Denied Chase Slate Card

[Anonymous]

Hey guys,

So here is my situation. I have two cards that are very well near their limit:

• 4100/4300 
• 5000/5400

These cards were racked up when I was irresponsible during college, but have since turned over a new leaf. I am now a software engineer with an annual income of 67,500$. My rent is $800. I'm looking to pay off these cards by getting a great balance transfer card but got denied because of high credit utilization. I called the backdor number and was denied for this reason. Should I call back and see what the other rep can do for me? Is there anything that i can do to pay off this debt respobsibly at a lower interest rate? 

Thanks.

[Anonymous]

Welcome to the forum!

You can try again but tbh that util will most likely be a denial. I would suggest paying down the debt - with your income you should be able to throw a good chunk to one card and more than the min on the other cc. After you've gotten them down req a CLI. Alternatively, if you are a member of a CU, you might want to look at a LOC

[Anonymous]

Thanks for the reply. But at what point do I ask for another look? Also when I throw a good chunk of change at one card, how long does it take to show up on my credit report?

[parakleet]

Typically, CRs are updated a few days after the statement cuts. There are free services like credit karma and sesame that help you keep track of when the balances are updated on your report.

[Anonymous]

Sucks because the purpose of a balance transfer is to help an account with an existing balance. 

[Anonymous]

Also have a credit score of 659

[sccredit]

You need to pay the balance down, once that happens your score wil go up (because you utilization is down) and you should be OK

[myjourney]

In all honesty don't waste a HP with UTL that high IMHO no lender will take a chance on you at this point. Sorry just being honest

Right now from a lenders perspective you are just moving debt around. Show them you're paying the debt down to reasonable levels and you stand a better chance of approval when they look at your history of payments.

Best wishes 

[Anonymous]

Pay down your balance below 70% util on both cards should give you a decent jump in score. After that you could try lending club, if denied then I would get my overall util below 30% before applying for any cards. Most lenders will runaway when they would see maxed out cards.

[takeshi74]

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@Anonymous wrote:

Sucks because the purpose of a balance transfer is to help an account with an existing balance. 

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Yeah but the utilization you've posted is 93%.  That's maxxed out.  Get your util down and reported and you'll have much better odds.

The purpose of BT is for existing balances but at the same time it's purpose isn't to extend credit to extremely risky prospects.  Utilization is a major factor in your credit scoring.