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Hi all, this is my first post but have been lurking the forums for a couple weeks now.
My credit scores are EQ 615 TU 606 and EX 609.
Right now I have three open revolving accounts, one is a 250$ Exxon/Mobil card that stays at 0$(don't use, joint account), Cap1 Platinum MC 500$, and a $15000 BofA line of credit with a$7750 balance but I'm only an Authorized User.
My question is since I have only one open revolving account that is MY individual account(Cap1), should I apply for another CC, maybe a secured one?
Any input or help is greatly appreciated!
Greetings,
With your scores just barely over the 600 line, and at over the 50% utilization, I would wait a bit before trying for anything. This is just my opinion and those who know more than me may have differing viewpoints (therefore, YMMV).
Oops I failed to mention that my Cap1 card is now paid down to $150 (wanted to get to ~30%) Also, I have signed up for LL since Feb 1st and they are working diligently to get derogatory marks from old school loans off of my report. So really the only util that is concerning me is the BofA CL that I'm an AU for. This is why I'd like to apply for more credit to bring my total Credit available up! Thank you both for your input! I have been continuously doing prequalifications for all Banks that allow this, to no luck
Should I go with a secured card? Maybe Open Sky as they dont put a HP when signing up for their secured card.. also I seen they report their secured cards as unsecured to all 3 bureaus - major plus.
@rmduhon wrote:
How is the line of credit reporting? As a revolving account or instalment account?
Hi rmduhon thanks for the quick reply, it is a revolving account.
@rmduhon wrote:
Then hang tight for a few months, your scores will go up just from time. Keep the 2 smaller cards reporting a zero balance while doing that (that'll lower your overall UTI to less than 50%) and try to lower the balance on the LoC. If you can get the LoC below 30% your scores will definitely show it (unless you have baddies on your reports) but any anything below 50% on it will help.
Sure thing, I will wait a few months then before I start gardening. The owner of the LoC said to me the other day that in April she wants to pay that balance off with another CC as the interest will start on that line in April and she wants to avoid this - so hopefully that will give me a nice boost. I will ask her to leave me as an AU and to keep the line open as to leave my total available credit at $15,750. Thank you so much for the advice!
@Anonymous wrote:
that 7750 balance is scary if not lowered I would get out of that account.
Yes very scary, I will see what I can do to bring it down to ~30% utilization (which would be $4500) A lot easier said then done But seeing everyone's determination and focus really motivates me
I really want to try and keep this line open and remain an AU because if I remove myself, my total credit line available will only be 750$, and I will also lose my credit mix
Thanks AFTERLIFE, I will try and focus on paying that account in bigger amounts, since I have time to wait (3 months before gardening).