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Use existing cards or apply for new credit

OmarGB9
Community Leader
Super Contributor

Re: Use existing cards or apply for new credit

I think it'd still be difficult to get approved for anything worthwhile with a maxed out card, and with that maxed out balance being pretty significant at that.


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Message 11 of 15
sangho550
New Visitor

Re: Use existing cards or apply for new credit

So would it better to use the deposit from NFCU to pay down the Chase?

Message 12 of 15
CreditInspired
Super Contributor

Re: Use existing cards or apply for new credit


@sangho550 wrote:

So would it better to use the deposit from NFCU to pay down the Chase?


It sounds like a good plan. But FIRST, ask NFCU if you lowered your CL to $1K, would they refund you the remaining amout (deducting what you owe). This way, you don't close the card, you get back ~$8K, and use that to pay down Chase. But be prepared in case Chase decides to balance chase you.

 

GL2U 


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $7K || BOA CashRewards $6K
Message 13 of 15
bigseegar
Member

Re: Use existing cards or apply for new credit

I'd definitely get my $24K back (well $23K and leave it open with $1K as mentioned above) and pay off that card and the Discover. Then I'd leave those cards alone and attack the Chase balance with the monies I had been paying on those two cards I just paid off to get that huge debt down. Problem is and I'm not being a butt here. But it sounds like you are determined to just get another card(s) (and max it out). Instead (again in a nice way here) I'd be forgetting more credit right now and either working on that debt or working on the reason I was there in that position. But that's just me. As to new cards I agree as soon as issuers see that Chase maxed out and that amount any new card you get is going to have a much smaller limit as they will be nervous. JMO

Message 14 of 15
sangho550
New Visitor

Re: Use existing cards or apply for new credit

I appreciate all the feedback. I just want to save as much interest as possible. Since I have the disc and us bank promos already It seems logical to try to open one more to completely take care of Chase and allow a year+ of interest free payments. 

 

If I don't get approved for another card then of course I will lower the NFCU(thanks for the idea to lower cl to 1k) and use the deposit to pay down everything and start knocking down these balances but it seems smart to try to take advantage of the no interest promos while I have them? 

 

I just want to put myself in the best scenario to obtain the last card so I can pay no interest and knock these out. Otherwise I will just make do with what I have. Thank you again. 

Message 15 of 15
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