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Hi, I am new to app sprees, but a fast learn. I am looking for any advice on what to apply for all in one day to get as much of my debt to 0% interest while keeping my open account debt to land back at 30% utiliztion when I do more apps. My goal is to pay everything down quick and roll over any remaing to new 0% at term end. I have 3 credit cards closed from financial hardship on my credit report with a total balance of $21,000, and a $3000 balance on open accounts. My credit scores are around 750 or more. No missed payments and I'm getting different utlization numbers and account age becasue of the closed accounts.
creditKarma 16% Utilization from Equifax/TransUnion Vantage 3
chase 116% from Experian Vantage 3
myfico 41% from Experian Fico 8
Average Age:
7 years Oldest: 12 years - experian/transunion
4 years Oldest: 14 years - Equifax
Inquiries. TransUnion 3, Experian 2, Equifax 0 (all from past 2 months)
Income: $113,000
I was planning to go in this order in the next day or 2 and see how far I get a good success rate (and I put what I beleive it will pull)
Citi - Double Cash®Card - Experian
BofA - Travel Reward Card - Experian
Chase - Business Cash Card - Experian
Discover It - Miles - Experian
But I will probably mix in some of these to avoid/limit Experian pulls:
Citizens - ClearValue - Equifax
Barclays - Aadvantage Avaitor - TransUnion
Edward Jones - Business Plus - TransUnion
JetBlue - Plus - TransUnion
I would like to try these, but these are the companies I have closed accounts for, so they may not offer more credit.
Capitol One Quicksilver - TransUnion
Wells Fargo - Acive Cash Card - Experian
AmEx - Blue cash everyday card - Experian
Current Accounts - Only Chase Freedom Unlimited is at 0% for 15 months and that and Venmo and Paypal were all approved in last 2 months.
I would payoff/shuffle the balances around if I had time, but I need to do the apps now before I need to put a significant purchase on the card.
Home Depot |
$2,466 out of $7,500 - 33% |
Chase Slate |
$330 out of $1,048 - 31% |
Venmo Card |
$515 out of $6,500 - 8% |
Chase Freedom Unlimited |
$437 out of $6,852 - 6% |
Target Card |
$0 out of $500 |
PAYPAL Credit |
$0 out of $750 |
Closed
WELLS FARGO CARD |
$6,684.00 |
CAPITAL ONE BANK |
$3,136.00 |
WELLS FARGO |
$10,966.00 |
Since I'm only expecting $7,000 limits. To get all this debt moved and keep a 30% utiliztion I would need $63000, so 9 cards. I'm just hoping for like 3-5 and then I can see about limit increases and apps in 3 and 6 months.
And I also have an American Express closed for $7,700, but for whatever reason that one's not on any credit reports, so I will pay that one off last. That also made me think to call the banks to see if the others could be removed. My 1st goal is to get my credit score back to the max. Second is to be debt free again.
Thanks in advance for any advice.
21K owed on closed accounts?
I would not be trying to get more credit , I doubt you would be approved for what you are trying to do And applying for another well Fargo with 2 closed accounts from them ?. I would get those accounts paid first .
This is a recipe for disaster
Ok. Yea, I moved those apps to the banks with the closed accounts out. They were at the end. I am curious if anyone has tried that though.
What's the disaster is the interest rates I'm paying now on those cards. I've already applied for 3 cards with 100% success rate, so there is that. From my understanding there is very little risk of not getting the same kind of cards at 0% term end if I keep my score characteristics the same or better, by keeping credit utilization at 30%. My average age will keep going down and I'll take a dent in inquiries, so I may need to stay at 20% utilization to keep my scores good. Or only move over amounts from the closed accounts I know I will pay off by term end. (They are at 9% now)
A closed account with a balance is just like any other card with payments due and reported, but it falls off utilization and open account calculations. It's not a card in collections or anything like that. It is simply a card I had closed due to financial hardship to get a lower rate and I don't think I ever even missed a payment. (Or maybe I missed one as I entered the program).
Yes a closed credit card with a balance does affect your aggregate revolving utilization. The debt counts, but the limit is now excluded from the equation.
Well if you can get it to work more power to you .So your current open credit lines are 22,950.00 correct?
And you owe 24,534.00?
Sonething isn't adding up here
I would caution not to apply for Wells. If you closed the accounts for financial hardship and said you were offered a lower interest rate then you are probably notated as such in their system. It might not show as a remark on the CR but they know.
They are unlikely to extend new credit until you have completed your obligations with them. Usually, they will send you a modification with terms. Sometimes this clearly states that you cannot receive new credit from them. Or it may state that an application for new unsecured credit with them may void your lower interest rate offered for the hardship.
Welcome to the MyFico forums. Still rather early in my timezone so maybe why my head is spinning on the 30% UT. My calculation is over 100% aggregate, inclusive of open + closed accounts and excluding the non-reporting Amex. I really don't understand how your current credit score is 750 by any metric on any CB reporting source or scoring model Fico or Vantage. If you have on-hand cash 1st thing I would do is PIF both Chase cards & Venmo. Once those 3 report $0 balances, strategically target each closed card when applying for new 0% BT offers. Once that's accomplished move on to options for moving Home Depot balance to a zero or low APR card. You could also try using personal loan prequals for low rate options to move some of the CC debt.
Yes, I have read everywhere that closed accounts are suppose to count towards utilization, but it doesn't seem to be for me in most cases. Here's the balance and limits utilization calculations I can come up with.
excluding closed accounts: $3,748 balance / $23,150 limit = 16%
including closed accounts on credit report = $24,534.00 balance / $23,150 limit = 106%
including missing closed AmEx account = $31,795.33 balance / $23,150 limit = 137%
I've don't use any paid service to get my score, so that could be the issue. I went to all these sites with different results though and nothing has changed since I first checked on 1/1.
Site | Powered By | Model | Score | Utilization | Last Updated |
myfico | Equifax | Fico 8 | 765 | 41% | 1/9 |
experion.com, AmEx | Experion | Fico 8 | 764 | 37% | 1/11 |
wellsfargo | Experion | Fico 9 | 724 | 37% | 1/9 |
cool credit | Experion | Vantage 3.0 | 808 | 6% | 1/1 |
Nav.com | Experion | Vantage 3.0 | 753 | 19% | 1/1 |
chase | Experion | Vantage 3.0 | 755 | 106% | 1/2 |
credit Karma* | TransUnion | Vantage 3.0 | 753 | 16% | 1/11 |
credit Karma | Eqifax | Vantage 3.0 | 756 | 16% | 1/11 |
Paypal | Transunion? | VantageScore 4.0 | 818 | ? | 1/9 |
* All these other sites also had the same TransUnion Vantage Score and utilization as Credit Karma:
nerd wallet, dovly, credit sesame, lending tree, wallethub, CapOne(credit wise), creditcards.com
Thanks, Instead of applying for the banks I have closed accounts in I'm actually going to call them and see if they can tell me if I do have something in the terms of those closed accounts about not allowing new accounts until the debt is paid like you are suspecting. But I will avoid applying through them in the meantime anyway.
I do know for all my closed accounts if I start missing a certian number of payments then they can pull me out of the program and revert me back to the origianal interest and they also forced me into high payments, so I would pay them off in 5 years min. I'm already 2 years into the program just paying the minimums.