topic Re: Trying to Decrease Utilization in Credit Cards

Trying to Decrease Utilization

terren2000 — Sat, 26 Oct 2013 15:56:25 GMT

Im lookng for a Credit Card that will allow me to increase my Utilization. I need wiggle room. It was worse then this, but I got my dream job with the government and now paying everything down.

I dont have a lot of bills, as I stay with my parents. Id like a credit card to either do a balance tranfer with with no interest rate, or a nice one with a good high limit that will decrease my utilization.

I just applied for my new car and was approved, so I figure might has well finish dinging my Fico and get this credit cleaning in motion.

No Baddies, No bankruptcy. Ive been late, but not late eough for it to go on my Credit Report. I was a student and I've now been at my job for 7 months.

Amazon - $1500 - Balance $0

Macys - $1700 - Balance $7

Discover - $2000 -Balance $900

Wellsfargo - $3000 - Balance $1480

Dell - $3000 - Balance $2900

Citi - $8400 - Balance $8333

Re: Trying to Decrease Utilization

coldnmn — Sat, 26 Oct 2013 15:49:33 GMT

More information needed to help. Average age of accounts how many hard credit pull in the last 2 years. Creditors look at more then score.

Re: Trying to Decrease Utilization

terren2000 — Sat, 26 Oct 2013 15:55:45 GMT

3 Inquiries, Credit Unions

Oldest Account - 11years 7months

Average Age - 4 years.

Re: Trying to Decrease Utilization

coldnmn — Sat, 26 Oct 2013 16:03:09 GMT

18 month 0 interest Citi Simplicity seems to be the best option. Wait till a few people chime in. I know there are better options I personally haven't had the card. I have the Barclay Ring with a fixed 8% rate.

Re: Trying to Decrease Utilization

Blackbeauty212 — Sat, 26 Oct 2013 16:07:38 GMT

The 8.3k balance the OP has with Citi, wont qualify for the Simplicity. Plus the Simplicity has the 3% BT FEE.

The Best BT card on the market IMO is would be the Chase Slate.....NO BT FEES, and 15 months 0% Rate.

Re: Trying to Decrease Utilization

terren2000 — Sat, 26 Oct 2013 16:11:00 GMT

Yea I tried to stay away from Citi because of the Citi I currently have with a High utilization.

But will wait till other chime in and take the best options.

Thanks to both of you so far.

Re: Trying to Decrease Utilization

parakleet — Sat, 26 Oct 2013 16:25:38 GMT

Definitely give Slate a go - you may have to recon to get a high enough CL to handle all of your balances however. But if it saves you money in interest, it'll be worth the extra HP so I strongly recommend the Slate. You'll also save a lot on the no BT fee that Slate has. I'd try to get as much as you can on the Slate and then for the remaining, get another card, maybe from a CU to pick up the rest of your balances. Another option is - you could app for both Slate (recon for higher CL if needed) and Freedom and transfer some of the CL from the Freedom to the Slate to give you maximum BT.

Re: Trying to Decrease Utilization

terren2000 — Sat, 26 Oct 2013 16:27:50 GMT

How do you recon, what number do I call, and what do I say?

Ive read on reconning, and im not sure how it works.

Thanks in advance.

Re: Trying to Decrease Utilization

parakleet — Sat, 26 Oct 2013 16:34:15 GMT

Check out the backdoor numbers sticky on the front page for th relevant numbers for various different CCCs. It's not rocket science - you just call them and let them know that you'd like them to reconsider a higher CL bc you need it for >> for you - you want to BT all of your balances so that you can save money.

Re: Trying to Decrease Utilization

terren2000 — Sat, 26 Oct 2013 16:36:18 GMT

Is it better to apply with an Agent or online application?

Re: Trying to Decrease Utilization

parakleet — Sat, 26 Oct 2013 16:38:33 GMT

@terren2000 wrote:
Is it better to apply with an Agent or online application?

Personally, I don't think it matters since it's still going to cost you another HP for the recon. It's not like the Agent makes the initial determination of the approval or the CL.

Re: Trying to Decrease Utilization

terren2000 — Sat, 26 Oct 2013 16:41:03 GMT

thanks.

Re: Trying to Decrease Utilization

terren2000 — Sat, 26 Oct 2013 16:46:55 GMT

I applied, received this. Good or Bad?

"Thank you for applying. Your application requires further review before making a decision."

Re: Trying to Decrease Utilization

Anonymous — Sat, 26 Oct 2013 16:56:02 GMT

It just means the app is pending. You can call recon now to see if they are willing to process the app over the phone.

I wouldn't recommend applying for any sort of credit with such high balances, but since it's already done, best of luck with reconsideration.

Re: Trying to Decrease Utilization

Pat94108 — Sat, 26 Oct 2013 17:49:03 GMT

Let us know what happens. Really curious to know if you were extended credit with your high balances.

Re: Trying to Decrease Utilization

terren2000 — Sat, 26 Oct 2013 17:51:18 GMT

Im on the phone with recon now.

They said my monthly bills was $1900. Fico is telling them Im paying on student loans, which are all in deferment.

I knew there was a reason I kept getting denied Credit Line increases.

Re: Trying to Decrease Utilization

terren2000 — Sat, 26 Oct 2013 17:53:18 GMT

They saying I owe too much money. Shes updating everything now, and reconsidering.

Re: Trying to Decrease Utilization

terren2000 — Sat, 26 Oct 2013 17:56:57 GMT

Got approved for $800.

Now being transferred for increase,

Re: Trying to Decrease Utilization

09Lexie — Sat, 26 Oct 2013 17:58:51 GMT

Good luck. Reemphasize SL deferment.

Re: Trying to Decrease Utilization

terren2000 — Sat, 26 Oct 2013 18:07:21 GMT

Denied increase. But got the card at $800.

The lady for recon was much sweeter then the increase guy. But hey its a start. They said I can ask for an increase at anytime how many times I want. Cant really transfer much on it. At least it increases my utilization.