To apply now or wait it out?

[Anonymous]

So I woke up this morning to a 34 point drop on my Equifax. I am down to 702. The only thing that has changed is I sold a car and I had dormant card activity. I didn't think the car sale would hit me so hard as I still have another vehicle loan, a quad loan and a home equity loan...but I guess it did.

I really have been itching to get the Sallie Mae. I had a high util (50%)because (before reading these forums) I thought it was giving me credit. In about a week it should hit my reports that I'm at about 20%. 2 weeks after that it will hit that I'm lower than 10 (have to wait for statement cut dates). I know Sallie Mae pulls TU and that hasn't been affected by the car payoff yet. Should I wait it out and hope that paying down the util cancels our the car payoff? Or should I just apply now? TU is sitting at 725. I have a BOfA-6000 USAA-5000 and Credit Union-7500. I am hoping to get $10k+.

[Anonymous]

Also I have no baddies and an annual income of over $150k. Oldest account 11.8 and AaoA 5.1.

[Anonymous]

I'd wait until the utilization drop shows.  If they see you at 50% you will probably get denied.  Your score should rebound some with the utilization drop.

[Anonymous]

I'd wait. Your score will still be good enough, and the utilization will look way better to them. I'm in a similar situation where I'm hoping my CLI gets reported to transunion before my car loan payoff (from refinance) and new car loan get reported. I don't need it for utilization but want the higher limit to show hoping Sallie Mae matches.

[Anonymous]

That was the other thing I was considering...if I should call and get a CLI on any of my current cards before I do...hoping for a match. I only have 7 HP on my TU....only 1 in the last year. Back in April when I got my car loan....for the recently paid off car.

[Creditaddict]

apply to sallie mae first once the util updates to 20%

then hit BofA for CLI

then USAA and your credit union

[Anonymous]

That was my initial thought.

I have a big relationships with all my credit cards companies.....So I can always recon for a higher limit.

I have 3 business accounts with BofA, 2 brokerage,1 personal checking and 3 savings accounts plus the credit card.

USAA I have all my homes insured, the CC, cars, Jewlery SPP policies, Umbrella policy, a brokerage account a checking and a savings.

My Credit Union I have a checking, savings, CC and a home equity.