turned down by CITI for a loan. Getting CLIs with your current CCCs is unlikely with very high CC util. Even if CCCU approves you, I doubt the CL they will give you will impact your situation or scores much.
 
Do you have a good, established relationship with a bank or credit union in your area? If so, they might be helpful. Of course no guarantees! YMMV! If the GW letters work your scores should improve. It's your util% that is preventing approvals though!


 
There's always room for you Smiley Wink  That's one of the things I LOVE about this place...discussion leads to new avenues of thought and ways of doing things!  It's a collaborative effort 'round here ~ and it's freakin' awesome!!
 
 
I still think she might have good luck with CCCU if she explains her situation and that she wants to transfer the balances of the 2 CC's she already has because they have a lower interest rate.  Since she has high 600 fico's I think they might be willing to work with her.  They are a very personal hands on company and as long as she is upfront about why she is asking for a large TL they very well could give it to her.  Building a relationship with this Credit Union seems like a winning situation for alot of different financial situations that may arise ~ from auto loans to refinancing to personal lines of credit. 
 
JMHO!

Message 8 of 8
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