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

[Anonymous]

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@kdm31091 wrote:

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).

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I agree completely! If people choose to go this route to help get their balances in check, then they need to have enough self control to quit spending until those balances are paid off. Balance transfer offers with 0% APR can be a great tool if used wisely.

[SouthJamaica]

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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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Good advice

[Anonymous]

Thanks to everyone for the advice. We decided to take advantage of the Quicksilver card and were approved for 3k CL. We are not the type of people that spend the money just to  spend it. We have a plan in place to have everything paid to under 20% by christmas time. Thank you again for all of advice. 

[Anonymous]

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@Anonymous wrote:

Thanks to everyone for the advice. We decided to take advantage of the Quicksilver card and were approved for 3k CL. We are not the type of people that spend the money just to  spend it. We have a plan in place to have everything paid to under 20% by christmas time. Thank you again for all of advice. 

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Congrats on your approval!!! I'm glad you were able to obtain a new credit card. Did you receive a 0% introductory period? If yes, will you be doing a BT to your new Cap 1 card and paying it off during the introductory period? Best wishes!!!

[Anonymous]

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@Anonymous wrote:

Thanks to everyone for the advice. We decided to take advantage of the Quicksilver card and were approved for 3k CL. We are not the type of people that spend the money just to  spend it. We have a plan in place to have everything paid to under 20% by christmas time. Thank you again for all of advice. 

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Congratulations!!! And I wish you all the best on your credit journey! Just an FYI, if you make large payments on your Quicksilver for the first 3 months (I'm assuming you'll balance transfer to it) you can request a CLI right after the 3rd statement. They like heavy usage and large payments and they'll usually give a 1k to 3k increase.