Maxed out on credit!!

[Anonymous]

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! 

[Anonymous]

I used payoff to consolidate and it worked like a charm... got a nice credit score  boost too. low interest rate and shaved some money off the monthly payment.

[Anonymous]

doesn't look like payoff is avaliable in my state :/ 

[takeshi74]

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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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Probably not.  You need to get your balances down.  Don't count on being added as an AU to solve your problem.  Auto financing will be difficult and even if approved you'll get terrible terms with such high utilization.  How are you going to afford the new car payments if you can't pay your credit cards?

Not being late is a plus but it's not the only thing that matters.  Revolving utilization is a significant factor and you're not only getting dinged for high utilization but for being maxed as well.  Get it down ASAP to avoid adverse action or you'll be in even worse shape.

Work on your budget and finances so you can avoid this in future.

[Berk]

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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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I wouldn't worry about the new car right now. I would worry about getting my debt paid down to a manageable level and then worry about a new car. So, with that being said, take the money you would pay towards your car loan and put it towards your highest balance or highest APR card, get it paid off, and start with the next one, etc.

[RobertEG]

Adding an AU may help your three digit score, but it may not necessarily improve your chances of obtaining new credit.

If the credtior does a manual review and sees that your score is based in part on an account that is not your history, then may choose to discount the value of your score in their decision making.  When applying for higher amounts of credit, such as an auto loan, the chances of a manual review are increased.

[Anonymous]

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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

[Anonymous]

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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.

[Anonymous]

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.

[Thomas_Thumb]

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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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Don't go mad with maximizing credit! Focus on paying down your debt