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Decreased my Utilization from 80% to 60% - Should I wait to Apply for Chase Slate, or Apply Now?

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Established Member

Decreased my Utilization from 80% to 60% - Should I wait to Apply for Chase Slate, or Apply Now?

Hello,


Due to many factors, I haven't been in the best place financially in recent years. Lately, though, I've started making money again - I completely paid off my smallest card (AMEX), and, of the other two cards that I have balances/debt with, I paid about 30% of the balance of the highest balance (and highest APR) card. Overall, my utilization should have dropped from 98% to 70% (Edit: 80% to 60%)

 

Now, mind you, I have made these payments in the past 1-2 weeks, and they have not reflected in my credit scores yet - My score has not changed, as I checked it before the payments, and right now. I really want to apply to Chase Slate and/or Barclay's Card, because of the 0 balance transfer fees. My strategy was/is to pay a good chunk of my debt, allow my score to improve, and then to apply for a balance transfer, to finish off the rest (or as much of it as possible).

 

So again, I'm wondering if I should wait a month for my credit card companies to report the new balances, so my score will improve, or to apply right away?

 

Update: I downloaded my credit report after I started this thread, and the 98% util that I initially posted was incorrect. I had some accounts without debt/balances that I had not taken account of. It was/is closer to 80%, and my new credit utilization will about 60%, maybe even slightly lower.

Message 1 of 32
31 REPLIES 31
Frequent Contributor

Re: Decreased my Utilization from 98% to 70% - Should I wait to Apply for Chase Slate, or Apply Now?

I would wait until they appear.  

it shouldn't be much longer to wait, and you want the best chance at the BT.  

July 31/2019. EX-712. EQ-704. TU-726
Oct 25 2019. EX-715 EQ-712 TU-734
Dec 16/2019. EX. 721. EQ. 723. TU 746
Jan 17/2020 EX. 725. EQ. 720. TU 748
Message 2 of 32
Community Leader
Mega Contributor

Re: Decreased my Utilization from 98% to 70% - Should I wait to Apply for Chase Slate, or Apply Now?


@leo222 wrote:

Hello,


Due to many factors, I haven't been in the best spot financially. Lately, I have started making some money - I completely paid off my smallest card (AMEX), and, of the other two cards that I have balances/debt with, I paid about 30% of the balance of the highest balance (and highest APR) card. Overall, my utilization should have dropped from 98% to 70%.

 

Now, mind you, I have made these payments in the past 1-2 weeks, and they have not reflected in my credit scores yet - My score has not changed, as I checked it before the payments, and right now. I really want to apply to Chase Slate and/or Barclay's Card, because of the 0 balance transfer fees. My strategy was/is to pay a good chunk of my debt, allow my score to improve, and then to apply for a balance transfer, to finish off the rest (or as much of it as possible).

 

So again, I'm wondering if I should wait a month for my credit card companies to report the new balances, so my score will improve, or to apply right away?

Thanks!


You have to wait, because if CRAs have not updated yet, your improvement is not visible to lenders.

 

However, 70% utilization is still very high, especially if you have maxed out cards. I suggest you try and bring it down even further if you want to improve your odds of getting approved. 

 

 

Message 3 of 32
Valued Contributor

Re: Decreased my Utilization from 98% to 70% - Should I wait to Apply for Chase Slate, or Apply Now?

You need to look up your actual FICO scores. With that utilization, there's a good chance you denied. If you get approved, they could grant you a very small cl which will be useless for BT. 

and yes wait for them to report. 

Message 4 of 32
Established Member

Re: Decreased my Utilization from 98% to 70% - Should I wait to Apply for Chase Slate, or Apply Now?

Thanks - Yeah I'll need to check my actual FICO score and utilization percentage. I just checked Discover's online FICO Scorecard, and they have my revolving utilization at 77% (instead of 98%). Sorry, still a bit new to this.

Message 5 of 32
Moderator

Re: Decreased my Utilization from 98% to 70% - Should I wait to Apply for Chase Slate, or Apply Now?

90% is considered a max card.  I would try to get to 50ish% util then apply for a 0% card for best chances and limit if possible as 70% as echoed above is still very high and likely to scare some lenders

Message 6 of 32
Valued Contributor

Re: Decreased my Utilization from 98% to 70% - Should I wait to Apply for Chase Slate, or Apply Now?


@randomguy1 wrote:

... If you get approved, they could grant you a very small cl which will be useless for BT ...


ditto

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (01/18/2020): FICO 08 EXP: 744; TU: 748; EQ: 748
2019 Goal Score: 800 across the board


Take the myFICO Fitness Challenge
Message 7 of 32
Community Leader
Super Contributor

Re: Decreased my Utilization from 98% to 70% - Should I wait to Apply for Chase Slate, or Apply Now?

Hi OP and welcome

 

Personally, I wouldn't even attempt to apply for a Chase or any other CC with your UT, even though you've lowered it. As others have said, it's still too high.

 

So that's your aggregate UT, what is your UT on each of your CCs. This should be your goal before applying  for new CCs or even CLIs. Work on getting your aggregate UT to <28.9. And if you have any individual CCs with high UT, work on getting those to <8.9%.

 

GL2U

REVISED GOAL: Garden ‘til Dec 2020 — 0 inquiries

Previous Goal: Garden til APR 2020 (extended) and
800 Club (accomplished)


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799
DEC 2017: EX 775, TU 778, EQ 769

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $22.2K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 8 of 32
Senior Contributor

Re: Decreased my Utilization from 98% to 70% - Should I wait to Apply for Chase Slate, or Apply Now?


@CreditInspired wrote:

Hi OP and welcome

 

Personally, I wouldn't even attempt to apply for a Chase or any other CC with your UT, even though you've lowered it. As others have said, it's still too high.

 

So that's your aggregate UT, what is your UT on each of your CCs. This should be your goal before applying  for new CCs or even CLIs. Work on getting your aggregate UT to <28.9. And if you have any individual CCs with high UT, work on getting those to <8.9%.

 

GL2U


Think you have the bolded portion of your comment reversed.





Message 9 of 32
Established Contributor

Re: Decreased my Utilization from 98% to 70% - Should I wait to Apply for Chase Slate, or Apply Now?

No I agree with them under 30% with individual under 8.9 but Ideally if they could get 8.9% across the board that would be LOVELY!
















Message 10 of 32
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