topic Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL in Credit Cards

Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

WP2020 — Fri, 03 Sep 2021 19:20:37 GMT

Hi, I have just lowered my utilization to 27% for just this month. $5,000 0%BT in Bofa debt will show up in 3 days and $7,500 0%BT in Citi will show up in 16 days. My scores jumped 24 points since its under 30% util. this month. My TODAY scores show as EXP 740 and Transunion 746, dont know EQ but should be around the same. The scores will drop 20 to 25 points again if I dont increase my Total Credit Lines. I have today showing $21,000 in debt and $77,000 TCL. I see it as a GREAT opportunity to get $50,000 to $100,000 for my TCL so I can maintain de under 30% util. and the scores wont drop much.

PLEASE, any and all suggestions are welcomed as its urgent. IM willing to leave my 5 year gardening for this and want to do it as best as possible. These are my known options, please advice...

1. Amex - Currently preapproved for ALL their cards. This is a SP as I understand it and almost 100% I should take. I was thinking the Magnet for the 15 months apr but really just need the highest CL. My only Amex is at $9800 CL today.

2. Citi - Have 2 cards with $12000 and $8600 CL, I just got a marketing $15,000 loan offer yesterday. Been with them for 25 years so I amagine they would approve me for cards but not sure of highor low limits. Was thinking any of their BT cards though I just did a BT with them last month.

3. Chase - I have the CSP, Freedom and the Freedom Unlimites aswell. They balance chased me 4 years ago so my limits were lowered ALOT to $7000, $2,000 and $2,000. All 3 cards are showing me 0%BT till 11/2022 which I would love to take BUT it lets me just on my available balance of course, which combined is just $6500. Will Chase give me CLI to take advantage of their 0%BT offers? Would they raise my CLI on my 3 cards if I take just one HP? Would you just app on a new Chase card? Im 0/24 of course.

4. Discover - I have a good relation with them but I owe $9400 out of an $11500 CL cause of an old BT I took with them.

5. Any SP suggestions?

6. Any solid HP suggestions?

7. I was also thinking of joining Credit Unions that double dip as I heard Andrews, DCU, First Tech, NIH etc just not sure if it will take too long to join and then app aswell.

Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

FinStar — Fri, 03 Sep 2021 20:23:43 GMT

@WP2020 wrote:
Hi, I have just lowered my utilization to 27% for just this month. $5,000 0%BT in Bofa debt will show up in 3 days and $7,500 0%BT in Citi will show up in 16 days. My scores jumped 24 points since its under 30% util. this month. My TODAY scores show as EXP 740 and Transunion 746, dont know EQ but should be around the same. The scores will drop 20 to 25 points again if I dont increase my Total Credit Lines. I have today showing $21,000 in debt and $77,000 TCL. I see it as a GREAT opportunity to get $50,000 to $100,000 for my TCL so I can maintain de under 30% util. and the scores wont drop much.

PLEASE, any and all suggestions are welcomed as its urgent. IM willing to leave my 5 year gardening for this and want to do it as best as possible. These are my known options, please advice...

1. Amex - Currently preapproved for ALL their cards. This is a SP as I understand it and almost 100% I should take. I was thinking the Magnet for the 15 months apr but really just need the highest CL. My only Amex is at $9800 CL today.

2. Citi - Have 2 cards with $12000 and $8600 CL, I just got a marketing $15,000 loan offer yesterday. Been with them for 25 years so I amagine they would approve me for cards but not sure of highor low limits. Was thinking any of their BT cards though I just did a BT with them last month.

3. Chase - I have the CSP, Freedom and the Freedom Unlimites aswell. They balance chased me 4 years ago so my limits were lowered ALOT to $7000, $2,000 and $2,000. All 3 cards are showing me 0%BT till 11/2022 which I would love to take BUT it lets me just on my available balance of course, which combined is just $6500. Will Chase give me CLI to take advantage of their 0%BT offers? Would they raise my CLI on my 3 cards if I take just one HP? Would you just app on a new Chase card? Im 0/24 of course.

4. Discover - I have a good relation with them but I owe $9400 out of an $11500 CL cause of an old BT I took with them.

5. Any SP suggestions?

6. Any solid HP suggestions?

7. I was also thinking of joining Credit Unions that double dip as I heard Andrews, DCU, First Tech, NIH etc just not sure if it will take too long to join and then app aswell.

I can understand the sense of urgency, but even if you're approved for anything, any tangible results for new reporting lines will not likely happen for another 30-60 days (depending on the lender + CRA).

If you have the income to back it up, you can certainly try First Tech, but with your current utilization, not sure many of the ones you've suggested will open their purse strings that much. NFCU might be an option, if eligible. There's BECU as an alternative (if you can pass their grueling verification process).

AmEx can potentially yield some fruit (as far as a new account goes) and you can try a SP CLI on your existing card if you haven't had one in a while.

As far as Chase goes, no -- they will not automatically raise your limit with the expecation of a BT. Bottom line, don't expect a CLI unless you take a HP for each card (very rarely do they combine HPs) and it's doubtful they may raise them considerably given what you've shared. This will be up to you to decide.

Just to confirm the math, utilization-wise, will your aggregate debt be around ~$33K once everything starts reporting including BOA and Citi?

Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

RSX — Fri, 03 Sep 2021 21:00:02 GMT

i think $50-$100k may be a stretch, but you will know more as you start applying

i think you start with the 1st BT card you want - if approved, try for another - if the SL is low on the second, then you may want to stop for another 6 months

no point in getting all those hits for HP / new accounts if they are going to be low SL

Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

Anonymous — Fri, 03 Sep 2021 21:02:27 GMT

@WP2020 wrote:
Questions...
1. Should I app spree now that I have much better scores to get $50,000 to $100,000 in new cards so my total $34,000 debt stays under 30% utilization?
I think you could see some good results from an App spree, just be aware if you are applying to any lenders that get spooked by opening multiple new accounts. I'm looking at you Chase
2. Should I just get a 0% BT card or 2 to get the rest of my $16,000 at 11% down to 0%
I always support paying as little interest as possible. I would look at some BT cards. I have been receiving offers from BoA for up to 18 months of 0% on BTs, may be a good option for you. FNBO Evergreen card is 12 months of 0% on bt and a 2% cash back card, so it is actually useful after the BT ends. FNBO also offers prequalification, but it isn't proven to b 100% reliable.
3. I REALLY want to take advantage of this current 27% utilization. Whats the best way to do that?
Now might be a good time to apply for any rewards cards you have had your eye on, also a good time to refinance any high interest debt you have.
4. I would also LOVE to get as much PLOC´as possible while remaining under 30% util. Or if I need to go over it, I dont mind. For example taka a $25,000 loan, but would want to cushion and raise my overall credit by as much as $50,000 to $100,000.
I don't have much experience with PLOCs, so no comment here.
5. Sould I then be looking for CU´s that double dip and will give credit cards and PLOC´s?
Absolutely. I would just caution applying for a card just because you can double dip, make sure it is a card that provides benefits that are actually helpful for you.
I would love to hear ANY and ALL suggestions, thanks in advance.

Good job on getting utilization down! I made some recommendations above. And good luck with your applications!

Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

MrDisco99 — Fri, 03 Sep 2021 20:32:35 GMT

With 27% util, you're gonna have a hard time getting that much credit extended to you. Not to mention the HPs will work against you. Sorry, but lower scores are almost certainly an inevitable consequence of taking on that much more card debt.

What's driving the urgency to keep those scores?

Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

Aim_High — Fri, 03 Sep 2021 21:20:57 GMT

A few details seem to be missing for us to help, @WP2020. Your signature is puzzling to me and almost contradictory.

Until 2016 – Fico8 805
2017 – Fico8 579
2020 - Fico 8 - EQ 706 TU 708 EX 714
100% payment history in 24 years.
No other Loans of any kind nor negative remarks.

What happened in 2017 to drop your scores if you have no late payments or derogatory remarks? If it was credit-seeking and you've been gardening for 5 years, the scores would have rebounded to previous levels. Has utilization been perpetually high for almost five years? Did you have some accounts closed or balance-chased by other than the Chase limits you mentioned?

I agree with above remarks from @FinStar and @MrDisco99.

For one, with debts reporting at $21K and not being paid down quickly, and unless income or assets are very high, the odds of any lender opening up the vault doors for you seems unlikely. While you may get approvals, the limits will be tempered by that debt, and debt-to-income ratios. Lenders don't care that you're on a 0% BT offer or that you have a "plan" to pay it off. To them, debt is debt. And if you've been carrying heavier debt for most or all of that five years, the balances will show up on credit reports and may raise concern about your ability to pay.

Yes, I agree that either AMEX or the credit unions you mentioned might be more likely to approve since you've got BTs and a history with other large national lenders. Besides the ones you mentioned, I might suggest Navy Federal. But a first card with them is probably not going to get you want you're looking for; you'll most likely need a second card and some history to reach the higher credit limits.

IMO, figuring out the best way to quickly and most economically pay down that debt is a more important investment of time and effort rather than a concern over a short-term FICO drop for utilization rates. While you've been gardening for five years (which ordinarily would be a "GREAT" time to seek new accounts), I think the debt/BT/utilization issue hampers any realistic expectation of new $50K+ credit limits.

Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

Kforce — Fri, 03 Sep 2021 20:59:53 GMT

@MrDisco99 wrote:
With 27% util, you're gonna have a hard time getting that much credit extended to you. Not to mention the HPs will work against you. Sorry, but lower scores are almost certainly an inevitable consequence of taking on that much more card debt.

What's driving the urgency to keep those scores?

+ 100

In a couple weeks you will have 52% overall Util.

6 cards with between 55% & 99%.

You do not need any new cards !

Be happy you are saving money with BT's and keep paying off debt.

Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

FinStar — Fri, 03 Sep 2021 21:07:53 GMT

@Aim_High wrote:
A few details seem to be missing for us to help, @WP2020. Your signature is puzzling to me and almost contradictory.

Until 2016 – Fico8 805
2017 – Fico8 579
2020 - Fico 8 - EQ 706 TU 708 EX 714
100% payment history in 24 years.
No other Loans of any kind nor negative remarks.

The OP appears to have created two threads (one from 9/2020, which has been locked) and this one to address the potential [TCL] applications.

For reference, the link below provides some background:

https://ficoforums.myfico.com/t5/Personal-Finance/Advice-needed-on-0-apr-Apps-Bye-4yr-Gardening/m-p/6400845#M236854

Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

Credit12Fico — Fri, 03 Sep 2021 21:30:42 GMT

@RSX wrote:
i think $50-$100k may be a stretch, but you will know more as you start applying

i think you start with the 1st BT card you want - if approved, try for another - if the SL is low on the second, then you may want to stop for another 6 months

no point in getting all those hits for HP / new accounts if they are going to be low SL

Low limits don't always correlate with when you should stop. Some banks are just stingy.

Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

coldfusion — Fri, 03 Sep 2021 21:58:50 GMT

@Credit12Fico wrote:
@RSX wrote:
i think $50-$100k may be a stretch, but you will know more as you start applying

i think you start with the 1st BT card you want - if approved, try for another - if the SL is low on the second, then you may want to stop for another 6 months

no point in getting all those hits for HP / new accounts if they are going to be low SL

Low limits don't always correlate with when you should stop. Some banks are just stingy.

True but the flip side of it is that the site has over time accumulated enough data points to give some sense of guidance which of the larger issuers tend to be stingy (like Citi) vs generous (like NFCU) with starting limits vs. starting off a bit stingy but can grow well with the right history and profile (like BoA).

Regardless, if even stingy banks are giving you toy limits it's probably a clear sign that taking a break is a good idea.

Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

Flfico — Fri, 03 Sep 2021 22:07:27 GMT

IMHO, you're going to have a tough time obtaining an additional 50k-100k in TCL. Lenders look at more than just scores. They are also no stranger to "The BT Shuffle" and pyramiding debt. A 2nd round of AA is a very real possibility with the kind of app spree that would be required. Personally, I would lay low until you've put a significant dent in your total debt.

Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

Remedios — Fri, 03 Sep 2021 22:14:08 GMT

I think you should pick a card or two, apply and see what happens.

I would not try for more under any circumstances. You have been carrying balances for a very long time, and anything resembling app spree is very likely to cause cascade of AA, which would put you right back in 2017.

Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

trant3 — Fri, 03 Sep 2021 22:15:02 GMT

Your sense of urgency for new credit makes no sense. Pay down your debt to increase your util

Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

Remedios — Fri, 03 Sep 2021 22:46:57 GMT

@trant3 wrote:
Your sense of urgency for new credit makes no sense. Pay down your debt to increase your util

Speaking of not making sense...your response.

Also, please keep your responses civil.

Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

Taurus22 — Fri, 03 Sep 2021 23:05:33 GMT

I understand the urgency of what you're trying to do and I hate to pile on with logical points.....but the first thing that stands out to me is.....looking at your other open credit lines (given that your signature is up to date...which it doesn't appear to be according to your comments), lenders typically don't stretch far from your current limits. There are rare cases with some CU's that are somewhat more generous out of the gate. Your average limits at a glance appear to be around maybe $7k which means you would need approx. 7 new accounts at that average limit to reach your minimum $50k goal. That just isn't realistic, honestly.

This leads me to think it is going to be extremely difficult for you to reach $50k in new limits, much less anywhere near $100k. Like others mentioned, if your UTI% was lower and your debt wasn't so high then you would have an outstanding opportunity to build some higher limits between both new accounts and CLI's. (which is another point.....CU's specifically tend to pay extra attention to DTI ratio as well, so that could possibly hinder you)

The best suggestion I can give is to take that debt off the board. If you took out a personal loan and moved some of that debt off of your revolvers, you would have better options. You would still be paying ~10% (maybe less?) in interest, but it would free up your revolvers to try to get some CLI's and build some new accounts. Later, you could use 0% BT promos to move that debt back to the revolvers with a lower UTI%.

Debt really sux. I really think you should focus on paying the debt, rather than what your scores are looking like. 0% BT Promos are key for this, but endgame.....shuffling debt around doesn't get you anywhere. Your scores are the least of your worries at the moment....no disrepect intended at all.

Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

JamP — Sat, 04 Sep 2021 00:46:31 GMT

If your not scared of poking the bear.

Two Synchrony cards at 25-30k a piece would get you most of the way there.

My 55k BCE, 43500 Discover, 24300 Doublecash took many years to get to these credit line.

My Synchrony cards are Sams Club 20k and Amazon 25k which I called and asked for almost right away.

I have not tried for many cli's or any credit cards since covid hit so all of this may have changed.

Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

WP2020 — Sat, 04 Sep 2021 00:50:38 GMT

First of all MANY thanks to everyone´s opinion, Im going to try to answer everything I see was asked. My ignature is not updated as Im not sure how to do that sorry but here is my actual situation owing $21,000 out of $77,000 today and $34,000 out of $77,000 in 16 days.

Gardening for 5 years now!!!
Current Cards:
Discover $9400/$11500
Bofa $6000/$11000
Chase SP $3500/$7000
Citi Credit Line $0/$6000
Chase Slate $0/$2000
Chase Freedom $1500/$2000
Amex Delta $0/9800
Citi Thank You- $600/$12000
Citi Simplicity $0/8600
Citi Overdraft $0$6000

@FinStar My income is $82000, my Amex CLI was given to me in May 21 automatically from $4800 to $9800, can I ask now for a SP CLI? Should the CLI be before or after accepting one of the Amex cards Im preapproved for? Im able to accept 2 Amex cards is that correct or more? Again, im preapproved for all of them. The urgency is not so the cards post, its more in that having a 740/746 score seems better than the 720 I have been having all these months with 44% utilization.

Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

OmarGB9 — Sat, 04 Sep 2021 01:15:11 GMT

@WP2020 wrote:
First of all MANY thanks to everyone´s opinion, Im going to try to answer everything I see was asked. My ignature is not updated as Im not sure how to do that sorry but here is my actual situation owing $21,000 out of $77,000 today and $34,000 out of $77,000 in 16 days.
Gardening for 5 years now!!!
Current Cards:
Discover $9400/$11500
Bofa $6000/$11000
Chase SP $3500/$7000
Citi Credit Line $0/$6000
Chase Slate $0/$2000
Chase Freedom $1500/$2000
Amex Delta $0/9800
Citi Thank You- $600/$12000
Citi Simplicity $0/8600
Citi Overdraft $0$6000

@FinStar My income is $82000, my Amex CLI was given to me in May 21 automatically from $4800 to $9800, can I ask now for a SP CLI? Should the CLI be before or after accepting one of the Amex cards Im preapproved for? Im able to accept 2 Amex cards is that correct or more? Again, im preapproved for all of them. The urgency is not so the cards post, its more in that having a 740/746 score seems better than the 720 I have been having all these months with 44% utilization.

Why is score so important? Is there an upcoming mortgage or auto loan?

To be honest, anything 720+ is pretty much considered "great" or whatever, and for most purposes, will give the lowest interest rates.

I echo what others have said and just buckle down and pay down debt. Once your balances are lower, like under 68.9% on all cards, then maybe look at trying to add some more, but even then, the odds of adding 50k-100k in credit is slim.

Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

WP2020 — Sat, 04 Sep 2021 01:17:28 GMT

@RSX got it Thx.

@Anonymous I only have $16,000 thats not 0% out of the $33,000 that will show up this month. Will BoA give me a second card? I just took this month a 0%BT and are maxed out with them now. Evergreen, Citi, Amex any 0%BT will do really, just trying to get high CL so it makes sense. Only rewards cards I would want are some Chase cards. All my debt is at 0%, except $16,000 thats at 11%, so not too bad.

@MrDisco99 My only urgency was to take advantage of these momentary 740 and 746 scores which will drop to 715/720 later this month. The way I see it is I will have 44% util. if I get no new credit and if I take a couple of hits I can get some great new cards and a bigger TCL to lower my utili. hopefully even under 30% with $33,000 in debt which will probably be all at 0%.

Re: Urgently Need/Want to get new credit for $50,000 to $100,000 for my TCL

MrDisco99 — Sat, 04 Sep 2021 01:20:18 GMT

I guess you can try if you want but I really don't think that is a successful strategy.