Maxed out on credit!!

[fury1995]

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@Anonymous wrote:

I am maxed out on all of my cards, I have never had a late payment! I want to get a new car, I was wondering if being added to a HIGH limit card with GOOD HISTORY would help my scores look a little bit better? I'm 15k MAXED OUT, and am going to be added to a 25k Limit Card, please help! 

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Having good payment history will help, however you will appear debt loaded under review.

What are your total monthly payments (listed on your credit report) for all cards with balances?

Choosing a car that wil keep your monthly payment at or below 15% to 20% of your monthly income wouls be ideal.

Also, is it possible the person who is adding you as an authorized user on the other credit card be considered for a co-signer for the new loan?

That could help with an approval at better terms (rate, amont financed, length of loan etc)

[Anonymous]

It would help, (Mod Cut-non FSR). Is a car really a good decision?

[fury1995]

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@Anonymous wrote:

It would help, (Mod Cut-nonFSR)  Is a car really a good decision?

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This is not helpful.

We don't know the relationship the OP may have to the person who is making the offer and under what circumstances. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I am maxed out on all of my cards, I have never had a late payment! I want to get a new car, I was wondering if being added to a HIGH limit card with GOOD HISTORY would help my scores look a little bit better? I'm 15k MAXED OUT, and am going to be added to a 25k Limit Card, please help! 

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Sorry to say but seems like ur already living above ur means if u have multi cards and with total limit of 15k or so and u maxed it all out.. U should really reconsider if a car loan is right or not... If u really want it.. What u should do first is try to get a new credit card with a high limit.. One of those 15-24 months 0% card and transfer it to new card.. Also as to ur auto loan approve or deny will be depended on ur score and ur income.. Let's say even u maxed out all ur card but u make 80-100k a year u owe 15k on cc u want a car loan and have a score of 680+ they will still approve ur loan

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@Anonymous,

Having a card maxed out may be due to several reasons such as medical, death etc... So assuming a max card is because OP is living beyond their means has a chance of egging others on and derailing the thread - see blue. And that does not asnwer the real question OP asked.

For example, if this thread were to be in the CC section, many would use the opportunity to lecture OP- (make wrong assumptions) which isn't the question asked.  So it is a good thing the thread is here.

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Yes make assumption of him living above his means.. If not given full details. U gotta make assumption. I did say he will still get approve for a car loan even if he owe 15k on credit card as long if he make 60k+ and have a score of over 680 he will still be approved for a car loan

[Country_Feller]

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@Anonymous wrote:

You may want to consider a consolidation loan. You can test the waters for a loan without incurring a hard pull credit inquiry. Payoff.com, Sofi.com, Prosper.com, LendingClub.com, Avant.com, Upstart.com, BestEgg.com, and PromiseFinancial.com are all soft pulls to see if you qualify, how much you can get, and at what APR.

Notes:

Avant tends to have very high interest rates even for high Fico scores. They wanted 35.98% when my score was 819.

BestEgg will spam the crap out of you, both by eMail and by telephone.

Stay away from Lending Tree. They are not the same as Lending Club, and all they do is farm out your app to multiple lenders who will hard pull you.

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I agree. I used lending club to consolodate and it sure made life easier.

[kaybean22]

I was maxed out at 40k in CC's and had another 40k in a personal loan and was approved at a GREAT rate to refinance an 11month old car loan. Advice #1: Look for a local credit union, not a big bank. They also approved me for another credit card at 10k! Their pull of my TU report had me at 670, though CK was showing me in the 500's. 

(I was maxed out and had the loan becuase of income issues.... husband and I were both unemployed for 2 month and lived on our credit cards for about 3 months. I also had to take out about 10k for taxes a few years ago which started me down the rabbit hole of the personal loan. Other issues popped up here and there.)

Here's advice #2: If you're maxed out and you have some cash, offer to settle your cc's. You'll have to close them, and it'll show as settled. This won't affect your score, but anyone manually reviewing your account will see it. This can be explained, so if you want a fast way to clean up your balance and score, call your banks, close the cards, and setup a payment plan. Then see how much cash you'll need to settle it. You'll usually be able to pay it in several installments (I closed a 12k, initally had a payment plan, then settled it for 6k, paying it over 3 months.) If you can't get the cash to settle it, then AT LEAST close it out and set up payment plans so you get the interest rate lowered and your monthly payments more managable so you can start saving money without making this problem worse for whatever reason it happened. 

(Also, bonus tip: Becoming an AU definitely helps your score -- my mom added me to her BoA card she opened in the 70's and it boosted my score by 100 points. But if you're getting into manual review territory, they don't care. Also, some versions of FICO scores do NOT take into consideration AU accounts, so your score can really vary depending on what lender is using what version if you get added. Something to look into.)

[Anonymous]

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@kaybean22 wrote:

I was maxed out at 40k in CC's and had another 40k in a personal loan and was approved at a GREAT rate to refinance an 11month old car loan. Advice #1: Look for a local credit union, not a big bank. They also approved me for another credit card at 10k! Their pull of my TU report had me at 670, though CK was showing me in the 500's. 

(I was maxed out and had the loan becuase of income issues.... husband and I were both unemployed for 2 month and lived on our credit cards for about 3 months. I also had to take out about 10k for taxes a few years ago which started me down the rabbit hole of the personal loan. Other issues popped up here and there.)

Here's advice #2: If you're maxed out and you have some cash, offer to settle your cc's. You'll have to close them, and it'll show as settled. This won't affect your score, but anyone manually reviewing your account will see it. This can be explained, so if you want a fast way to clean up your balance and score, call your banks, close the cards, and setup a payment plan. Then see how much cash you'll need to settle it. You'll usually be able to pay it in several installments (I closed a 12k, initally had a payment plan, then settled it for 6k, paying it over 3 months.) If you can't get the cash to settle it, then AT LEAST close it out and set up payment plans so you get the interest rate lowered and your monthly payments more managable so you can start saving money without making this problem worse for whatever reason it happened. 

(Also, bonus tip: Becoming an AU definitely helps your score -- my mom added me to her BoA card she opened in the 70's and it boosted my score by 100 points. But if you're getting into manual review territory, they don't care. Also, some versions of FICO scores do NOT take into consideration AU accounts, so your score can really vary depending on what lender is using what version if you get added. Something to look into.)

Interesting u have pretty high card for having such a low score

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[StartingOver10]

OP, I would not close the accounts as mentioned earlier - it will affect your score directly due to utilization.

Get yourself on a budget - use the snowball method. check out daveramsey.com for budgeting and for details on the snowball method.

I do agree with getting a refi on your current vehicle with a CU if you can. They can also consolidate your credit cards but you have to have decipline to not max them out again, otherwise you get stuck with the cards and a loan putting you further in debt. 

[elim]

what are your auto scores?