Advice Please

[Anonymous]

Hello Everyone,

I am new to this forum and I have been here from a long time as a guest and now want to ask you all a question. I have  a Discover, a Citi and a BOA card. 

Balance on my Discover is 100 and CL is 1000

Balance on my Citi is 100 and CL is 500

Balance on my BOA is 2400 and CL is 2500

Oldest CL is 2 Years and 5 Months. Average is 1 year 11 months.

No Hard Inquiries Since NOV 2009.

Didn't Call for any CLI or anything since Aug 2010.

Pay - 5k+ per month

I had to use it for some reason suddenly. Not Cash Advance.. I will pay it off in 2 months or so.

I have Credit scores 693 ish on almost all. Can you tell me whether can I apply for a CREDIT CARD? IF Yes which one would be best or CLI calling to backdoor number?

Well, One more question Would I also get approved an auto loan on this basis? Looking for good car, if everything good any Convertible. This is just an option for me.

[aamex]

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@Anonymous wrote:

Hello Everyone,

I am new to this forum and I have been here from a long time as a guest and now want to ask you all a question. I have  a Discover, a Citi and a BOA card. 

Balance on my Discover is 100 and CL is 1000

Balance on my Citi is 100 and CL is 500

Balance on my BOA is 2400 and CL is 2500

Oldest CL is 2 Years and 5 Months. Average is 1 year 11 months.

No Hard Inquiries Since NOV 2009.

Didn't Call for any CLI or anything since Aug 2010.

Pay - 5k+ per month

I had to use it for some reason suddenly. Not Cash Advance.. I will pay it off in 2 months or so.

I have Credit scores 693 ish on almost all. Can you tell me whether can I apply for a CREDIT CARD? IF Yes which one would be best or CLI calling to backdoor number?

Well, One more question Would I also get approved an auto loan on this basis? Looking for good car, if everything good any Convertible. This is just an option for me.

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Your revolving util is 65%. I would suggest paying down the BOA card before you apply for a card/car or ask for a CLI. My assumption is your score would improve a few points once your utilization goes down. If  you're looking for a car, I wouldn't open a new account because it will lower your average age and you want to get the best interest rate on your installment. Look for the auto loan through a local credit union, they tend to have better rates versus banks. Also, before you app for the car loan know your true FICO and ask prospective lenders what interest rates they offer for a score within that ball park, this will help you avoid multiple inquiries and help slim down your options. 

[Anonymous]

Good points, aamex.

I would also recommend paying Citi and Discover both down to zero, and watch to make sure they continue to report zero on your credit reports.  Most ikely they will both report your balance as of the statement date, so if you watch your balance and keep it at zero on the reporting date, that will help your FICO scores.

And then do whatever it takes to pay your BofA down.  Sell something, grab a short-term second job, etc.  Not only will that help your FICO score tremendously, it will also put you in a good financial spot.  And you'll feel really good about looking at that convertible knowing you're on financially stable ground! 

ETA:  When you have only one cc reporting a balance, and that balance is low (below 9%), you may want to check in with all 3 cc's for a CLI. 

[Anonymous]

Thank you very much for your valuable answers.... Very Helpful... Have a great weekend.. I will get them down too and comeback for more advice... :-)

[Anonymous]

Great!  Hope you have a super weekend too!

We'll look forward to your update - wishing you the best!