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Good scores, high Util, want new cc for 0% balance transfer & to lower UTI

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Good scores, high Util, want new cc for 0% balance transfer & to lower UTI

I currently have a 64% Util (thanks to paying for wedding and another big event), but scores are in the low 700's (Experian is at 724, the others are only a few points lower). I get pre-selected offers, what are the chances of being approved by Citi? I just want to get it to do a balance transfer and lower my UTIL. Bank of the West also has sent me pre-qualified offers, but their interest rate is higher than Citi's.  I get offers for Citi Diamond Preferred (which I'm pretty sure my 64% UTIL will not pass for that) Citi Double Cash and Bank of the West. I think Citi's Simplicity is the best one, haven't gotten their pre-qualified one though. I know, pre-qualified doesn't mean approved. I have AMEX Gold, Amex Delta Gold, Amex Blue, 2 Discovers and Chase Marriot, with credit limits of $5k up to $18k currently. I know paying it down more will help more, but so would having a card to transfer the balance to, hence stopping the accrual of interest and clearing out a current card, in turn will lower my UTI. Thoughts/advice?

Message 1 of 7
6 REPLIES 6
SouthJamaica
Mega Contributor

Re: Good scores, high Util, want new cc for 0% balance transfer & to lower UTI


@curiousityabounds wrote:

I currently have a 64% Util (thanks to paying for wedding and another big event), but scores are in the low 700's (Experian is at 724, the others are only a few points lower). I get pre-selected offers, what are the chances of being approved by Citi? I just want to get it to do a balance transfer and lower my UTIL. Bank of the West also has sent me pre-qualified offers, but their interest rate is higher than Citi's.  I get offers for Citi Diamond Preferred (which I'm pretty sure my 64% UTIL will not pass for that) Citi Double Cash and Bank of the West. I think Citi's Simplicity is the best one, haven't gotten their pre-qualified one though. I know, pre-qualified doesn't mean approved. I have AMEX Gold, Amex Delta Gold, Amex Blue, 2 Discovers and Chase Marriot, with credit limits of $5k up to $18k currently. I know paying it down more will help more, but so would having a card to transfer the balance to, hence stopping the accrual of interest and clearing out a current card, in turn will lower my UTI. Thoughts/advice?


1. I consider 'pre-selected' to be mere marketing, but "prequalified" and "preapproved" to have some significance, if your profile is no worse than it was when they got the soft pull upon which it was based.

 

2.  Citi is tough; I think you would be turned down in view of the high utilization.

 

3.  I think the high utilization will be problematic for many lenders.

 

4.  My advice would be to try getting a credit union, non-rewards, platinum card with no balance transfer fee.

 

 

 


Total revolving limits 586020 (520820 reporting) FICO 8: EQ 699 TU 696 EX 692




Message 2 of 7
Hut1
Established Contributor

Re: Good scores, high Util, want new cc for 0% balance transfer & to lower UTI

Agree w/ @SouthJamaica 

 

Also, something to consider is the generosity of the credit lines extended to you. Citi is not known for their generosity. I remember applying for a card back in '21 (not a Citi card) so I could do a BT and did not receive a high enough limit to actually use it, so I wasted a HP and a new account. 

I was able to call my current card lenders and found out I have 3 lenders that are offering 0% APR for 12 mos w/ a 3% BT fee. It may be worth it to start there. 

download




Message 3 of 7
AndySoCal
Senior Contributor

Re: Good scores, high Util, want new cc for 0% balance transfer & to lower UTI

@curiousityabounds  Maybe this will help you. the link is below

 

https://www.nerdwallet.com/balance-transfer-credit-cards 

FICO Scores XPN v8 802 V2 831 (SDFCU) TUC bankcard 803 11/2024 EFX Bankcard v8 822 EFX FIC0 v8 805 (11/2024)
Discover IT 09/90, 19000, JC Penney 10/2008 4700, US Bank Cash 08/2010 12,000 Citibank Custom Cash 5/2015 11,100 State Dept. FCU 20,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 08/23/2024 Langley FCU Signature Cash Back Visa 10000
Bank: Ally Bank Credit Unions: Lafayette FCU Fortera FCU State Department FCU Pelican State CU Redstone FCU Hughes FCU, LangleyFCU
My personal blacklist Bank of America Synchronny Bank Wells Fargo Capital One TD Bank Comerica Bank
Message 4 of 7
ChargedUp
Senior Contributor

Re: Good scores, high Util, want new cc for 0% balance transfer & to lower UTI

How high of an amount are we talking about here?  (Bank of the West starts most everyone off with a $3K limit, which isn't much.)

 

If you have the means to join, I'd say try Navy Fed CU. Otherwise I've been getting BT checks from PNC, NASAFCU and Elan on seemingly a monthly basis... You could try one of them. If you're in their footprint, Truist does soft pull pre-approvals so trying them out won't hurt anything.

 

Or you could try a personal loan to get your utilization down and shift the debt from revolving to fixed loan category. Let reports update, then apply for a zero interest card and use a BT check to pay off the personal loan. (Make sure the personal loan doesn't have a penalty for early payment.)

Message 5 of 7
SweetCreditObsession
Valued Contributor

Re: Good scores, high Util, want new cc for 0% balance transfer & to lower UTI


@ChargedUp wrote:

How high of an amount are we talking about here?  (Bank of the West starts most everyone off with a $3K limit, which isn't much.)

 

If you have the means to join, I'd say try Navy Fed CU. Otherwise I've been getting BT checks from PNC, NASAFCU and Elan on seemingly a monthly basis... You could try one of them. If you're in their footprint, Truist does soft pull pre-approvals so trying them out won't hurt anything.

 

Or you could try a personal loan to get your utilization down and shift the debt from revolving to fixed loan category. Let reports update, then apply for a zero interest card and use a BT check to pay off the personal loan. (Make sure the personal loan doesn't have a penalty for early payment.)


Love this idea.



(+102) | (+106) | (+151)
| TU Fico 9: ? | Exp Fico 9: ? | EQ Fico 9: ?| EQ Fico 8 Bankcard: TBA

Initial Goal: Min. 740 w/all CRAs - Met
Interim Goal: 780 w/all CRAs - Met
Current Goal(s): Min. 800 w/all CRAs
Gardening Until: ??/??/202?| Last App: 10/20/2023





Message 6 of 7

Re: Good scores, high Util, want new cc for 0% balance transfer & to lower UTI

Sorry for the delayed response. 
Unfortunately, to the tune of almost $55k of $110k available credit.  I do like the idea of a personal loan to pay them off or mostly off to get my uti down. Then later a balance transfer cc to pay the loan off.  Thanks!

Message 7 of 7
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