Next step

[Anonymous]

Thank you to all for sharing your experience. I do have one other small installment loan but only owe 800 before that one is paid off.  It is a catch 22. I was foolish enough to not apply for any credit cards for several years thinking I was doing the right thing, only to learn it hurt me bcuz I had a thin file. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Working on rebuilding after a car accident which has caused me to max out my two high limit NFCU credit cards. I would have never used my cards had I known litigation would take so long. What can I do to help improve my situation until my case is settled? I have opened a few store card using SCT to help with my utilization. Any other thoughts on next steps? I am hesitant to app Penfed for fear of a decline but would like to get one more cc to shift some of the balance. FICO is at 647.

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Welcome to the forums.

You're kinda in a catch22 right now.  PenFed would probably consider you to be an Egyptian with the NFCU cards maxed out.  Working on getting your UTI down is going to be vitally important to your credit health.  You didn't say which FICO score is 647?  Most lenders are generally EX or TU, so more information is needed.  Do you have a CLOC with NFCU?  I worry that with the scores you're reporting and the high UTI, you will waste INQs trying to get an approval.  A personal loan or CLOC is probably your best bet.

Good luck. 

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Most credit unions are EQ. NFCU is EQ & TU.

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I was thinking more in terms of other creditors as the maxed out cards would make approvals for both NFCU and PenFed difficult; Maybe OP could squeeze in an approval from someone else if TU or EX was higher, but since the score is EX it makes it even more of a challenge.

[Anonymous]

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@Anonymous wrote:

Thank you to all for sharing your experience. I do have one other small installment loan but only owe 800 before that one is paid off.  It is a catch 22. I was foolish enough to not apply for any credit cards for several years thinking I was doing the right thing, only to learn it hurt me bcuz I had a thin file. 

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Getting your UTI down is going to be the ony thing.  You'll just have to divert the money that went to the auto loan towards paying down the CC debt.  If you could get the UTI under 50% then you might have more wiggle room in regards to other approvals and will hopefully get a score boost that will put you in the range of maybe an approval.

[Anonymous]

Hi Kaykay,

I missed this msg yesterday. I am not sure I follow this. Would you be able to expound on this one?

[Anonymous]

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@Anonymous wrote:

Hi Kaykay,

I missed this msg yesterday. I am not sure I follow this. Would you be able to expound on this one?

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In other words what I think Kaykay means is to take the money you were paying on your car and use that amount in addition to what you normally pay on your credit cards monthly.

Since you don't have the monthly car payment, put that amount towards paying down your credit cards.

[Anonymous]

I should have attached the message. I will get the hang of this forum. I was referring to this msg.

I was thinking more in terms of other creditors as the maxed out cards would make approvals for both NFCU and PenFed difficult; Maybe OP could squeeze in an approval from someone else if TU or EX was higher, but since the score is EX it makes it even more of a challenge.

I did go back to NF this morning to see if I could get a CLI and got the 24hour msg. This is all just temporary. I don't want to use the increase just trying to help my UTI. Probably should have called NF them back and asked to pull the request if it is a HP. In the interim I will just keep paying the cards down and garden.