@nitrov wrote:
@MadTechnologist wrote:
@nitrov wrote:
What's the rest of your credit look like? I would say you need to wait if you have 90% util. What's the current CL?First of all, thanks for responding. I was waiting for the typical email I get when someone responds and since I never saw it, I never even knew someone replied. Anyway, here is my current snapshot of what I have based on the last statement:
Credit Card Balance Limit Utilization Available Amazon 242.31 800 30.29% 557.69 Credit One Bank 0 500 0.00% 500 Barclays 976.39 (1291.07) 1500 65.09% 523.61 nRewards (NFCU) 1457.72 (1813.85) 2000 72.89% 542.28 Christian Financial CU 0 1000 0.00% 1000 NavCheck (NFCU) 1913.59 (1925.78) 5000 38.27% 3086.41 Total 4590.01 10800 42.50% 6209.99
Some of the actual balances are a little higher, I put them in parenthesis, but I can pay more on them before the statement date. I didn't factor them in since the statement isn't due yet, but if they were factored in, the new UTI would be almost 56%. So those are my hard numbers, what do you think?
I would agree that transferring the balance to the CU card and then apping for the CLI from NFCU is an option, but time it carefully so that the CFCU statement doesn't cycle and report the UTL all the same. If you can stagger that statement with the NFCU statement and get it so that NFCU cycles with the paid down balance before the CFCU one hits, then app thereafter, that would probably be your best bet in my opinion.
What state do you live in? Have you researched other lenders that pull EQ that you might get approved for? I would venture that if you could get your overall UTL down low enough, like in the 20-30% range, you could see a big improvement in your score (so long as there's not a bunch of baddies or anything). Do you have any? How long have you had your NFCU cards at those CLs? What about other inqs/new accounts, etc?
Unfortunately I do have some baddies on my CR, the worst being a Ch. 7 BK discharged back in Dec 2012. I also have a private student loan with Chase that is currently in default, but I've been paying on it for years now, like at least 3. I had other student loans go default, but they were consolidated and all now in good standing in 1/2 loans. Other than that, I think I'm pretty good, although those are really bad.
But I've been careful not to have any late payments or baddies since my BK. I have, however, gone a bit overboard with inquries as I'm sure I have somewhere around 10 inquries on my EQ, maybe more, with the latest being 9/15/14 when I was hoping against hope that I would be approved for a line of credit with Toshiba for a new laptop for about $700. The only good thing is I'm pretty sure I don't have as many queries on EX or TU, and I think my CS may be higher on them as well.
Now as for my NFCU accounts, I've had the nRewards since the end of Feb, and the NavChek since March. I waited about a month and then requested a CLI on my CC and got 1 from $1500 to 2K, and about the same time got an increase on NavChek from 2.5K to 5K. I was hoping for an auto CLI 3 months later, when my UTI was still under 30%, but no such luck. Anyway, I'll see if I can take your advice and do some creative moving around with my balances.
I tried getting a debt consolidation loan from NFCU and my other 2 credit unions, but they all turned me down saying my debt level seems like it was rising and didn't want to take the risk. I live in Michigan and other than a secured loan, I don't know of any other reasonable ways to obtain a loan, but I don't really have much in the way of collateral for a secured loan, as I'm still paying on my car and I rent my townhouse.
Lastly, do you think it would be a bad idea to apply for a Cap 1 QS and try to do a balance transfer on that if my CS gets a nice boost when that last CC I PIF posts?
Starting Score: 611 (02/28/2014 EQ MyFico) 608 (Barclays TU 03/28/14)
@Creditaddict wrote:
@MadTechnologist wrote:
@nitrov wrote:
@MadTechnologist wrote:
@nitrov wrote:
What's the rest of your credit look like? I would say you need to wait if you have 90% util. What's the current CL?First of all, thanks for responding. I was waiting for the typical email I get when someone responds and since I never saw it, I never even knew someone replied. Anyway, here is my current snapshot of what I have based on the last statement:
Credit Card Balance Limit Utilization Available Amazon 242.31 800 30.29% 557.69 Credit One Bank 0 500 0.00% 500 Barclays 976.39 (1291.07) 1500 65.09% 523.61 nRewards (NFCU) 1457.72 (1813.85) 2000 72.89% 542.28 Christian Financial CU 0 1000 0.00% 1000 NavCheck (NFCU) 1913.59 (1925.78) 5000 38.27% 3086.41 Total 4590.01 10800 42.50% 6209.99
Some of the actual balances are a little higher, I put them in parenthesis, but I can pay more on them before the statement date. I didn't factor them in since the statement isn't due yet, but if they were factored in, the new UTI would be almost 56%. So those are my hard numbers, what do you think?
I would agree that transferring the balance to the CU card and then apping for the CLI from NFCU is an option, but time it carefully so that the CFCU statement doesn't cycle and report the UTL all the same. If you can stagger that statement with the NFCU statement and get it so that NFCU cycles with the paid down balance before the CFCU one hits, then app thereafter, that would probably be your best bet in my opinion.
What state do you live in? Have you researched other lenders that pull EQ that you might get approved for? I would venture that if you could get your overall UTL down low enough, like in the 20-30% range, you could see a big improvement in your score (so long as there's not a bunch of baddies or anything). Do you have any? How long have you had your NFCU cards at those CLs? What about other inqs/new accounts, etc?
Unfortunately I do have some baddies on my CR, the worst being a Ch. 7 BK discharged back in Dec 2012. I also have a private student loan with Chase that is currently in default, but I've been paying on it for years now, like at least 3. I had other student loans go default, but they were consolidated and all now in good standing in 1/2 loans. Other than that, I think I'm pretty good, although those are really bad.
But I've been careful not to have any late payments or baddies since my BK. I have, however, gone a bit overboard with inquries as I'm sure I have somewhere around 10 inquries on my EQ, maybe more, with the latest being 9/15/14 when I was hoping against hope that I would be approved for a line of credit with Toshiba for a new laptop for about $700. The only good thing is I'm pretty sure I don't have as many queries on EX or TU, and I think my CS may be higher on them as well.
Now as for my NFCU accounts, I've had the nRewards since the end of Feb, and the NavChek since March. I waited about a month and then requested a CLI on my CC and got 1 from $1500 to 2K, and about the same time got an increase on NavChek from 2.5K to 5K. I was hoping for an auto CLI 3 months later, when my UTI was still under 30%, but no such luck. Anyway, I'll see if I can take your advice and do some creative moving around with my balances.
I tried getting a debt consolidation loan from NFCU and my other 2 credit unions, but they all turned me down saying my debt level seems like it was rising and didn't want to take the risk. I live in Michigan and other than a secured loan, I don't know of any other reasonable ways to obtain a loan, but I don't really have much in the way of collateral for a secured loan, as I'm still paying on my car and I rent my townhouse.
Lastly, do you think it would be a bad idea to apply for a Cap 1 QS and try to do a balance transfer on that if my CS gets a nice boost when that last CC I PIF posts?
The thing is its all about numbers when the computer grabs the report and runs it through the formula it has and you are hurting yourself with how many accounts are reporting balances so I think I change my strategy but it's going to also require you figuring out a month or so of not touching credit cards because even $10 reporting on a card you are trying to get reporting $0 could make the difference. Transfer EVERYTHING over to your navcheck... if you can add another $300 or so you should literally be able to get every penny on to navcheck. With 4 out of 5 accounts reporting zero I think there are a few banks that would probably look past the 1 maxed out card (navcheck) and approve you.
Capital One
Discover
either of these 2 stand a 50/50 chance of approving you for a limit in the $2-$5k range and then you could BT your navcheck.
Since credit cards and loans are held in different departments with Navy you have a chance of also still being able to get a CLI on your credit card once these payments show up also!
You know what, Creditaddict, that sounds like a winner to me. I somewhat considered the idea, but I wasn't too sure if I should try it or not, but I'll take your advice and see how it goes. I also had a lot of baddies removed and updated properly on my CRs since I got all these accounts, so I think I should have a good chance of getting a CLI at the very least. So thanks again Creditaddict, I'll try that out and let you know how it goes.
I do have a couple question though. I've had 2 accounts with Cap 1 before at the same time, that were unfortunately IIB, but I think my chances are relatively high of getting another CC with them. However, I thought some like Discover would prefer someone with a better and more established history than mine. I would definitely like a Discover CC, but I don't know what kind of chances I would really have with them.
I have also heard people getting pretty good CLs with NASA CU. Do you know if that is, or ever was, the case and if I would have a shot at 1 of those with an annual salary of 61K? (Assuming I enacted the plan that you listed here)
@nitrov wrote:
@MadTechnologist wrote:
@Creditaddict wrote:
@MadTechnologist wrote:
@nitrov wrote:
@MadTechnologist wrote:
@nitrov wrote:
What's the rest of your credit look like? I would say you need to wait if you have 90% util. What's the current CL?First of all, thanks for responding. I was waiting for the typical email I get when someone responds and since I never saw it, I never even knew someone replied. Anyway, here is my current snapshot of what I have based on the last statement:
Credit Card Balance Limit Utilization Available Amazon 242.31 800 30.29% 557.69 Credit One Bank 0 500 0.00% 500 Barclays 976.39 (1291.07) 1500 65.09% 523.61 nRewards (NFCU) 1457.72 (1813.85) 2000 72.89% 542.28 Christian Financial CU 0 1000 0.00% 1000 NavCheck (NFCU) 1913.59 (1925.78) 5000 38.27% 3086.41 Total 4590.01 10800 42.50% 6209.99
Some of the actual balances are a little higher, I put them in parenthesis, but I can pay more on them before the statement date. I didn't factor them in since the statement isn't due yet, but if they were factored in, the new UTI would be almost 56%. So those are my hard numbers, what do you think?
I would agree that transferring the balance to the CU card and then apping for the CLI from NFCU is an option, but time it carefully so that the CFCU statement doesn't cycle and report the UTL all the same. If you can stagger that statement with the NFCU statement and get it so that NFCU cycles with the paid down balance before the CFCU one hits, then app thereafter, that would probably be your best bet in my opinion.
What state do you live in? Have you researched other lenders that pull EQ that you might get approved for? I would venture that if you could get your overall UTL down low enough, like in the 20-30% range, you could see a big improvement in your score (so long as there's not a bunch of baddies or anything). Do you have any? How long have you had your NFCU cards at those CLs? What about other inqs/new accounts, etc?
Unfortunately I do have some baddies on my CR, the worst being a Ch. 7 BK discharged back in Dec 2012. I also have a private student loan with Chase that is currently in default, but I've been paying on it for years now, like at least 3. I had other student loans go default, but they were consolidated and all now in good standing in 1/2 loans. Other than that, I think I'm pretty good, although those are really bad.
But I've been careful not to have any late payments or baddies since my BK. I have, however, gone a bit overboard with inquries as I'm sure I have somewhere around 10 inquries on my EQ, maybe more, with the latest being 9/15/14 when I was hoping against hope that I would be approved for a line of credit with Toshiba for a new laptop for about $700. The only good thing is I'm pretty sure I don't have as many queries on EX or TU, and I think my CS may be higher on them as well.
Now as for my NFCU accounts, I've had the nRewards since the end of Feb, and the NavChek since March. I waited about a month and then requested a CLI on my CC and got 1 from $1500 to 2K, and about the same time got an increase on NavChek from 2.5K to 5K. I was hoping for an auto CLI 3 months later, when my UTI was still under 30%, but no such luck. Anyway, I'll see if I can take your advice and do some creative moving around with my balances.
I tried getting a debt consolidation loan from NFCU and my other 2 credit unions, but they all turned me down saying my debt level seems like it was rising and didn't want to take the risk. I live in Michigan and other than a secured loan, I don't know of any other reasonable ways to obtain a loan, but I don't really have much in the way of collateral for a secured loan, as I'm still paying on my car and I rent my townhouse.
Lastly, do you think it would be a bad idea to apply for a Cap 1 QS and try to do a balance transfer on that if my CS gets a nice boost when that last CC I PIF posts?
The thing is its all about numbers when the computer grabs the report and runs it through the formula it has and you are hurting yourself with how many accounts are reporting balances so I think I change my strategy but it's going to also require you figuring out a month or so of not touching credit cards because even $10 reporting on a card you are trying to get reporting $0 could make the difference. Transfer EVERYTHING over to your navcheck... if you can add another $300 or so you should literally be able to get every penny on to navcheck. With 4 out of 5 accounts reporting zero I think there are a few banks that would probably look past the 1 maxed out card (navcheck) and approve you.
Capital One
Discover
either of these 2 stand a 50/50 chance of approving you for a limit in the $2-$5k range and then you could BT your navcheck.
Since credit cards and loans are held in different departments with Navy you have a chance of also still being able to get a CLI on your credit card once these payments show up also!
You know what, Creditaddict, that sounds like a winner to me. I somewhat considered the idea, but I wasn't too sure if I should try it or not, but I'll take your advice and see how it goes. I also had a lot of baddies removed and updated properly on my CRs since I got all these accounts, so I think I should have a good chance of getting a CLI at the very least. So thanks again Creditaddict, I'll try that out and let you know how it goes.
I do have a couple question though. I've had 2 accounts with Cap 1 before at the same time, that were unfortunately IIB, but I think my chances are relatively high of getting another CC with them. However, I thought some like Discover would prefer someone with a better and more established history than mine. I would definitely like a Discover CC, but I don't know what kind of chances I would really have with them.
I have also heard people getting pretty good CLs with NASA CU. Do you know if that is, or ever was, the case and if I would have a shot at 1 of those with an annual salary of 61K? (Assuming I enacted the plan that you listed here)
Personally, I wouldn't hang my hat on Discover giving you anything; if so, I would guess it would be more like $500-750 rather than $2000-5000. Discover is pretty stingy. What about USAA? Have you tried them? I'm sure you qualify since you have NFCU. I don't know much about NASA CU, but you would probably have better approval odds with a CU, USAA, or maaaaybe Cap 1. Because you burned them in the BK I'm not sure they'll be any more generous than a $300-500 CL on the steps program. I personally wouldn't waste the inq unless your EQ was 650+ with certainty.
USAA might give you $2k, maybe. I still think your best bet is consolidating in some fashion, apping for a CLI with NFCU, then once your UTL goes down, maybe app for USAA or another CU. I don't think consolidating absolutely everything to one account is going to make a huge diff because your overall UTL won't change, so depending on the lender and their UW algorithms, chances are consolidating to that extent would only help you if reconning with a CA such as what you do with Barclays. If you BT Barclays and pay them off, they may give you a CLI with a HP, but be mindful of timing with inqs since they're inq sensitive.
I would say: consolidate at least 50% of your accounts to appear PIF, app CLI on NFCU, then app USAA/CU & same day app Barclay CLI for a mini-spree. I think you'll have at least a 50% hit ratio if you go that route.
Honestly, I didn't really think my chances with them would be all that great right now so I wasn't going to apply anyway. But I also like you idea of the mini spree. I'm definitely going to try this, my only issue is that I my Barclay statement ends on the 23rd and when I called my CU and asked how long the hold would be, they said it could be between 3-10 days even though I I've made deposits from my NavChek account before in that CU. Anyway, I'll see tomorrow what they say as I hope the money is available before the statement date. Funny thing is that I also considered joining USAA since I've heard some good things about them and my brother, who is in the army as a mechanic and is how I got into NFCU, is also a member of USAA. I'll ask him if he gets any bonus for referrals as well.
So anyway, the plan I as I see it is:
1. Consolidate all the CC debt to the NavChek account.
2. Wait for all the new balances to post and make sure they all post as $0.
3. Then ask for a CLI on my nRewards CC and hope for a SP AND a CLI.
4. Apply to USAA for membership and a CC
5. Ask for CLI on Barclays CC as well.
If all goes well, I'll have a new CC with a decent-good limit and 2 CCs with better limits. I may even feel crazy enough to ask for a CLI on my Amazon as well, but after that I'm going to be gardening for quite some time while I try to pay off my NavChek.
And just make sure you don't replace new CLs with more debt! Sorry, I sound like a mom 
but I need to be reminded of that too sometimes!
but I need to be reminded of that too sometimes!