What s best

[Anonymous]

My wife has following accounts

both combined Income $42000 annual all 1099 misc income. 1 person working/income only. 

Wife ck scores Tu 650 ex 590 EQ 580

paypalSmartConnect bal $286/300 limit stmt date 13th every month

shell personal card 397/400 stmt date 26th

cap1 Platinum $460/500 limit stmt date 13th

chase freedom $471/500 limit stmt date 18th

opensky secure $219/250 limit stmt date 3rd

kohls charge card $ 290/300 limit stmt date 24th

i mention stmt date becoz it's also reporting date to CRAs

myself

eq credit karma 609

ck score EX FICO 639: ck TU 649 also my Merrick bank FICO 8 :648 for TU:

cap1 platinum  $ 1479/1500 limit stmt Date  25th

kohls $0/300 limit stmt date 12th

merrick secure $ 0/250 limit  stmt date 18th

i need serious re shuffling of upto a $1100 cash available to me now so I or my wife can maximize FICO scores before 30th of this month to be able for either one of us to qualify and be approved for an auto loan first and maybe just maybe a Home/mortgage loan. FHA score of 620 for both of us before June 30th would be highly desirable but not exactly necessary. ( Most likely we won't get/qualify for mortgage then so be it. )

Any suggestions on raising my score by paying off or minimize Utility with available cash. 

First i I thought it be best for me to payoff $1100 on cap1 and reduce utilization to below 30% and that should work in raising my scores. 

Then I thought let's pay $460 to cap1 & $470 to freedom on wife and ask for 3x CLIs on it & see what happens?

what do you think is best to do? is balance transfer from my card to cli given to wife's card also another option? 

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[Creditaddict]

your scores are already better so I would say hands down pay the entire amount to your cap1 card and wait for update and then apply for a venture or venture 1 card... both if you got pre-approved!

that might push you up enough to qualify for chase also.

If you can get a new cap1 card I would then consolidate ALL of your wifes cards onto your 1 new card... since the limit will be over $5k if you did qualify for that card you wouldn't totally tank your score by having all the debt in 1 place but that should at the same time jump your wife quite a bit... I would not CLI her freedom, I would also just look at getting a new cap1 card (venture).

If you don't qualify for a new cap1 card to consolidate all wifes stuff for some reason I would look at a consolidation loan through sofi, lendingclub, or prosper... I would not consider adding a car or a house right now when it looks like you are stretched beyond means... get things consolidated down and DO NOT use the cards you pay off... I think with all debt on 1 card or 1 loan not only will you be able to be debt free in a reasonable time if you worked on it but would free up the money for a car payment if you are not really as stretched as thin as it appears right now.

[Anonymous]

It does look as though i have every likelihood of getting approved for a Venture/Venture One huh? Instead of asking for an increase in my CLI?

given the statement date i have until 24th of this month to bring down balances of cap1 card. Until then just minimum payments to wife's cards all of them.

Then go for a consolidation loan with Prosper (I like them) or apply for Venture/Venture1 card. I do not show them pre-qualifying me for Venture on their pre-qual website.

Wouldn't applying for Discover once paid on cap1 a better choice just becoz of all the pulls cap1 does. (pulls all 3). Is even Barclays better. (only TU).

While i do wanna apply for new cards and transfer balances from wife's to me, i think Prosper only looks at 1 bureau (EX).

Prosper is WebBank ? which CRA does it pull? they list they can pull all three if necessary? anyone have experience with Prosper 

[Creditaddict]

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@Anonymous wrote:

It does look as though i have every likelihood of getting approved for a Venture/Venture One huh? Instead of asking for an increase in my CLI?

given the statement date i have until 24th of this month to bring down balances of cap1 card. Until then just minimum payments to wife's cards all of them.

Then go for a consolidation loan with Prosper (I like them) or apply for Venture/Venture1 card. I do not show them pre-qualifying me for Venture on their pre-qual website.

Wouldn't applying for Discover once paid on cap1 a better choice just becoz of all the pulls cap1 does. (pulls all 3). Is even Barclays better. (only TU).

While i do wanna apply for new cards and transfer balances from wife's to me, i think Prosper only looks at 1 bureau (EX).

Prosper is WebBank ? which CRA does it pull? they list they can pull all three if necessary? anyone have experience with Prosper 

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you can apply for cli after the statement with the lower balance because no pull in that from cap1.

you won't show pre-qual now, you are near maxed out... you might not even show pre-qaul after payment... that would probably be worth a cold app on a venture one.

discover won't be a very high limit in most chances

same with barclay

prosper is a sp so no hurt in checking that or the others (they are just sp)

[Anonymous]

creditaddict, my understanding of prosper is its only soft pull until they check for what rate they can offer you. They have many different rates at which they offer loans.

Once a loan is approved and you decide to go forward with it, it does require a hard pull. In the soft pull, they also reveal the CRA and your FICO score before applying.

I can be wrong but thats my understanding.

Is both VentureOne & Venture approvals atleast $5000 ? you r right abt Discover/Barclays. The SL maybe much lower.

I have done everything in my power to call/email/web/chat with Cap1 regarding CLI? no Luck whatsoever yet, knowing its a soft pull.

I will give it one more try after paying off most of my cap1 card.

[DeeBee78]

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@Anonymous wrote:

My wife has following accounts

both combined Income $42000 annual all 1099 misc income. 1 person working/income only. 

Wife ck scores Tu 650 ex 590 EQ 580

paypalSmartConnect bal $286/300 limit stmt date 13th every month

shell personal card 397/400 stmt date 26th

cap1 Platinum $460/500 limit stmt date 13th

chase freedom $471/500 limit stmt date 18th

opensky secure $219/250 limit stmt date 3rd

kohls charge card $ 290/300 limit stmt date 24th

i mention stmt date becoz it's also reporting date to CRAs

myself

eq credit karma 609

ck score EX FICO 639: ck TU 649 also my Merrick bank FICO 8 :648 for TU:

cap1 platinum  $ 1479/1500 limit stmt Date  25th

kohls $0/300 limit stmt date 12th

merrick secure $ 0/250 limit  stmt date 18th

i need serious re shuffling of upto a $1100 cash available to me now so I or my wife can maximize FICO scores before 30th of this month to be able for either one of us to qualify and be approved for an auto loan first and maybe just maybe a Home/mortgage loan. FHA score of 620 for both of us before June 30th would be highly desirable but not exactly necessary. ( Most likely we won't get/qualify for mortgage then so be it. )

Any suggestions on raising my score by paying off or minimize Utility with available cash. 

First i I thought it be best for me to payoff $1100 on cap1 and reduce utilization to below 30% and that should work in raising my scores. 

Then I thought let's pay $460 to cap1 & $470 to freedom on wife and ask for 3x CLIs on it & see what happens?

what do you think is best to do? is balance transfer from my card to cli given to wife's card also another option? 

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So your wife's utilization is at 94% and yours is at 72%? Since you are actively seeking credit lines and loans, you need to get all of it (both of you) below 30% and more realistically 10%. If you're running balances up on these cards you need to be making several payments every month to keep the reported utilization down. Then you need to keep the balances down until you're done with your goals. 

Even with the high balances you'll be approved for a car loan, but you're going to get a terrible interest rate. 

[Creditaddict]

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@Anonymous wrote:

creditaddict, my understanding of prosper is its only soft pull until they check for what rate they can offer you. They have many different rates at which they offer loans.

Once a loan is approved and you decide to go forward with it, it does require a hard pull. In the soft pull, they also reveal the CRA and your FICO score before applying.

I can be wrong but thats my understanding.

Is both VentureOne & Venture approvals atleast $5000 ? you r right abt Discover/Barclays. The SL maybe much lower.

I have done everything in my power to call/email/web/chat with Cap1 regarding CLI? no Luck whatsoever yet, knowing its a soft pull.

I will give it one more try after paying off most of my cap1 card.

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venture 1 is at least $3k i believe but 95% i have seen $5k or more, venture is more than likely at least $10k

I think most reported that prosper never did end up doing a hp but yes, you can get a loan offer for sure under sp and then just expect that you might get a hp moving forward with the loan.

[Anonymous]

The problems I see are twofold.  Low income and low limit starter cards that are ALL severely maxxed out.

With $1100.00 to spare I would put $800 on your Capital One, and divide $300 on your wifes cards $50 on 6 cards and pay them down over the next 4 months to less than 25% on each card, and STOP CHARGING ON THEM. Do not use your Kohls or secured cards now.

The problem with low limit cards is that you can't really charge on them and have a respectable score. 30% of a $300 card is $90, $75 on $250.

I would forget about a house. You don't need a consolidation loan. Even if it takes you the rest of the year to pay off your wifes cards and try to get a cli on 2-3 of them that is what I would do. I don't see any shot at a Venture card.  You don't have the credit history or scores for it.

I would find a way to create more income like a side hustle (you're already a 1099 person so you can do it) because it looks like you need those cards to make ends meet and that is what a lender will deduce.