Advice for CC app spree with $21,000 in closed accounts for at least a partial 0% refi

[capman]

Yea, I don't know why I have so many utiliztions. I understand that it is suppose to calculate the closed accounts as a card with a zero limit, but it doesn't seem to be doing that on most sites I tried. I also have no idea why my closed American Express shows up on no credit reports.

Here's the 3 calulations that make sense, but I see alot more. 

Balance / Limit = Utilization

Open cards:               $3,748 / $23,150 = 16%

Closed cards: $24,534.00 /$23,150 = 106%

Include Amex:  $31,795.33  /$23,150 = 137%

I've seen many different scores and utilizations on different sites ranging from 6%-106%. and scores from 724-818.

[IcyCool7227]

I' confused too. Are you looking for balance transfer cards? If so, then I would only focus on getting 2 in a short time. I don't think you can balance transafer a closed card either.

[derboesekoenig]

Who the hell is this guy lol

Go troll somewhere else dude

None of this adds up

[youngandcreditwrthy]

Couple things @capman  I dont know how successful you'll be despite your credit score being great.

there's too much risk just in the variation of your reports.

believe it or not, a bank can CLD you then turn around that same day and approve you for a 10,000 card - so there's that

also, Chase's scoring model doesn't consider store cards in your util in terms of limits. I'd be check pre approvals and pre qualifications before blindly applying or youre going to end up sinking your ship even further.

as far as 0% cards, I don't know that you qualify at all.

Why dont you call your current issuers who did this to you and see if they'll re instate. based ona score of 750, you could afford one or two hard pulls if that's what it takes, but you need a human to use that hard pull, not a computer.

I think your expectations are somewhat delusional in terms of getting ANY 0% card AT ALL and with ANY card starting you at7k AT ALL given the recent activity in your report. 

CAll up the old lenders and ask what actually happened? Write to the exectuive offices or call them directly. Citi's EO is great. but Citi wont approve you instantly with two brand new accounts.

This is such a tough situation. 

and you need to check your true ficos, or bankcard ficos, not the slimy vantage score unless youre looking for synchrony cards.

Sadly closed accounts with balanaces count against open accounts with credit limits.

Good luck my friend. This is tragic.

[youngandcreditwrthy]

plus @capman  why are you on payment plans to begin wtih? the hardship plans? Is it income related? you cant just lie on your income to get high limits....

if your income isnt high enough to manage the debt you have in hardship, you certainly wont be approved for more credit where the bank has to struggle to collect. You're better off puttting th eother cards in hardship plans and keeping one or two open.

Vantage scores arent the same as FICOs and in some cases, they look better, in some cases they look work. theyre completely different. see what your score on here is. it's free for a monthly update.

[capman]

Thanks, I forgot that I can't balance transfer from the closed accounts, but I have decent business/personal expenses, so I can use 0% credit for everything and direct the extra cash flow from all that at closed accounts to begin to move the closed accounts to 0 percent cards.

I have never seen any cards that do cash advances at zero percent. That would help. Even at 3% cash advance fee it's better than what I'm paying now over the year. 

I believe I can also use plastiq.com to pay things like my mortgage and other credit card minimums on credit as a sort of balance transfer hack as it charges 3% as well but it goes in at zero percent.

And I plan to try and get a heloc as a back up and to help really deal with those closed accounts. 

[capman]

So to be clear.I did just get a chase unlimited card approved at 0% for 15 months for $7000. But I did get it at $500 and then move over the limit from a slate card I had with them for like 5 years that has mostly sat empty. So you may be right that I may get low limits on these cards, but if I can get them bumped in 3-6 months then it's still worth it. 

Also the Venmo and PayPal cards were a waste of inquiries and new accounts that really mess up my plans as they are not zero percent. I wasn't really thinking long term when I did those. (But I did get a nice limit from PayPal, 6500.)

Also, I closed all 4 of the accounts myself 2 years ago now. I had just lost my full time tech job with zero savings and so took the "opportunity" to move from 28% rates to 9% rates. (1% for both wells Fargo cards actually). But I wasn't really thinking about how this would wreck my credit history and utilization (I never even checked it for past 2 years or applied for any credit). 

I then lived meagerly off rental income (I have roommates) and  some sporatic side work and started an affordable school program (I have loads of equity in home, but couldn't access with low income, but didn't really needed to as side work kept coming) and just payed minimim payments on everything. (Probably not the best move financially in hindsight) Now schools done and any savings depleted and I'm just starting back to full time work with high income numbers and ready to smash all this debt in a year or 2 and start to grow my bank relationships and credit profile and limits too. My understanding is that it will be hard to get a good heloc until I have some established high income over some time or even some showing on tax returns and these closed accounts are blown away. And I'd rather try to use the 0% balance transfer method for as much as I can then a higher heloc rate anyway. 

FYI, I still owe $260,000 on my mortgage installment loan and I've been paying on it at 3.5% since 2007 with a 30 year refi around 2015 and I do a hybrid room rentals and Airbnb there and it produces some decent income for me. I live there some times and sometimes I live elsewere as that is actually more profitable. Probably should of mentioned that from the start.

[capman]

I'm probably just going to just try to get like 1 or 2 cards now from a TransUnion reporter to get me through the hump. And then pay down all may balances before I do anything else. 

[Gregory1776]

We have similar income. I work about 8-9 months a year.

I had about ~$25k-30k in debt 1 year ago. nobody closed accounts on me. 

my advice is to not open any accounts but to reduce your expenses (so your rent) so much that you can throw 6-10K a month at your debt. I did exactly this and paid off all but about 8K which went onto a BT card (Citi). 

If you have accounts closed due to not paying I dont think anyone is giving you credit. I've not been through it so im not certain...

oh! i almost forgot. duuuuude!!!. you dont need to be worried about your **bleep** utilization, pay off your debt. your score doesnt matter right now.

seriously are you trying to buy a house or car in a 7 weeks? I feel very fusturated about people worring about a debt score and not their negative net worth. 

[AndySoCal]

@capman  I would suggest you find a credit union that offers a debit consolidation loans Pen Fed is one credit union that does.