topic Re: Denied because high utilization in General Credit Topics

Denied because high utilization

Dominicancard — Mon, 13 Aug 2007 14:46:10 GMT

Hello everybody........... I've been in this country for 3 years and I've had problems with the credit since I came here, first I had a couple of collections in my report(I've clean them already) at that same time I got 3 credit cards (orchardbank, first premier and I got a secured bank of america)but I didn't know I was not supose to used all the credit available. At this moment my score is 660 and just got a line of credit with bank of america (2 months ago), so I have 1 line of credit, orchard 200, first premier 250 and bank of america secured 450, but credit cards are still saying noooooooooo because of high utilization, What can I do, even if I maintain the credit cards below 30% it will stil show hight utilization, What to do?????????????

Re: Denied because high utilization

Anonymous — Mon, 13 Aug 2007 14:50:05 GMT

Dominicancard wrote:
Hello everybody........... I've been in this country for 3 years and I've had problems with the credit since I came here, first I had a couple of collections in my report(I've clean them already) at that same time I got 3 credit cards (orchardbank, first premier and I got a secured bank of america)but I didn't know I was not supose to used all the credit available. At this moment my score is 660 and just got a line of credit with bank of america (2 months ago), so I have 1 line of credit, orchard 200, first premier 250 and bank of america secured 450, but credit cards are still saying noooooooooo because of high utilization, What can I do, even if I maintain the credit cards below 30% it will stil show hight utilization, What to do?????????????

If you mean that when you get a denial letter from a credit card company, it says the "reasons" are "ratio of limits to balances too high" that means basically, your FICO score is just too low, and they are saying that the reason your score is too low is because of that.

660 is a lot better than what I have.

Try Juniper Bank. They tend to give good limits at that score.

Re: Denied because high utilization

Anonymous — Mon, 13 Aug 2007 14:50:08 GMT

@Dominicancard wrote:
Hello everybody........... I've been in this country for 3 years and I've had problems with the credit since I came here, first I had a couple of collections in my report(I've clean them already) at that same time I got 3 credit cards (orchardbank, first premier and I got a secured bank of america)but I didn't know I was not supose to used all the credit available. At this moment my score is 660 and just got a line of credit with bank of america (2 months ago), so I have 1 line of credit, orchard 200, first premier 250 and bank of america secured 450, but credit cards are still saying noooooooooo because of high utilization, What can I do, even if I maintain the credit cards below 30% it will stil show hight utilization, What to do?????????????

Your total credit available is only $900. Pay that down to between $9 and $81 TOTAL for all three cards. This will give you the max FICO score possible.

Have you pulled your actual Fico scores from this site?

Re: Denied because high utilization

Dominicancard — Mon, 13 Aug 2007 14:55:28 GMT

yes I did and it was 660, and when i took the bank of america credit line I had 658, but my question is even if I put down the balances on the credit (I didn't know i was not suppose to used it all) it will stil show high utilization on my credit report?????????, I have no late payments and no collections

Re: Denied because high utilization

Anonymous — Mon, 13 Aug 2007 16:03:34 GMT

Dominicancard wrote:
yes I did and it was 660, and when i took the bank of america credit line I had 658, but my question is even if I put down the balances on the credit (I didn't know i was not suppose to used it all) it will stil show high utilization on my credit report?????????, I have no late payments and no collections

First, a belated welcome to the States. I just got back from the Dominican Republic myself. I vacation on the North Coast. What part of the DR are you from?

I agree re getting your utilization down. And remember it is a slow process, taking months to see any progress in most cases. Good luck.

ctRob

Re: Denied because high utilization

Anonymous — Mon, 13 Aug 2007 16:05:41 GMT

@Dominicancard wrote:
yes I did and it was 660, and when i took the bank of america credit line I had 658, but my question is even if I put down the balances on the credit (I didn't know i was not suppose to used it all) it will stil show high utilization on my credit report?????????, I have no late payments and no collections

If you paid all 3 down to less than $81, once each credit card updates for the month, you will see your FICO score rise. If you got all your scores, what were they? 660 was only on Equifax or was it for Experian and/or TransUnion? Your credit card companies may not update immediately so even after paying you might still see that you have high utilization UNTIL they do show the updated balance.

High utilization is only a "snap shot" type thing. It's what you have right when you pulled it, it doesn't stay on there and hurt your score forever. You have credit for a reason, to use it so it doesn't count it against you forever.....unless you just keep your balances maxed out all the time.

Your best bet would be to apply for some more credit.....Like the Amex Delta card or the Hooters card or the CCCU card etc. This will help with your utilization as well because you will have more available credit. The goal is to keep 1-9% of total available credit card debt on your cards. This will give you the max FICO score possible. Utilization is worth 30% of your FICO score.

Re: Denied because high utilization

Tuscani — Mon, 13 Aug 2007 18:15:21 GMT

Try a reconn!

Re: Denied because high utilization

Anonymous — Mon, 13 Aug 2007 18:27:18 GMT

Welcome to the States as well from me - I love PC!!! We have gone for 3 years, couldn't afford to the last (2) and finally might get to this winter again

The people are the greatest - I wish you all the best - you'll find tons of help on this site!

Re: Denied because high utilization

Anonymous — Tue, 14 Aug 2007 21:41:03 GMT

beach123 wrote:
Welcome to the States as well from me - I love PC!!! We have gone for 3 years, couldn't afford to the last (2) and finally might get to this winter again

The people are the greatest - I wish you all the best - you'll find tons of help on this site!

Puerta Plata, Presidente, Monte Llanno, Sosua, Presidente, Bachata, Presidente, Salsa....Don't get me started...

Hey, what happened to the OP?