Planning app spree order...

[tcbofade]

The good news, I've already reached 660, and still have um... "more than one" credit card account reporting maxed out.  Next week, NONE will be reporting maxed out.

Don't know how much higher my FICO will climb, but I think that crossing the Zero maxed out line will add some points.

App #1.  Credit Union offers a 4.9% "life of the transfer" BT card.  Pulls EQ.

App #2.  Was thinking Barclay Ring for the 8.25% BT rate, but some folks are warning me that I may not qualify.  (Pulls TU)

App #3.  Some Experian pulling BT card.  (Amex?)

App #4.  ...or possibly #3.  Chase Slate. (Pulls EQ)

(If one and two BOTH approve, Chase will move into the #3 spot because of 5/24... if either one or two decline, chase stays in the #4 spot.)

Util will still be reporting higher than I'd hoped.  62% or so.  Actual util is 56%, but not everything will update in time.

Thougths?  Better ideas?

The goal here is long term, zero or low percent interest on BT's. 

Please and thank you.

[Anonymous]

I would consider holding off on an app spree and work to lower my utilization. You will definitely have more success with the cards you want. Also, lowering your utilization will raise your scores.

[Anonymous]

Honestly, I would hold off until your utl is reporting lower than 30%, it would be even better if it was either under 20% or preferred under 10%. As a good portion of your score is determined by this factor, your score could possibly go up by quite a few points.

[tcbofade]

Um, you are both correct, and thank you.

My util will be dropping all year, but it will be quite a while.  The goal is to move some of my existing CC debt to lower and/or zero interest rate cards...which also will improve my utilization ratio.

I think Slate is beyond my reach, and it sounds like Ring is well.  I'm hoping that the credit union is feeling generous next week...

[mikelo22]

Yeah if you get your util below 30% your FICO will jump even higher.  So your score certainly hasn't peaked.  And lenders like Amex sometimes freak out when carrying a high util and applying for more credit; it's just a red flag for them. 

I think your strategy with finding lenders who pull different bureaus is a good idea; this way you spread out your inquries across the board.  That said, make sure that every card you app for has a specific and legitimate purpose.  Is applying for three BT cards at the same time really necessary?

[tcbofade]

Define necessary.

I've got roughly 33K in CC debt across roughly 24 CC accounts.

Open one, pay off four, close two.

If I get approved for three (or four) BT cards, it will pay off twelve or sixteen balances, and I will close six or eight accounts.

I am hoping for more than one approval, but also expect at least one denial.

My thoughts are that paying zero percent on existing debt for whatever time is more dollars actually reducing debt instead of paying interest.

[OmarGB9]

Honestly with 62% util, it'll be heard to be approved for anything. And even if you do, SLs and APRs will be dismal. Take it from me; I had a similar plan in place. I wanted to open up a CC and LOC with RBFCU in hopes of getting consolidating some 6k in debt, but I was declined even with 670+ scores and 24% util. Best thing you can probably do is continue to pay down debt as best as you can and actually apply once util is below 30-40%.

[Anonymous]

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@tcbofade wrote:

Define necessary.

I've got roughly 33K in CC debt across roughly 24 CC accounts.

Open one, pay off four, close two.

If I get approved for three (or four) BT cards, it will pay off twelve or sixteen balances, and I will close six or eight accounts.

I am hoping for more than one approval, but also expect at least one denial.

My thoughts are that paying zero percent on existing debt for whatever time is more dollars actually reducing debt instead of paying interest.

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While the strategy of applying for cards that pull different cr's is a good idea......... At this time you are going to find it hard to get approved for 1 card with a descent limit, let alone 3. Having that high of a utl will scare off most major lenders and probably most smaller ones as well. I was in your position a few years ago. When I started my newest business it put me in debt. I think at one time I got up to 98% utl accross all of my cards and I have a lot. Applying for new cards is not the way to go right now.

You might want to try doing what I did. Once I got my business up and going I wanted to get my cards paid off as quickly as possible. I took out a personal loan from my bank for enough to get my utl down to 30%. If you feel that you must find a better way to get them paid down, I would try that route.

If you do decide to start applying for more cards right now, and you do happen to get approved, don't just cancel a bunch of the cards that you paid off. Keep them open as it would help your overall utl.

[tcbofade]

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@Anonymous wrote:

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@tcbofade wrote:

Define necessary.

I've got roughly 33K in CC debt across roughly 24 CC accounts.

Open one, pay off four, close two.

If I get approved for three (or four) BT cards, it will pay off twelve or sixteen balances, and I will close six or eight accounts.

I am hoping for more than one approval, but also expect at least one denial.

My thoughts are that paying zero percent on existing debt for whatever time is more dollars actually reducing debt instead of paying interest.

---

While the strategy of applying for cards that pull different cr's is a good idea......... At this time you are going to find it hard to get approved for 1 card with a descent limit, let alone 3. Having that high of a utl will scare off most major lenders and probably most smaller ones as well. I was in your position a few years ago. When I started my newest business it put me in debt. I think at one time I got up to 98% utl accross all of my cards and I have a lot. Applying for new cards is not the way to go right now.

You might want to try doing what I did. Once I got my business up and going I wanted to get my cards paid off as quickly as possible. I took out a personal loan from my bank for enough to get my utl down to 30%. If you feel that you must find a better way to get them paid down, I would try that route.

If you do decide to start applying for more cards right now, and you do happen to get approved, don't just cancel a bunch of the cards that you paid off. Keep them open as it would help your overall utl.

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Gotcha.  Those without an AF I will leave open and let them sit empty for as long as they do.  I don't have an exact plan yet for WHICH CC's I'm going to consolidate.  Obviously, the higher interest, higher payment accounts.

I intend to apply for five credit cards later this week.  The number of approvals / the amount of new credit limits will also play a factor in WHICH accounts get paid off.

Up first, that 4.9% BT card from the credit union.  (I expect an approval, but max of 5K...we shall see)

2nd.  Barclay's Ring.  I expect a denial, but will be angry with myself if I don't try.

3rd.  Bank of America BBR.  I HATE BofA, but got the preapproval this morning.

4th.  Chase Slate.  Expect a denial, but have had success with recon with them in the past.

5th  Citi DF.  Expect an approval, but a small credit line.

Again, if the CU AND Barclay's both approve, that will change the order of #3 and #4, but I'll still be applying for the same cards.

Wish me luck!

[kdm31091]

Why do you feel the need to app for so many BT/low APR cards? I would think one with a decent limit should be enough. If you anticipate having debt for that long, you may need to look at the bigger picture. Constant BTs are a bandaid, and don't actually solve the underlying debt, so I wouldn't apply for a bunch of cards with the premise of "long term, low cost BTs" because that really doesn't solve anything.

I would tread lightly rather than heavily with apps in your situation. A spree seems ill advised.