Chance of getting another card before maxing credit

[Anonymous]

OK, here's the deal. I currently have a Cap1 card with a $2300 limit and a BoA card witha $500 limit. I currently show 74% utilization, but pending payments will bring that to 58%. I will have to put another $650 on my Cap1 card by the end of the month. I would like to increase my total credit so that the utilization is not so volatile. I have been looking at the Cap1 Quicksilver with no annual fee or a Barclaycard Rewards card. I was hoping to do this in between the reporting of the most recent payments and add the extra dedt to the card. My FICO average is 633 (shoes 638 once those payments are reflected)

    Since I am a seasonal employee, I will soon be incresing my income, so paying down the balances shouldn't be too bad. What are the chances of getting approved with a high utilization like mine? I have a small window where my creit wil be better than it will be for the next few months and the sooner I can add to my total, the better off I will be in terms of length of credit and increasing my overall totals. I can then pay down and bring my score back up as work and pay increase in the next few months. 

[OmarGB9]

To be perfectly honest, slim to none. While it's great you have a plan in place, lenders don't know that. All they'll see is 74%/58% utilization and you looking to add more credit makes you seem desperate (to them). Even if by chance they do approve you, undoubtedly the SLs would be very small (probably the minimums, like around $300-$500) and you would be stuck with the highest APRs imaginable.

In any case, unless you're applying for a car or a mortgage soon, you shouldn't overthink your scores and/or utilization; FICO has no memory. Therefore, once you pay down your balances and get your UTIL under control, your scores will recover and it'll be as if you never had that high UTIL in the first place.

[Anonymous]

Funny you mention that, I am looking to get a mortgage in the next year or so. I had also considered trying to a CLI with Cap one, but I would imagine I have the same chances. Even if I got a card with a low limit, I would assume it would increase after 6 months or so of good standing. I would rather start that now than in July. 

Another question: What a re pre-approvals based on? Do they simply look at my score or do they factor in UT and things like that? Naively I had figured that if a company I have been using offers me something like that, they are well aware of my situation and financial habits. 

[SouthJamaica]

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@Anonymous wrote:

OK, here's the deal. I currently have a Cap1 card with a $2300 limit and a BoA card witha $500 limit. I currently show 74% utilization, but pending payments will bring that to 58%. I will have to put another $650 on my Cap1 card by the end of the month. I would like to increase my total credit so that the utilization is not so volatile. I have been looking at the Cap1 Quicksilver with no annual fee or a Barclaycard Rewards card. I was hoping to do this in between the reporting of the most recent payments and add the extra dedt to the card. My FICO average is 633 (shoes 638 once those payments are reflected)

    Since I am a seasonal employee, I will soon be incresing my income, so paying down the balances shouldn't be too bad. What are the chances of getting approved with a high utilization like mine? I have a small window where my creit wil be better than it will be for the next few months and the sooner I can add to my total, the better off I will be in terms of length of credit and increasing my overall totals. I can then pay down and bring my score back up as work and pay increase in the next few months. 

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I don't think your chances are great but if you wanted to give it a shot, the Cap I Quicksilver and the Barclay Rewards cards would be the right ones to go for.

You should know that Barclays pulls TU, and Cap One usually pulls 2 or 3 reports.

[OmarGB9]

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@Anonymous wrote:

Funny you mention that, I am looking to get a mortgage in the next year or so. I had also considered trying to a CLI with Cap one, but I would imagine I have the same chances. Even if I got a card with a low limit, I would assume it would increase after 6 months or so of good standing. I would rather start that now than in July. 

Another question: What a re pre-approvals based on? Do they simply look at my score or do they factor in UT and things like that? Naively I had figured that if a company I have been using offers me something like that, they are well aware of my situation and financial habits. 

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Well if you are looking to get a mortgage, then yes, I would go for it now; however, like I said, you may not be approved with such high UTIL. As far as getting a card now and getting a CLI, well yes, it's possible to get a higher limit after some usage and time, but it's certainly not guaranteed.

Pre approvals are based on your entire file, not just your score. So yes they also look at UTIL. Keep in mind the SPs they do may not always be up to date. For example, cap1 tends to rely on two month old SPs for CLI requests (at least IME).

[Anonymous]

I also figure if I apply and get declined, I am in the same position with one more hit on my credit. Since I'll be spending the next few months paying things down no matter what happens, it may not be that bad either way it works out.

[Callandra]

I would get UTIL under 30% (ideally under 10%) before you apply for anything else. Also, 630s may be borderline for Barclays Rewards card but it's worth a shot and you can always recon if denied. 

[myjourney]

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@Anonymous wrote:

I also figure if I apply and get declined, I am in the same position with one more hit on my credit. Since I'll be spending the next few months paying things down no matter what happens, it may not be that bad either way it works out.

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Also to note:

The effects of scoring are different for a thick file VS thin 

An HP on a thick file may result in most cases a small hit 3-5 points and in rare cases an increase (new Bucket)

Whereas a thin file could see much more of a hit ....my guess 10-15+

Combine that with only 2 CC's with high UTL and not only could you be denied but see scores drop as well especially if you have no mix of credit..

Questions: what's your AAoA?

How long have you had the cards?

Any other lines of credit I.E. student loans, cars?

Reason I ask is with short AAoA and or short history of payments if approved you're probably looking at $500-($1000 high side)

If denied ....Welll you're in the same position UTL wise with a new HP and a lower score 

[Anonymous]

I am not sure how to calculate that.....(AAoA)

BoA opened 03/01/14

Cap1 opened 09/01/14

I have a motorcycle loan from 03/01/15

Never missed a payment on any of these and always pay more than minimum to the CC's. (I often pay them down some every week)

I am a seasonal employee. I have more income March to Oct., so my current  balances are highest this time of year due to that. My other factor is timing. I am looking to move and get a mortgage in the next 12-18 months if possible. Once reason I am trying so hard to get a CLI or new card now is that I don't want to wait 6 months to get it all paid down, get a new card then and then have another 6 months to wait to get the new account established. 

edit: And sorry if I am repeating myself or sounding fragmented, I am bouncing between 2 different forums trying to get the most advice I can. I learned that I should have asked more questions a long time ago and am trying not to make that mistake again.

[Anonymous]

I would start by asking Cap One for a CLI after your next payment posts. If declined, you'll know what you need to work on to improve your chances of approval with a different bank.