K cera cera or what to do what 2do

Anonymous · ‎06-14-2015

i m having a new auto loan starting to report by months end June 30th. its not reporting now and i m debating whether to apply for Barclay's rewards card & Lowe's.

I m afraid if i apply now i m going to have very very low SL limit approvals. (I dont even think in the low 1000's). what should i do? i could really use a nice BT card like slate/ring/simplicity but alas once the auto loan starts reporting its going to have an impact. Since Lowe's & Barclays use TU with Fico of 645 its likely approval but with low low limits. If i dont apply now, its over, the auto loan will begin reporting. kohls is only store card so far and thats why LOWE's with likely higher limits might work. If Barclay's exceeds a $1000 SL it would be excellent.. Any suggestions? What BT cards would approve me with my profile. I need my B/T card to have atleast $2500 SL.

FICO Scores : TU 645, EQ 591 and EX: 569; first credit card approval was July 2014 and rest of them thereabouts within 4 days.

Inq: TU 6 (4-Autos) ; EQ: 4 and EX: 14.(8 inq within 3mos).

Open accounts; balances near $2200 over 6 credit cards

Shell $377/$400 limit due date 24

PayPalConnect $265/$300 due date 10th

Cap1 Platinum $472/$500 due date 10th

Chase Freedom: $ 469/$500 due date 16th

OpenSky Secure: $219/$250 due date 28th

Kohls: $269/$300 due date 22nd

I guess i can predict the outcomes from Barclays & Lowe's

The reason for denial of your Barclays/Lowes app is

Revolving accnt balences to their limit, to high
Ratio of loan balance to loan amount to high

myjourney · ‎06-14-2015

@Anonymous wrote:
i m having a new auto loan starting to report by months end June 30th. its not reporting now and i m debating whether to apply for Barclay's rewards card & Lowe's.
I m afraid if i apply now i m going to have very very low SL limit approvals. (I dont even think in the low 1000's). what should i do? i could really use a nice BT card like slate/ring/simplicity but alas once the auto loan starts reporting its going to have an impact. Since Lowe's & Barclays use TU with Fico of 645 its likely approval but with low low limits. If i dont apply now, its over, the auto loan will begin reporting. kohls is only store card so far and thats why LOWE's with likely higher limits might work. If Barclay's exceeds a $1000 SL it would be excellent.. Any suggestions? What BT cards would approve me with my profile. I need my B/T card to have atleast $2500 SL.

FICO Scores : TU 645, EQ 591 and EX: 569
Inq: TU 6 (4-Autos) ; EQ: 4 and EX: 14.(8 inq within 3mos).
Open accounts; balances near $2200 over 6 credit cards

Shell $377/$400 limit due date 24
PayPalConnect $265/$300 due date 10th
Cap1 Platinum $472/$500 due date 10th
Chase Freedom: $ 469/$500 due date 16th
OpenSky Secure: $219/$250 due date 28th
Kohls: $269/$300 due date 22nd

Right now and I'm just being honest not many banks will grant an approval with that high of UTL

Sorry

You're showing all cards as maxed? Not good

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?

Anonymous · ‎06-14-2015

These two cards will enhance my overall profile and allow a new auto loan to be reported and an additional store card. IS simplicity a good BT card? i was not approved on their prequal site. Neither was slate on chase. Am i really ready with my profile for those prime cards?

Then all i need is a Mortgage loan and few installment loan (other than Auto) on my credit profile and things will begin to look so much better. I wont have Mortgage loan until almost june 2016.

Anonymous · ‎06-14-2015

Did you read the statement above yours? It is pretty spot on, just being honest. Best of luck.

Anonymous · ‎06-14-2015

so taking a hit on 2 hard inquiries for Lowe's and Barclays is not worth the shot for approval? anyone else have a contrary opinion

the reason for writing due dates is if i wanted to payoff it will take me July end before all cards have less than 10% utilization & by then the car loan reporting is there. I dont think i will have nearly the $$$ to bring down utilization for now becoz i m in transition over starting a new job thru temp agency in july end.

I kinda/sorta knew my options, i m having so much difficulty holding my temptations to give it a shot. My thinking goes wat is there to lose with 2 more hard pull inq.

worst to happen is a " NO" and i will have wasted 2 inq on TU only but if approved i will be gardening anyways.

Anonymous · ‎06-14-2015

In looking at your scores and seeing your utilization being very high, in my opinion applying for anything right now would be a mistake. Get the cards down under 25% and wait about 6 months and you just might get the cards you want. My scores are 740's and I would hesitate to apply for anything right now. But, in the end you must do what you think is right and good luck to you.

Anonymous · ‎06-14-2015

I agree with all the other responses. I don't think you will get approved with your scores and utilization. Do you have anything negative on your reports? If you pay down those balances your scores should go up a good bit.

Anonymous · ‎06-14-2015

@myjourney wrote:
@Anonymous wrote:
i m having a new auto loan starting to report by months end June 30th. its not reporting now and i m debating whether to apply for Barclay's rewards card & Lowe's.
I m afraid if i apply now i m going to have very very low SL limit approvals. (I dont even think in the low 1000's). what should i do? i could really use a nice BT card like slate/ring/simplicity but alas once the auto loan starts reporting its going to have an impact. Since Lowe's & Barclays use TU with Fico of 645 its likely approval but with low low limits. If i dont apply now, its over, the auto loan will begin reporting. kohls is only store card so far and thats why LOWE's with likely higher limits might work. If Barclay's exceeds a $1000 SL it would be excellent.. Any suggestions? What BT cards would approve me with my profile. I need my B/T card to have atleast $2500 SL.

FICO Scores : TU 645, EQ 591 and EX: 569
Inq: TU 6 (4-Autos) ; EQ: 4 and EX: 14.(8 inq within 3mos).
Open accounts; balances near $2200 over 6 credit cards

Shell $377/$400 limit due date 24
PayPalConnect $265/$300 due date 10th
Cap1 Platinum $472/$500 due date 10th
Chase Freedom: $ 469/$500 due date 16th
OpenSky Secure: $219/$250 due date 28th
Kohls: $269/$300 due date 22nd

Right now and I'm just being honest not many banks will grant an approval with that high of UTL
Sorry
You're showing all cards as maxed? Not good

The auto loan may not be a negative. DH and I got bumps up when ours hit. It gives you a spead on TYPE of credit available and shows diversity..

If it were me I would wait. However you have been told that and don't seem to really want that as an answer.

And as others have pointed out, your limits are consumed by your balance. Not good.

How long have you had those cards? I absolutely would not recommend Barclays.....or the other primes if any of those cards that are close to maxed are any less than 6 months - and again, even if they are 6 months, pay them down first before applying. You have low limits all capping out.

Anonymous · ‎06-14-2015

Low limits all capping out is indeed true. i sure am not hearing the answer i'd like to hear but reality has sinked in. i also dont want to be approved for so small starting limit.

So its paying off by july end and it will be almost a year of AA0A and see where it goes.

All these cards have been on cRA's since july 2014.

Anonymous · ‎06-14-2015

Since you said you can't pay down your balances right away, have you thought about asking for a credit limit increase on the cards you do have? It's worth a try, especially if you have had them open for more than 6 months (except for Chase, I wouldn't try for a credit limit increase with Chase because I believe it's a hard pull). If I were you I would definitely try for a credit limit increase on the cards you already have; it will help with your utilization issue.