Need Help with Finding another Credit Card-CMS

[cscott9766]

Hi All,

I need to make a major purchase but I am 98% credit utilization on my 4 cards.  My FICO score is 689 Experian.  I already have Chase, Synchrony, Amalgamated, and US Bank cards in the amount of $39,000.

Which cards should I apply for?  Thanks

[CGeorge]

What sort of amount on the large purchase that you need to make?

[cscott9766]

I need $10,000 minimum.  Would like to secure 20k.

[CGeorge]

I was shocked beyond all belief when I applied for a CC with our local credit union - asking for a 10K SL - and they said yes!

It just depends on the lender. Your scores seem high enough....the only negative that I can see is your high rate of utilization - but if you have no other derogs, you just may be able to secure the credit you need.

And you might want to consider this --> apply for a number of cards that may not give you 10K, but - their SLs may total 10K.

Just be careful with the debt - it is crippling. You didn't mention the category of what you might need to borrow for...

[Pikaboo-icu]

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@cscott9766 wrote:

Hi All,

I need to make a major purchase but I am 98% credit utilization on my 4 cards.  My FICO score is 689 Experian.  I already have Chase, Synchrony, Amalgamated, and US Bank cards in the amount of $39,000.

Which cards should I apply for?  Thanks

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I don't want to rain on your parade but with 98% uti you may have problems getting a card with a min $10,000. limit even with a 669 score.

What does the rest of your file look like?

Income, any negs etc... Are 100% of your cards reporting high uti? 

[cscott9766]

Yes unfortunately, I have all the cards at close to 100% utilization.  My income is high....no late payments, I do have about 7 credit inquiries in the last 12 months.  Thats about the extent of my issues.  Any cc suggestions that would overlook the high utilization?

[Anonymous]

FICO considers 88.9 percent utilization as maxed out so it will be difficult to find a lender who use FICO scores and will be willing to extend additional credit to you.  If you do find one please report back.

[Anonymous]

As others have mentioned, with that high of a utilization you may be hard pressed to get into a CC with a SL of $10K.  Have you considered possibly looking into a personal loan or CLOC?  Those avenues may give you the credit you are seeking for a major purchase.  Just be cautious with your debt you are accumulating...especially already being nearly maxed out.

[FireMedic1]

Like the others have said. You have 4 maxed out cards and have to make a large purchase. Then you'll have 5 maxed out cards. Why not try for a consolidation loan and pay off the cards with a lower interest rate. And then apply a the card. You'll get back more points with 0% balances on the card? Than maxing out 5 cards. JMO.

[AverageJoesCredit]

If your 4 cards are actually reporting to the credit bureaus as 98% maxed, you not only have an extremely low chance at getting an approval of anything over 10k, let alone an approval, you might be playing with fire with balance chasing or account closures. Not saying it would happen but banks like Chase might not take it lightly being maxed everywhere and still soliciting credit. If you have the means pay down your cards and adopt a pif mentality. This will help you in future when you need to float a large purchase when you need it. Good luck