App spree or single app to help util %??

Anonymous · ‎10-23-2016

I've been pondering the thought of a short App spree; if not, i at least need to do something to bring my Util % down without PIF, because I'm not ready for that yet.

A little about me, been active duty for 7 years and I had terrible credit when I first came in, so I've working on it for several years now. Currently I'm sitting on TU=692, EQ=675 off CK; CC util=59%; NFCU=$14k CL, DIS=$2.5k CL, Mil star card=$3.1k.

The only other factor is that I might PCS in march/April next year and was thinking of buying a house in my next station, so idk how beneficial an app spree would be? But my util % would still be high if I don't do anything about it. Thoughts on this?

austinguy907 · ‎10-23-2016

Thanks for your service!

now to the credit stuff....

your scores are somewhat middle of the road when it comes to cherry picking what might be approved. I would check amex/cap1 preselect and see if something pops.... i can picture amex BCE or ED for the $0AF and 3X CLI at 61/181 days blossoming into a big limit. cap1 venture / QS cards tend to start off pretty big for limits but then have some stunted growth sometimes unless they get used often.

mortgage shouldn't be much of an issue picking up the new cards..... they'll just ask why and you'll have to write a letter stating you were trying to bring up your scores and reduce your utilization impact for the best possible mortgage rate or something to that effect.

both Discover / NFCU though should be able to be increased somewhat painlessly if you haven't asked them to do so in the past couple of months. just hit the online button for an increase and it should be a gimme.

joltdude · ‎10-23-2016

@Anonymous wrote:
I've been pondering the thought of a short App spree; if not, i at least need to do something to bring my Util % down without PIF, because I'm not ready for that yet.
A little about me, been active duty for 7 years and I had terrible credit when I first came in, so I've working on it for several years now. Currently I'm sitting on TU=692, EQ=675 off CK; CC util=59%; NFCU=$14k CL, DIS=$2.5k CL, Mil star card=$3.1k.

The only other factor is that I might PCS in march/April next year and was thinking of buying a house in my next station, so idk how beneficial an app spree would be? But my util % would still be high if I don't do anything about it. Thoughts on this?

I wouldn't do a spree.. Yes you can explain a card or two but if your thinking of the mortgage... First id try for some CLI increases from both Discover and NFCU... tthe discover is very likely an SP and will tell you otherwise...while the NFCU may require some HP but if it gives a decent CLI, it be worth it... id wait for those two cards to report the updated CL before taking another set of pulls for a card app... but regardless of if you get it... I wouldnt apply for more cards than that..

_J

Anonymous · ‎10-24-2016

Thank you both for the useful information! So, I applied for both Barclays and CO

Barclay= $5k > called backdoor number and recon'd to $15k

COQS = instant $10k, should I recon for more?

NFCU = requested CLI to $25k from my $14k limit now, will hear response during the week, since the loan officers aren't there. This one is the one that holds a balance of $8k that I need to spread to the other new ones now and stay out of the body board and surf shops. Oh, I'm stationed in Hawaii lol

All in all, I think it was successful; and truth be told, I was pretty proud that I could be approved for those two like that. My credit 2 years ago was terrible, so I feel accomplished right about now. Util % should be down to 26%, I just have to move the main balance around and spread it out in order to pay it off.

Again, I appreciate the helpful info you guys post here and in other people post.

austinguy907 · ‎10-24-2016

Congrats on the breathing room and better numbers going forward.

C1 is a bit stubborn and won't budge usually unless the account is at least 6 months old. Good job though on the Barclay 3X recon!!! NFCU looking at these approvals shouldn't be much of an issue getting it upped to $25K w/ a HP. In this case a HP is probably the least of your worries considering how much better your profile will look in 6 months.

Just keep in mind overall vs individual utilization can vary in scoring.. optimal is 19% or less and if you're really paranoid like some around here sub 9%.

Us recovering credit junkies know a thing or two about who will approve in certain circumstances and you're doing a good job by not just throwing app darts at the wall and seeing what sticks!!!! It would have sucked to see the same info but apping for a bunch of worthless easy approvals somewhere else.

$25K isn't a bad night and when NFCU approves the CLI you'll be up $36K in 24 hours!

Anonymous · ‎10-24-2016

Wow that's great news man congrats!

Thanks for your service as well. Be safe out there.

joltdude · ‎10-24-2016

Did you go for the Discover CLI?

Even if you dont get an instapproval.. its a SP.....Its not going to take you a hard pull...

Id do it out of principle.. esp if you havent gotten one recently...(by hitting the cli buttion)

Now if they auto-cli'ed you recently.. get your butt back on discovers website and click the CLI button.. usually you left some on the table =)

(tend to like them because they gave me utilization breathing room when i was floating a 0% apr balance with a bit high utilization)

Some would say enough rope to hang myself but I had plans to pay it off already before the end of the 0% apr period

Also, you could ask Disco if theres any offers avalible on your account in chat,,, *after* you get a CLI.... they may offer a 12mo 0% BT......

(This is still an option but your better off paying it off in 3-4 months if possible... id say get a BT but you want most of this paid down/off by the time you app for the morgage)...

Otherwise id bt a good slice of your current balance to discover if you have a 0% apr bt offer and pay it off in 11 months... but not so sure id do it with a morgage in the works.. ...

-J

Anonymous · ‎10-24-2016

@lilceez, It's my pleasure to serve and thanks for the suppport!

@austin, yeah that's what I plan on doing spreding the love between the cards on recurring balances and then adding whatever charges that I require to take advantage of the points of promos for the cards, but making sure to pay those new charges off immediately after they post.

@jolt, so I did the Discover SP CLI and they gave me $1200 more, it didn't hurt me any to so I'll take it, thanks for the tip also! I called to see if they had any offers after the CLI online and I realized that I hadn't done the active duty discount on that card, so brought it down to 5% retro-active and from here on; I also have to do the same on Barclays-they offer no AF and 0% for the entire time I'm AD; gotta check with C1 and see how they work their SCRA benefits.

You guys are the best!

joltdude · ‎10-24-2016

I was going to mention something about SCRA but wasnt entirely sure as to your status/eligibilty...

(Dont have a lot of experience with it but have seen it mentioned for actrive duty folks)....

But yeah. Disco can be pretty good with SP CLI's ... for some folks its really quick, others take a more scenic route...

But if they ever Auto CLI you.. which is still possible.. its always good to try for a CLI increase a few days after the auto... theres usually some more on the table...

Sometime after morgage... an interesting card to look into is Penfeds Defender......

Discover gave you 1200... could try again in 31-32 days if you were inclined.... Rinse and repeat... they probably will not say yes every time but... some folks get into a pattern with them....

Anonymous · ‎10-25-2016

Yeah, it's absolutely amazing what it can do for AD. Maybe PenFed will be my next 10k card and it's true, Disc told me the same thing, every 30 days they can check it out for a SP CLI lol.

And NFCU DID approve me for the $25k CLI today!! Total of $36.2 K CLI in a weekend, all while Im sitting at home sick as a Dog with full on influenza. 'Murica!! lol