What to do? Job loss

[Anonymous]

Hey everyone, I am on here to see if I am thinking in the right mind in my situation. I have three credit cards all totaling together an available limit of $15,000. I experienced a job loss with only one of my credit cards being close to maxed out while the others with no balance. My Chase Freedom (the card with the balance) has a $4k limit and I have 2 more months of my 0% APR no interest. As unfortunate as it sounds, I am going to be looking up to my credit cards to help me pay my $500 rent. So here is my plan: I want to apply for more credit (like get a Citi Double Cash or a Capital One Quicksilver), do a balance transfer of my $4k onto the new card, and start a whole new 0% interest period.. Just for a few months until I can actually find some work. I plan on buying pre-paid debit cards with my CC and doing a money order to my bank account to help pay for my rent temporarily. I am confident after those 9 (or 15) months I will have money to pay the whole balance off. As of right now, I can only make my monthly payment. 

Here is what my credit file looks like: 

740 Experian and Equifax score 

2 EX inquiries, 3 EQ

No lates

No negative remarks

1 year, 6 month AAoA

22% credit utilization

With my utilization, what are my chances of getting approved with a decent limit? 

P.S. Even though I am unemployed, I am still going to list my $23,000 salary under income. 

[SouthJamaica]

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@Anonymous wrote:

Hey everyone, I am on here to see if I am thinking in the right mind in my situation. I have three credit cards all totaling together an available limit of $15,000. I experienced a job loss with only one of my credit cards being close to maxed out while the others with no balance. My Chase Freedom (the card with the balance) has a $4k limit and I have 2 more months of my 0% APR no interest. As unfortunate as it sounds, I am going to be looking up to my credit cards to help me pay my $500 rent. So here is my plan: I want to apply for more credit (like get a Citi Double Cash or a Capital One Quicksilver), do a balance transfer of my $4k onto the new card, and start a whole new 0% interest period.. Just for a few months until I can actually find some work. I plan on buying pre-paid debit cards with my CC and doing a money order to my bank account to help pay for my rent temporarily. I am confident after those 9 (or 15) months I will have money to pay the whole balance off. As of right now, I can only make my monthly payment. 

Here is what my credit file looks like: 

740 Experian and Equifax score 

2 EX inquiries, 3 EQ

No lates

No negative remarks

1 year, 6 month AAoA

22% credit utilization

With my utilization, what are my chances of getting approved with a decent limit? 

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Be wary of borrowing from Peter to pay Paul. This is how people get in over their heads.

If you need to apply for something I guess it should be the Barclay Ring card, which is my favorite card and has a low interest rate, even for cash advances, and has no balance transfer fee.

But I don't think you'll be able to get anything decent while you're unemployed.

[elim]

+1 on the Ring... That is my go to cash card for sure.

Cap One Venture will get you a big limit and may not get bothered with min payments if you can figure out a way to get approved with no income.  Are you on unemployment?  Do creditors have access to that data (do they know you are unemployed)?

[SouthJamaica]

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@elim wrote:

+1 on the Ring... That is my go to cash card for sure.

Cap One Venture will get you a big limit and may not get bothered with min payments if you can figure out a way to get approved with no income.  Are you on unemployment?  Do creditors have access to that data (do they know you are unemployed)?

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They always ask if you are employed and if so by whom, and what your income is.

[Anonymous]

As of right now, no I am not and they surely don't know as this happened a few days ago. 

I am still going to put employed and list my salary on the application. Anything else would be borderline denial and that would be the opposite of what I want, lol. 

[elim]

I'm definitely not suggesting to lie. I was just curious if they know. Sometimes i file when i take winters off.

[Anonymous]

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@Anonymous wrote:

As of right now, no I am not and they surely don't know as this happened a few days ago. 

I am still going to put employed and list my salary on the application. Anything else would be borderline denial and that would be the opposite of what I want, lol. 

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Sorry to hear about the job loss.  But don't lie on the application.  What line of work are you in?  Depending on it, you can pick up freelancing gigs quickly.  If you are a techie let me know and I will suggest some sites for you to checkout.

[Anonymous]

At your listed income they might not approve you for a decent starting limit. I personally think financial company like to see somewhere in the 40000 income especially your UTI is already kinda high

[Anonymous]

Speaking of the Venture card... I'm not really a traveler, but I heard they give good starting limits even with high utilization? I also read on here that someone said if you are going to take the three hard pulls with the Quicksilver, get the Venture at the same time? How would you accomplish this? Wouldn't you get 6 hard pulls in total? 

Quicksilver offers $100 sign up bonus after $500 spent in 3 months. 

Venture offers 20,000 points ($200 travel credit) after $1,000 spent in 3 months. 

I mean... That's pretty much equivalent to $300 rewarded to me since I am 98% sure to spend $1.5k in three months with my rent. Would a kind folk(s) like to explain to me the hard pull scenario with both of these cards together?

[Anonymous]

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@Anonymous wrote:

Speaking of the Venture card... I'm not really a traveler, but I heard they give good starting limits even with high utilization? I also read on here that someone said if you are going to take the three hard pulls with the Quicksilver, get the Venture at the same time? How would you accomplish this? Wouldn't you get 6 hard pulls in total? 

Quicksilver offers $100 sign up bonus after $500 spent in 3 months. 

Venture offers 20,000 points ($200 travel credit) after $1,000 spent in 3 months. 

I mean... That's pretty much equivalent to $300 rewarded to me since I am 98% sure to spend $1.5k in three months with my rent. Would a kind folk(s) like to explain to me the hard pull scenario with both of these cards together?

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Can you use credit card to buy prepaid debit card? I thought those need to be paid with cash