One Card Maxed Out

[Creditrecipe]

My friend has a 730 credit score and 10+ year history on Chase 25k , Amex 18k, Boa 20k and misc other cards. He was looking to apply for a new credit card and all of his cards are under 45% but the Amex is 16k on a 18k. Can he still apply for a few credit cards and get approvals or will one credit card kill the chances of getting approvals or decent approvals. 

[Anonymous]

If his overall UTIL is good I think he should go for it! That's just an opinion though and maybe you can wait for a more experienced member to contribute! :-)

[creditguy]

I don't think the problem here is one card nearly maxed out but rather overall utilization. When you say his other cards are under 45% are you referring to utilization? If so what does under 45% mean exactly? That could range from 1% to 44% if he's running anywhere near 45% utilization on his other cards he's got some probable denials coming. What cards in particular was he looking to apply for?

[ecxpa]

Wow.!!!!!!!!  Utilization is certainly the key and having a bunch of cards with high utilization (over 30%) is probably gonna get denials for a while.  Did your friend get a  lot of cards in a short period of time and load them up?  How long has he been carrying balances with this kind of utilization.  When you say all cards are below 45% it would help to know more specifics.  What card is he hoping to get.

[RonM21]

As others have said, that overall utilization number will probably have good significance on if he'd get approved. The overall profile can't be overlooked either.

[Anonymous]

Are you looking for an approval or the best possible CL and terms?

With a card reporting that much util especially with a high balance, while they may get approved, if they do it will NOT be with the best CL or APR.

So it all depends on if they just want the card or want a useful card. And if they just *want* the card then that in itself is not the proper mindset

[Anonymous]

I would say if all other cards are at 45% UT, and one at 16 out of 18k, the chances would be slim.  I am very surprised at Amex.  This seems like a first for them.  I always keep mine at the highest 12%.  Always afraid to go any higher on that card.  I have only gone almost up to the max on 2 and that was promos for 12 mos same as cash.  It also depends on the cc company too.  

[SouthJamaica]

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@Creditrecipe wrote:

My friend has a 730 credit score and 10+ year history on Chase 25k , Amex 18k, Boa 20k and misc other cards. He was looking to apply for a new credit card and all of his cards are under 45% but the Amex is 16k on a 18k. Can he still apply for a few credit cards and get approvals or will one credit card kill the chances of getting approvals or decent approvals. 

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Seems to me his chances of getting a card are diminished by his high utilization across the board, but if his FICO scores are 730 I imagine he can get something.

[Appleman]

With the 3 tradelines you listed, $63,000 in credit X 45% = $28350 that he owes. That paired with utilization above ideal might be an issue for approval but the score is still solid.

If your friend wants to maximize his score he should look at applying for a personal loan. SoFi.com is a great company with no fees etc. If he re-financed his revolving debt of $28,350 to unsecured installment debt, his scores would really take off. FICO deals with installment debt differently than revolving debt even when both can be unsecured (often times installment debt is secured).

Even Lending club or Prosper could be good deals if the interest rate were low enough. Certainly need to see if the math would work for your friend.

[Anonymous]

How is his income? If his debt/income is good, I say go for it.