App Spree of 2019

[Anonymous]

I was approved for Amex Gold, Amex Delta Blue, HSBC MC Gold, and Wells Fargo and Us Bank I mentioned in another post. 

I also got some decent credit limit increase, and I do find how applying for credit can get out of control. However, the main reason I wanted to apply for some more credit was to drop my utilization below 20%. I still have about $18, 000 that needs to be paid off over 7 different accounts.  

[Remedios]

Congrats on your approvals 

Were these apps done after your freedom app that's still pending? 

[simplynoir]

Congrats there. That's a lot of action so might want to cool those jets and let those new account for awhile.

[Anonymous]

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@Anonymous wrote:

I was approved for Amex Gold, Amex Delta Blue, HSBC MC Gold, and Wells Fargo and Us Bank I mentioned in another post. 

I also got some decent credit limit increase, and I do find how applying for credit can get out of control. However, the main reason I wanted to apply for some more credit was to drop my utilization below 20%. I still have about $18, 000 that needs to be paid off over 7 different accounts.  

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Your thinking is wrong. The best way to get your utilization down is pay down your debt, not for applying for more credit. Why do you need more accounts? Let's say you get to 91k in total credit limits, so what? You still owe 18k.

[Anonymous]

No, the believe or not these three were all pre-approvals or I would not of applied for any of them. The Freedom app was done afterwards and I assumed denial and that is the last app I did and plan to do for some time. 

[Anonymous]

Sure is, and I plan to. Thank you  

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I was approved for Amex Gold, Amex Delta Blue, HSBC MC Gold, and Wells Fargo and Us Bank I mentioned in another post. 

I also got some decent credit limit increase, and I do find how applying for credit can get out of control. However, the main reason I wanted to apply for some more credit was to drop my utilization below 20%. I still have about $18, 000 that needs to be paid off over 7 different accounts.  

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Your thinking is wrong. The best way to get your utilization down is pay down your debt, not for applying for more credit. Why do you need more accounts? Let's say you get to 91k in total credit limits, so what? You still owe 18k.

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I know the best way is to pay the debt down which I have been doing. However, I am going to take advantage of a couple balances transfers. For the older cards carrying a over 50% utilization that interest rates are from when I first started to obtain credit so of course they are much higher. Honestly, no one needs that much credit and I have one go to card if I must purchase something and pay it off at the end of the month but the rest are carrying balances from a few setbacks from 2018.  

Cheers! 

[Anonymous]

Congrats on your approvals! 

[Anonymous]

Congrats on the approvals!

But did any of those new cards come with a BT offer with lower or 0%APR? That could help you pay down those balances faster.

Also, while I now you were seeking to lower utilization. It really only matters if you were planning to apply for something, hence the score boost. Applying for more CC's just to lower it though, almost seems counterproductive. I'm not sure how lower utilization after the fact is going to help you with anything. 

However, if it helps you reduce current balances so that you're not carrying high util on individual cards. That will be the perk, as most lenders don't like to see high balances carried too long.

[Anonymous]

@Janus

Yes it has 0% APR for the first 18 months. I have one card at 76% and another at 66% and one at 50% that was BOA my oldest account. I got an increase on that card because I hadn’t applied for one in two years. It did help bring it down.

The one at 76% is a lower balance but it’s too High and I can’t pay in full right now so I’m paying triple the minimum payment.

I am looking to refinance my personal loan I have at a lower interest rate and a 3 year term. I have 4 years left and I need to cut my costs as much as I can to have all my debt paid in full in the next 40 months. Just some background and it doesn’t seem the best option but I think it will help. Some of those cards interest a month is close to $100 so I’m not getting anywhere fast.