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So below are my credit cards, and I got a pre qualified letter for first premier 700cl and I applied and was approved. In your opinion should I of applied for that card or not... btw it has alot of fees
Credit Cards
Chase Freedom 4k/4k
Chase BP 1700/1650
barclay apple fiancing 1k/950
Merrick Bank 1k/1k
Capital One No Hassle Rewards 500/500
Capital One Platinum 500/500
Credit One Bank 300/200
Target Red Card 200/0
Orchard Bank 400/400
Installment Loan 5k/ 205.00 a month
@creditwatcher2012 wrote:
So below are my credit cards, and I got a pre qualified letter for first premier 700cl and I applied and was approved. In your opinion should I of applied for that card or not... btw it has alot of fees
Credit Cards
Chase Freedom 4k/4k
Chase BP 1700/1650
barclay apple fiancing 1k/950
Merrick Bank 1k/1k
Capital One No Hassle Rewards 500/500
Capital One Platinum 500/500
Credit One Bank 300/200
Target Red Card 200/0
Orchard Bank 400/400
Installment Loan 5k/ 205.00 a month
No, no you shouldn't have applied with First Premier. They are a sub-prime bottom feeder and with you already having a prime cards likey your Chase, there is no need for you to take a step backwards. When you read about all of the fees, why would you want something like that? I would see if I could cancel the app and the card. But it may be already reporting and if that's the case I don't know what to tell you to do. That card is much worse than the Credit One card.
your concern should be getting you utlization down...that will help your credit profile more... FP was a mistake IMO
I agree, FP was a mistake. You seem to be maxed out on your cards, you need to stop opening more and focus on gettying the balances down. First get each card below 80%, then try to get below 30% utilization by paying down the highest interest cards first. The ultimate goal to maximize your score is total utilization below 10% with more than half your cards at zero balance ( and no card > 10%). .
@Mellon wrote:your concern should be getting you utlization down...that will help your credit profile more... FP was a mistake IMO
Ummmm Ditto +1
I just quickly glanced at the amounts and thought they were showing original and current CL's, didn't realize those were balances. Duhhh it must be too early in the morning and good catch...LOL!
OP, yes if you are using 100% of your available credit on anyone credit card, let alone 9 out of 10 credit cards as in your case, then your scores are tanked and that is why you probably got that solicitation from FP for a new credit card. I mean you have a balance of $4K on your Chase Freedom and your credit limit is $4K!! That is a huge red flag to creditors both current and potential. I wouldn't apply for anything else until your utilization is down to less than 10% on your Chase Freedom card.
In laymans terms, pay off ALL of your credit cards and when you get your Chase Freedom down to a $399 balance, which is less than 10%, your scores will have skyrocketed from where they are now. But with your balances where they are at, the only offers you will get are from the bottom feeders like FP. Like I said, you are already have prime cards so your concentration should go towards paying off your debt and by doing so you will improve your credit and open yourself up to better credit cards and higher limits.
@Rhaeny wrote:
@Mellon wrote:your concern should be getting you utlization down...that will help your credit profile more... FP was a mistake IMO
Ummmm Ditto +1
I just quickly glanced at the amounts and thought they were showing original and current CL's, didn't realize those were balances. Duhhh it must be too early in the morning and good catch...LOL!
OP, yes if you are using 100% of your available credit on anyone credit card, let alone 9 out of 10 credit cards as in your case, then your scores are tanked and that is why you probably got that solicitation from FP for a new credit card. I mean you have a balance of $4K on your Chase Freedom and your credit limit is $4K!! That is a huge red flag to creditors both current and potential. I wouldn't apply for anything else until your utilization is down to less than 10% on your Chase Freedom card.
In laymans terms, pay off ALL of your credit cards and when you get your Chase Freedom down to a $399 balance, which is less than 10%, your scores will have skyrocketed from where they are now. But with your balances where they are at, the only offers you will get are from the bottom feeders like FP. Like I said, you are already have prime cards so your concentration should go towards paying off your debt and by doing so you will improve your credit and open yourself up to better credit cards and higher limits.
+1
When I first started my rebuilding journey, all I could get was a First Premier card and a Fingerhut account. The fees were atrocious from what I read in the paperwork and on this forum, but it was all that I could get. That's why when I charged anything on FP, I made sure I had the money in the bank right then and there to pay it back to that card immediately, and ultimately shut that card down before the AF came around. Please do not apply for anything else. You have prime cards and your foot is already in the door. Pay down what you have, and watch your scores grow. After that, start looking to get CLI's. Bigger limits beget bigger limits, and when you have those coupled with a good credit score, good payment history, you'll have better options.
@Rhaeny wrote:
@Mellon wrote:your concern should be getting you utlization down...that will help your credit profile more... FP was a mistake IMO
Ummmm Ditto +1
I just quickly glanced at the amounts and thought they were showing original and current CL's, didn't realize those were balances. Duhhh it must be too early in the morning and good catch...LOL!
OP, yes if you are using 100% of your available credit on anyone credit card, let alone 9 out of 10 credit cards as in your case, then your scores are tanked and that is why you probably got that solicitation from FP for a new credit card. I mean you have a balance of $4K on your Chase Freedom and your credit limit is $4K!! That is a huge red flag to creditors both current and potential. I wouldn't apply for anything else until your utilization is down to less than 10% on your Chase Freedom card.
In laymans terms, pay off ALL of your credit cards and when you get your Chase Freedom down to a $399 balance, which is less than 10%, your scores will have skyrocketed from where they are now. But with your balances where they are at, the only offers you will get are from the bottom feeders like FP. Like I said, you are already have prime cards so your concentration should go towards paying off your debt and by doing so you will improve your credit and open yourself up to better credit cards and higher limits.
+1. Very Nicely put.
I got a preapproval offer from FP for 1500... It went straight to the shredder. Get those balances paid down and then go for CLI's. I would call and close FP if I were in your shoes.
@creditwatcher2012 wrote:
So below are my credit cards, and I got a pre qualified letter for first premier 700cl and I applied and was approved. In your opinion should I of applied for that card or not... btw it has alot of fees
Credit Cards
Chase Freedom 4k/4k
Chase BP 1700/1650
barclay apple fiancing 1k/950
Merrick Bank 1k/1k
Capital One No Hassle Rewards 500/500
Capital One Platinum 500/500
Credit One Bank 300/200
Target Red Card 200/0
Orchard Bank 400/400
Installment Loan 5k/ 205.00 a month
+1 to all above. getting FP is a horrible mistake you should run from immediately. But this is not your biggest problem. Your util is unacceptable, and you are ripe for AA IMO. I don't see how an AR doesn't trigger some bad juju for you if you don't fix this ASAP.
Perhaps you can explain.
@swpopham wrote:
You need to stop while you can, before somebody has to clear a spot at the rebuilding forum for you.
Swpopham, I have to wholeheartedly agree with you. This is sad but true. +1000
OP, someone else has already elaborated further on my comment about your utilization being a red flag to your current creditors. The poster mentioned AA which is adverse action. Adverse action could be where they just close your account WITH a balance. If you think you're having problems now just wait if that happens. Another scenario could be where they balance chase you. That is when as you pay your balance down they lower your credit limit to the current balance so that you never have any available credit. Again, if you think you're having problems now just wait. Minimum payments are also a red flag so its not enough to just pay that. You need to make much more than minimum payments. These are just a few of the actions, or AA, that they can take but there is much more.
I agree also that you need to HURRY and get your debts under control. Tax time is here and if you are getting a refund then you should apply that all to your debt. And whatever you do, DO NOT CHARGE anything on that FP card. At this point you are going to have to keep it. Just put it in your drawer, pay all of the fees that assess you and when the year is up, close that card. Put a reminder in your cell phone or something to cancel it.
You've been given a boat load of advice that is surely not what you want to hear. You came here looking at how to get more credit. Well you have to be responsible with your current credit and that you are not demostrating. But we are all advising you to do is exactly what will get you to your goal....more credit. The ball is in your court now.