38% Utilization $29k 717 FICO Best Strategy for New Apps?

[njames33]

Most of CC debt is from business expenses. End goal is to move as much of this business debt over to business cards that don't report to personal so I can separate the two.

Previously was at $46k utilization with 2 cards maxed out. Paid those down a bit but score dropped from 740 because new auto and new CC popped up. Had applied with Amex & US Bank for biz cards and was denied for high utilizaiton.

Plan now is to try and find soft pull preapprovals for business cards before doing any hard pulls. I will have a new card showing up in a week so I want to apply strategically for any new accounts. If biz cards are not likely then I would like to try and find another card or two with 0% balance transfers or low intro APRs.

Would really like to get into the Amex biz softpull system but concerned I will lose another HP on them, same with US bank biz for their low into APR.

Any adivce would be appreciated.

FICO8
EQ: 717
TU: 716
EX: 719

FICO Bankcard 8
EQ: 717
TU: 708
EX: 728

FICO 9
EQ: 679
TU: 693
EX: 681

FICO Bankcard 9
EQ: 671
TU: 687
EX: 671

FICO Bankcard 5, 4, 2
EQ: 735
TU: 741
EX: 737

FICO 5, 4, 2 (Mortgage)
EQ: 754
TU: 736
EX: 742

Inquiries: (Mostly from recent auto)
EX: (5 inq) CU, CU, CU, CU, Amex
EQ: (3 inq) CU, Penfed, PenFed
TU: (1 inq) US Bank

AAoA: 5 years/8months
AoNA: 1 months (car loan PenFed, CC PenFed)
AoOA: 15 years/10months

1 installment loan accounts (new auto)

0 negatives. Only red flags are:
High revolving account balances
High installment loan balances

38% Revolving Utilization $29k
1 Card 88% $15k (0% balance transfer)
1 Card 60% $15k (best purchase APR)
3 other CC's less than $50

Good income but new business recently started

[SouthJamaica]

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@njames33 wrote:

Most of CC debt is from business expenses. End goal is to move as much of this business debt over to business cards that don't report to personal so I can separate the two.

Previously was at $46k utilization with 2 cards maxed out. Paid those down a bit but score dropped from 740 because new auto and new CC popped up. Had applied with Amex & US Bank for biz cards and was denied for high utilizaiton.

Plan now is to try and find soft pull preapprovals for business cards before doing any hard pulls. I will have a new card showing up in a week so I want to apply strategically for any new accounts. If biz cards are not likely then I would like to try and find another card or two with 0% balance transfers or low intro APRs.

Would really like to get into the Amex biz softpull system but concerned I will lose another HP on them, same with US bank biz for their low into APR.

Any adivce would be appreciated.

FICO8
EQ: 717
TU: 716
EX: 719

FICO Bankcard 8
EQ: 717
TU: 708
EX: 728

FICO 9
EQ: 679
TU: 693
EX: 681

FICO Bankcard 9
EQ: 671
TU: 687
EX: 671

FICO Bankcard 5, 4, 2
EQ: 735
TU: 741
EX: 737

FICO 5, 4, 2 (Mortgage)
EQ: 754
TU: 736
EX: 742

Inquiries: (Mostly from recent auto)
EX: (5 inq) CU, CU, CU, CU, Amex
EQ: (3 inq) CU, Penfed, PenFed
TU: (1 inq) US Bank

AAoA: 5 years/8months
AoNA: 1 months (car loan PenFed, CC PenFed)
AoOA: 15 years/10months

1 installment loan accounts (new auto)

0 negatives. Only red flags are:
High revolving account balances
High installment loan balances

38% Revolving Utilization $29k
1 Card 88% $15k (0% balance transfer)
1 Card 60% $15k (best purchase APR)
3 other CC's less than $50

Good income but new business recently started

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FNBO and Citizens Bank.

[Remedios]

@njames33  please do not post identical threads in multiple forums 

[CreditWithColin]

You could "Hide Utilization" by essentially paying it all down with a personal loan. Credit utilization on revolving accounts is a big impact when applying for business CC's where as loan debt is not nearly as weighted. I would get every individual revolving account to 30% , not just overall utilization to 30%, if any individual account is 50% or more this can trigger a denial or a low limit approval... again, you could get a personal loan to essentially refinance CC debt, lower utilization and increase approval odds. Soft pull Biz cards are far and few, Citizens, Amex, FNBO to name a few. Depending on your personal credit profile and current relationships your best bet may be to get a business card from a lender you already have a relationship with. As for your new business concerns, even with a new business, you can still use a good projected revenue.

[njames33]

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@CreditWithColin wrote:

You could "Hide Utilization" by essentially paying it all down with a personal loan. Credit utilization on revolving accounts is a big impact when applying for business CC's where as loan debt is not nearly as weighted. I would get every individual revolving account to 30% , not just overall utilization to 30%, if any individual account is 50% or more this can trigger a denial or a low limit approval... again, you could get a personal loan to essentially refinance CC debt, lower utilization and increase approval odds. Soft pull Biz cards are far and few, Citizens, Amex, FNBO to name a few. Depending on your personal credit profile and current relationships your best bet may be to get a business card from a lender you already have a relationship with. As for your new business concerns, even with a new business, you can still use a good projected revenue.

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Thanks for the help. Any idea on personal loans that don't require proof of income for a new business? When I was looking into this in the past most I could find require tax returns for proof of business income.