Need to go on app spree to lower utilization... HELP!

[Anonymous]

While I will agree with comments made, Comenity Bank has over 95 companies with most having a pop upper approval for there credit cards.  There will be no hard inquiries and while the limits (if you qualify) are low 250 to 500 dollars, they will help slightly with your utilization.  There are a few like Overstock, HSN that offer higher limits.  Good luck!

[Anonymous]

I agree with everyone else in that you need to get your util. down, and that will help raise your scores. But if you're looking for cards to do a balance transfer to in order to help pay off those balances faster, you can look at Capital One (QuicksilverOne and/or Prestige have 0% APR balance transfer offers and will approve with lower scores) or Barclay's NFL card has a 0% balance transfer offer, and I think they approve lower scores as well. Check Capital One's pre-qualifier and see what comes up for you.

[Anonymous]

If your paying interest on the Navy cards, check the Chase pre-approval site. I got approved for a Slate and Freedom with your score range and somewhat high util. Go for the Slate if you are pre-approved and do a BT so you can at least pay your balances faster.
As others have said, getting new cards just to lower you Util is not a great idea, but if you are able to take advantage of a 0% bt offer go for it!

[SouthJamaica]

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@Anonymous wrote:

My fiance and I are still young in the credit world and are wanting to start acquiring more cards to help with lowering utilization along with us paying down on our balances. We currently have 2 NFCU cards that are 7k/3k CL utilization is high, and both cards are around 9 months old. We also have a 400$ cap 1 card that is 3 years old. Lastly we have a Khols card with 300$ CL. My fiance is still an AU on her mothers AMEX with no balance and 12k limit. Scores are in th 610-630 range. We dont really know what the nest best step is. Should we apply for personal loans, CC's? What cards do we go after, what companies would be best to start our spree? Any help would be really helpful!!

Thanks from young couple trying to win with credit 

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To a "young couple trying to win credit" my best advice is to avoid "sprees" altogether. Try to get one card, such as a Cap One Quicksilver or a Barclay Rewards card. And wait 6 months before applying for another. See where your scores are then.

[Anonymous]

Hello! IMO, I think you both should focus on paying down your credit card balances. Your utilization goals should be between 1%-9%. You can also try to obtain SP CLIs. Applying for credit cards will hurt your scores instead of helping them right now. Good luck!!!

[Anonymous]

Please get your cards paid DOWN to lower your utilization instead of going on app sprees just for the purpose of lowering utilization. You are going about this the wrong way and many people on the board will tell you similarly.

[Anonymous]

To me it is a recipe for disaster to say your utilization is high yet you want to acquire more cards.

[kdm31091]

Obtaining more credit when you are struggling to pay balances is about the worst thing you could do, besides the fact that obtaining new cards to lower high util is largely not going to work. Yes you could maybe get approved for a $300 Victoria's Secret or something but that is going to make a paltry if any difference.

Bottom line is there's no shortcut to lowering utilization other than just paying down your cards. Obtaining new credit is NOT the answer.

[Anonymous]

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@kdm31091 wrote:

Obtaining more credit when you are struggling to pay balances is about the worst thing you could do, besides the fact that obtaining new cards to lower high util is largely not going to work. Yes you could maybe get approved for a $300 Victoria's Secret or something but that is going to make a paltry if any difference.

Bottom line is there's no shortcut to lowering utilization other than just paying down your cards. Obtaining new credit is NOT the answer.

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Well that's not necessarily true in all cases. Sometimes people have a hard time bringing their balances down due to all of the interest they're paying. Sometimes opening a new card with a 0% APR promo for balance transfers can certainly help in a situation like this; however, I do agree with your other point; There is a strong possibility that with high util. and low scores that you may not be able to get a high enough limit on a new card to take advantage of the balance transfer offer. It wouldn't hurt to try once (other than the HP) to at least see if it's a possibility, the worst they can say is no, or give you a low limit.

[kdm31091]

I agree with what you say in general but the problem is that obtaining a new 0% card could just entice more spending and when the 0% runs out, you could have the same issue of a balance climbing with interest. Sometomes people who carry balances make habits out of it. Not always though. But the point is kinda moot as it will be hard of OP to get a decent limit to use for BT (but as you said, one HP could be worth trying, possibly).