topic Re: High Utilization in General Credit Topics

High Utilization

renov8r — Wed, 20 Jun 2007 17:15:05 GMT

Are there any credit card issuers that will approve with high utilization and 681-717 ficos?

Re: High Utilization

Tuscani — Wed, 20 Jun 2007 17:16:03 GMT

Yes. Do you have any baddies? How high is your util?

Re: High Utilization

Anonymous — Wed, 20 Jun 2007 17:22:05 GMT

Your current scores will get you cards. UTL? Oww! How much debt and total credit limits do you have? Please list, bank name, debt amount, credit limit only for cards that you currently have. :-)

Re: High Utilization

renov8r — Wed, 20 Jun 2007 17:27:38 GMT

Wells 79% of $5,400 limit
SDCCU 87% of $8,500 limit
Bankfirst 65% of $1,900 limit
Shell/Citi 73% of $6,750 limit

Re: High Utilization

Tuscani — Wed, 20 Jun 2007 17:28:05 GMT

Any baddies?

Re: High Utilization

renov8r — Wed, 20 Jun 2007 17:29:19 GMT

No baddies.

Re: High Utilization

Tuscani — Wed, 20 Jun 2007 17:31:51 GMT

You should be able to get any or all of the following:

Amex Delta (EX pull)

Amex Hilton or Starwood (EX pull)

Citi Premier Pass (EQ pull)

BofA Hawaiian Air Plat (EX pull)

Good luck!

Re: High Utilization

Anonymous — Wed, 20 Jun 2007 18:12:23 GMT

@Tuscani wrote:
You should be able to get any or all of the following:
Amex Delta (EX pull)
Amex Hilton or Starwood (EX pull)
Citi Premier Pass (EQ pull)
BofA Hawaiian Air Plat (EX pull)
Good luck!

In my opinion, I would try Amex first and Citibank "last". I have always had problems with Citi with anything over 50% UTL. Your stated income will be a large factor. Income to credit limit and debt is considered too which can work out to your advantage sometimes.

Message Edited by ilovepizza on 06-20-2007 11:12 AM

Re: High Utilization

renov8r — Wed, 20 Jun 2007 18:50:18 GMT

My current ficos are:

TransUnion
705 Equifax
715

Experian 685

Do you think Amex is wise? Amex Blue shot me down based on an Experian pull..

Also - my HELOC which is maxed out at $65K shows as revolving debt - same as a credit card? I have no other real estate loans since my wife carries the 1st mortgage on our home.

Re: High Utilization

MidnightVoice — Wed, 20 Jun 2007 18:57:44 GMT

With 80% util, $83,000 of debt, a mortgage and an average credit score of <700, are you sure you need another card?

Re: High Utilization

Anonymous — Wed, 20 Jun 2007 19:03:32 GMT

LOL i was thinking the same thing. Not preaching here but with the scores you have, you should have no problem getting any card you want. But you are having problems. That should be telling you something. That maybe your debt is getting a little out of control? I would maybe think of getting some of your current debt down a bit.

Re: High Utilization

MidnightVoice — Wed, 20 Jun 2007 19:04:39 GMT

And reducing util would considerably improve your scores!

Re: High Utilization

Anonymous — Wed, 20 Jun 2007 19:06:12 GMT

Agreed, if you can get all your utilizations to under at the very least 30%, your scores will be in the mid 700's.

Re: High Utilization

renov8r — Wed, 20 Jun 2007 19:38:11 GMT

Thanks for the concern.

My income will be increasing in the next couple of months, and I need to refinance my first mortgage to a fixed rate (no cash out needed) in October. I plan on continuing to lower my util and overall debt.

But - If I need to use credit between now and October, would it be worse to increase my util by using my existing TL's or to add on more TL and keep the util down?

Re: High Utilization

Anonymous — Wed, 20 Jun 2007 19:41:56 GMT

If you are going to be applying for a refinance, the rule of thumb is basically not open up any new credit. I would work on the utilization as much as you can before you refinance.

Re: High Utilization

Anonymous — Wed, 20 Jun 2007 19:52:31 GMT

I have a new question. Why are you borrowing over $82,800? Is your income greater than $100k?

Do you need it because you ran out?
Need it for investments? (I see this happen a lot!)
Want it for something?
Planning on taking a long holiday in another country?

Just an opinion, I think the banks might see this as a potential bankruptcy if income does not support it. If income supports it a recon letter or phone call to credit dept might over turn a denial. I see many people max out for investments producing more income someplace else.

Message Edited by ilovepizza on 06-20-2007 12:52 PM

Re: High Utilization

renov8r — Wed, 20 Jun 2007 19:49:08 GMT

The current debt was to start a business and to home remodel. The wife and daughter are traveling out of the country in August and I want to have plenty of credit available if they need it.

Re: High Utilization

Anonymous — Wed, 20 Jun 2007 19:53:14 GMT

you are already at 80% UTL with about 4500 of available credit.

I don't know why but just seems NUTS to add more debt to this pile.

Re: High Utilization

MidnightVoice — Wed, 20 Jun 2007 19:57:40 GMT

renov8r wrote:
The current debt was to start a business and to home remodel. The wife and daughter are traveling out of the country in August and I want to have plenty of credit available if they need it.

Try for a CL of $50,000 to get your util down to about 30%. Especially as your current score are not as good as they might be, and that could hurt the refi rate.

Re: High Utilization

Anonymous — Wed, 20 Jun 2007 20:17:23 GMT

Try explaining your financial situation to Amex in reference to the denial. I just call them on the phone. Only thing that they see is score, history, credit limit and debt. You can fill in the gaps when talking to them.

Message Edited by ilovepizza on 06-20-2007 01:17 PM