Utlization and Applying

[Anonymous]

Hey guys,

I've been prequalified for the Capital One Venture via their website, 17.9% APR. My current utilization right now is 27%, all on one card out of 5. I had planned on paying that down to 1% and letting it update before applying, but I just found out I'll be using that money for a new apartment in two weeks, and with the combination of first month, last month, and security deposit, I don't feel like paying down my card that low, (I like keeping a certain amount in my bank account, just in case). The payment I'm going to make now will take my util down to 15%, but I was wondering if there was really a difference in applying with a 27% util vs 15%, because if not, I'll just apply now and be done with it.

Appreciate any insight!

[Anonymous]

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@Anonymous wrote:

Hey guys,

I've been prequalified for the Capital One Venture via their website, 17.9% APR. My current utilization right now is 27%, all on one card out of 5. I had planned on paying that down to 1% and letting it update before applying, but I just found out I'll be using that money for a new apartment in two weeks, and with the combination of first month, last month, and security deposit, I don't feel like paying down my card that low, (I like keeping a certain amount in my bank account, just in case). The payment I'm going to make now will take my util down to 15%, but I was wondering if there was really a difference in applying with a 27% util vs 15%, because if not, I'll just apply now and be done with it.

Appreciate any insight!

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More then likely the difference won't make that much of a difference.  I'd say go ahead and apply.

[tonyjones]

As long as your under 30% I don't think any lenders really care.

[TURNERHOOVER]

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@tonyjones wrote:

As long as your under 30% I don't think any lenders really care.

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+1