Cards that will approve with high utilization showing

[pip3man]

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@creditguy wrote:
Cards that will approve you with high utilization are cards that aren't worth having or apping for.. And expecting a $5k SL is off the table I'd be willing to bet.

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@I totally disagree with this statement. I was recently approved for the Ritz @ 11k, AARP @ $5K and Fidelity Rewards @ $7800 all with two Capital One cards reporting over 90% utilization, Citi @ 93%, Best Buy @ 80%, Discover, Amazon and Sallie Mae at 51%, 54% and 57% respectively. Granted my overall utilization was somewhere around 25%... so IT'S DEFINITELY POSSIBLE, u never can tell exactly what creditors look for during approvals. Now I just paid off the two capital one, SM and discover cards so should be getting a very nice score bump. When that reports I may apply for new cards with the Citi still reporting over 80%. Never say never...

[Anonymous]

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@pip3man wrote:

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@creditguy wrote:
Cards that will approve you with high utilization are cards that aren't worth having or apping for.. And expecting a $5k SL is off the table I'd be willing to bet.

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@I totally disagree with this statement. I was recently approved for the Ritz @ 11k, AARP @ $5K and Fidelity Rewards @ $7800 all with two Capital One cards reporting over 90% utilization, Citi @ 93%, Best Buy @ 80%, Discover, Amazon and Sallie Mae at 51%, 54% and 57% respectively. Granted my overall utilization was somewhere around 25%... so IT'S DEFINITELY POSSIBLE, u never can tell exactly what creditors look for during approvals. Now I just paid off the two capital one, SM and discover cards so should be getting a very nice score bump. When that reports I may apply for new cards with the Citi still reporting over 80%. Never say never...

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You just said your overall utilization is around 25% when the OP referenced 60% overall utilization.  That's two different worlds and you are comparing apples to oranges there.  You can't compare someone with "good" utilization to "poor" utilization with respect to their ability to achieve additional credit IMO.

[Anonymous]

kdm31091 wrote: 

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@Klesko wrote:

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@kdm31091 wrote:

I think you need to stop thinking that new cards are the solution here. With that high of utilization, no major bank is likely to approve a new card, much less with a 5k+ limit. If you're already in that much debt, no bank is going to say "sure, here's a 5k limit that you can max out". I'm not saying that to be rude, just providing the banks perspective.

I would just focus on getting the utilization way down before applying for anything else. Under 30% is the generally suggested maximum but lower is better. It can never hurt to have it be lower when applying for things.

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All the current cards are in 0% balance transfer. They are all coming off the 0% within 3-5 months. I am just looking to roll it over into another 0% if possible. I could roll it over to my cards which are almost empty which is what I will most likley end up doing. 

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Whether you are paying interest or not is irrelevant to the banks. The utilization is high and that's what matters. I understand what you want to do, but IMO, people should focus more on getting rid of their debt and less on shuffling it around.

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The goal should be to pay as little interest as possible. Do you have a pay down/off plan? What policies will you be implementing to keep your wife's credit balances close to or at $0? One of the most important goals when doing a balance transfer is to make sure the credit card(s) you BT'd from don't get maxed out again. 

[Anonymous]

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@takeshi74 wrote:

Don't consider just approval.  That said, revolving utilization has a significant impact and will affect one's ability to get approvals.  Not only that, but high revolving utilization will constrict the limit that one qualifies for.

If you want to be approved and you want high limits, low APR's etc then get your revolving utilization down.  Don't just assume that all your problems will be solved by finding the "right" creditor and product.  One's credit profile determines what one is approved for and what one qualifies for.

I've posted this many times so the regulars are probably tired of hearing it but I'll post it again as it is an example relevant to this discussion.  Granted, it's only anecdotal but it is illustrative of the impact of revolving utilization.  Back before I educated myself I had a bit of credit card debt and I figured that getting a card with a 0% offer would help so I applied for the Chase Slate.  I was approved but for only $2,000.  I had much more credit card debt than that so the $2,000 limit was useless and I closed that card.  About 6 months later I was able to drop my revolving utilization from over 60% to under 10%.  I forget how much exactly -- it might have been around 6%.  Anyway, I apped for a CSP and was instantly approved for $25K.  I apped the next day for the UMPE and was also instantl approved for $25K.

I'm not saying that your wife will qualify for such limits when she gets her revolving utilization down.  In my case my profile was strong and clean enough aside from revolving utilization that I qualified for those limits.  It was the extremely high revolving utilization that led to only getting a $2K limit.

Get her revolving utilization down.  Do not rely on quick fixes with credit.

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@Klesko wrote:
Any thoughts on what percent I need to get these cards under to allow for new approvals? I know the best would be 30% but if I could not do that then what percent would be acceptable you think?

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Approval is a low bar.  The lower the better.  That's why the advice about optimizing revolving utilization and number of balances exists: only 1 balance reporting as low as possible -- definitely well under 10% -- if trying to eke out points when applying for credit, CLI's etc.

Creditors are not all identical so there isn't a magic % for all creditors where she will sudenly be approved.  Get the revovling utilization down first.  Get all that revovling debt paid off first.  Then worry about applying for new credit.  New accounts are the least of your concerns at this point.  With revolving utilization that high your priority is avoiding adverse action and paying down those balances as quickly as possible.

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@Klesko wrote:

All the current cards are in 0% balance transfer. 

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Does not matter.  Look at reports.  Note where 0% offers are indicated?  It's all about revovling utilization.  Get it down first.  This is why we say don't count on a new card for BT's if you have high revolving utilization.  Even if approved one will get low limits and high APR's which make the new card useless for BT's.  Revolving utilization matters regardless of 0% offers.  It's not just a matter of scoring.  It's a matter of how creditors perceive risk and revolving utilization like that is seen as a major risk.  Don't rely on new credit to solve this probem.

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+1

Well said! I agree with you 100%! Tackle your debt first. Then focus on applying for new credit. 

[Anonymous]

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@Anonymous wrote:

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@pip3man wrote:

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@creditguy wrote:
Cards that will approve you with high utilization are cards that aren't worth having or apping for.. And expecting a $5k SL is off the table I'd be willing to bet.

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@I totally disagree with this statement. I was recently approved for the Ritz @ 11k, AARP @ $5K and Fidelity Rewards @ $7800 all with two Capital One cards reporting over 90% utilization, Citi @ 93%, Best Buy @ 80%, Discover, Amazon and Sallie Mae at 51%, 54% and 57% respectively. Granted my overall utilization was somewhere around 25%... so IT'S DEFINITELY POSSIBLE, u never can tell exactly what creditors look for during approvals. Now I just paid off the two capital one, SM and discover cards so should be getting a very nice score bump. When that reports I may apply for new cards with the Citi still reporting over 80%. Never say never...

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You just said your overall utilization is around 25% when the OP referenced 60% overall utilization.  That's two different worlds and you are comparing apples to oranges there.  You can't compare someone with "good" utilization to "poor" utilization with respect to their ability to achieve additional credit IMO.

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Well said BBS!

[Anonymous]

OP this is a good thread with lots of useful information in it. Thanks for sharing your story with us!

[pip3man]

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@Anonymous wrote:

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@pip3man wrote:

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@creditguy wrote:
Cards that will approve you with high utilization are cards that aren't worth having or apping for.. And expecting a $5k SL is off the table I'd be willing to bet.

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@I totally disagree with this statement. I was recently approved for the Ritz @ 11k, AARP @ $5K and Fidelity Rewards @ $7800 all with two Capital One cards reporting over 90% utilization, Citi @ 93%, Best Buy @ 80%, Discover, Amazon and Sallie Mae at 51%, 54% and 57% respectively. Granted my overall utilization was somewhere around 25%... so IT'S DEFINITELY POSSIBLE, u never can tell exactly what creditors look for during approvals. Now I just paid off the two capital one, SM and discover cards so should be getting a very nice score bump. When that reports I may apply for new cards with the Citi still reporting over 80%. Never say never...

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You just said your overall utilization is around 25% when the OP referenced 60% overall utilization.  That's two different worlds and you are comparing apples to oranges there.  You can't compare someone with "good" utilization to "poor" utilization with respect to their ability to achieve additional credit IMO.

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first of OP stated he had cards over 90% utilization, so obviously my post was a direct response to that aspect of his question and not the overall utilization. That's essentially why I shared my experience that he could still be approved with 90% utilization reporting on any individual or multiple account as it was in my case. Now as far as the overall utilization being at 60%, that I have no answer to which was why I went further to share my overall utilization at the time of approval. On the other hand, if OP's spouse is paying interest then it would make sense for them to BT for now so they could save on interest charges and use it towards paying down the cards within the promotional period. Not everyone has the means to pay off in a timely manner. Hell I just paid off over $15k yesterday in a combination of existing balances and expiring promos and if I was given the opportunity I swear I woulda BT'ed and hanged on to my cash a little longer but sadly I can't get the Slate due to 5/24 and Citi Simplicity said I had too many inquiries (9). Tough luck for me but it had to be done...

[Klesko]

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@pip3man wrote:

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@Anonymous wrote:

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@pip3man wrote:

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@creditguy wrote:
Cards that will approve you with high utilization are cards that aren't worth having or apping for.. And expecting a $5k SL is off the table I'd be willing to bet.

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@I totally disagree with this statement. I was recently approved for the Ritz @ 11k, AARP @ $5K and Fidelity Rewards @ $7800 all with two Capital One cards reporting over 90% utilization, Citi @ 93%, Best Buy @ 80%, Discover, Amazon and Sallie Mae at 51%, 54% and 57% respectively. Granted my overall utilization was somewhere around 25%... so IT'S DEFINITELY POSSIBLE, u never can tell exactly what creditors look for during approvals. Now I just paid off the two capital one, SM and discover cards so should be getting a very nice score bump. When that reports I may apply for new cards with the Citi still reporting over 80%. Never say never...

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You just said your overall utilization is around 25% when the OP referenced 60% overall utilization.  That's two different worlds and you are comparing apples to oranges there.  You can't compare someone with "good" utilization to "poor" utilization with respect to their ability to achieve additional credit IMO.

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first of OP stated he had cards over 90% utilization, so obviously my post was a direct response to that aspect of his question and not the overall utilization. That's essentially why I shared my experience that he could still be approved with 90% utilization reporting on any individual or multiple account as it was in my case. Now as far as the overall utilization being at 60%, that I have no answer to which was why I went further to share my overall utilization at the time of approval. On the other hand, if OP's spouse is paying interest then it would make sense for them to BT for now so they could save on interest charges and use it towards paying down the cards within the promotional period. Not everyone has the means to pay off in a timely manner. Hell I just paid off over $15k yesterday in a combination of existing balances and expiring promos and if I was given the opportunity I swear I woulda BT'ed and hanged on to my cash a little longer but sadly I can't get the Slate due to 5/24 and Citi Simplicity said I had too many inquiries (9). Tough luck for me but it had to be done...

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Every card is 0% for now, but most are coming off 0% in a few months. We did not run up the cards. It was some BTs we took to do some house work and other things in the yard etc. My plan was to pay them off with a bonus I get in may but something came up and we had to use that money for something else. Anyway I dont want to pay interest and I need to carry these loans until next year. 

I asked the question because I would prefer to just get some more 0% BT offers for her and move the balances over. However with high utilization showing that is a long shot and I am not going on some app spree getting shot down by every card or only getting tiny limits. This is why I asked the question, I was trying to see if there are any cards I am not thinking about. 

Anyway my plan right now is to BT to my credit cards, I have 185k in credit lines at 1% util but I dont have a ton of 0% offers right now. I have a Discover 7.5k CL, Citi Simplicity 12k CL, Alliant 15k CL, Barclays 10k CL. All have 0% offers but I need to move about 34k in total over so I need to be careful I dont go too high on my utilizations either. 

Once I get all of this moved over my wife will have a very low utilization and it will be time to work on her CLI and some new accounts. I could then balance transfer over some stuff to try and balance things out if I wanted. But in the short term my credit will take a hit. 

Anyway this is my plan right now. 

[Anonymous]

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@kdm31091 wrote:

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@Klesko wrote:

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@kdm31091 wrote:

I think you need to stop thinking that new cards are the solution here. With that high of utilization, no major bank is likely to approve a new card, much less with a 5k+ limit. If you're already in that much debt, no bank is going to say "sure, here's a 5k limit that you can max out". I'm not saying that to be rude, just providing the banks perspective.

I would just focus on getting the utilization way down before applying for anything else. Under 30% is the generally suggested maximum but lower is better. It can never hurt to have it be lower when applying for things.

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All the current cards are in 0% balance transfer. They are all coming off the 0% within 3-5 months. I am just looking to roll it over into another 0% if possible. I could roll it over to my cards which are almost empty which is what I will most likley end up doing. 

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Whether you are paying interest or not is irrelevant to the banks. The utilization is high and that's what matters. I understand what you want to do, but IMO, people should focus more on getting rid of their debt and less on shuffling it around.

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I tell you what I totally agree with you! I fell into this trap of thinking that combining my cards into personal loans would assist me in paying off my debt faster and didnt work because the true problem is I was not following a written spreadsheet budget so I truly had no idea how much I was spending. I got a promotion so now I can afford to pay off my debts little by little but I also have 2 personal loans for a total of 18k that if I had left it on cards I would have not accrued so much debt and be in a much better situation now. Personal loans are rarely the answer in this type of scenario OP so I urge caution here with whatever you decide to do.

Best wishes!

[Anonymous]

Umm...in my honest opinion...that kind of debt would scare the living sheeeeet out of me! My humble advise from someone that was at 560 to 580 fico scores in June 2014 who now is dollars away from 200K in available credit shutters at her amassed debt you mentioned.  I would stress, freak and have meltdowns with that kind of debt on credit cards. I have gotten my credit rebuilt by excellent payment history, PIF and keeping my own strict measures of utilization at 1% or way below (at $198,000 available credit)...its a trap I worry I could fall into...my utilization could stay well below 10%, but I would have a ton of debt.

Rather than seeking more credit with the low income you mention, perhaps work on paying those balances and offers will fill your mailbox. I did read my heart out on this forum and they were a godsend in my rebuilding. I had tears in my eyes at first unsecured card and then at reaching the 700+ club.

Manage the credit and debt already accumulated and the rewards will be huge. Good luck on your credit journey and please utilize the members here that are sages in every aspect of credit, credit management and good luck with achieving your goals. Bless you and yours, credit apping can be an addiction...stick the course and the rewards huge. 

Ironic that we can buy anything we want with credit, but the only thing we can't buy with credit ....is a decent credit score!  Time though - brings it all together with responsible payments and acceptable utilization. 

Again, this forum paved the way for me...they are the best!   Read read read...