This past Feburary, I applied for and was approved for the NavyFed platinum card. My plan was to do a $2200 balance transfer from my Barclays Arrival Plus card in preperation for international travel next month. This card has been discontinued and I'm not sure if i will be able to keep it after it expires at the end of the year, but I digress.
I "incorrectly" assumed, based on the data points, that I would receive a SL around $10K+. I was only approved for $2500. Now i have a new card with 89% utilization that is starting to impact my scores. I requested a SL reconsideration which resulted in a 2nd hard pull and ultimate denial. I can pay off the new card, but that would defeat the purpose of getting it for the 0% balance transfer apr for (I can't remember the terms). Also, I could have simply paid off the Barclays balance and saved myself 2 hard inquiries and this high utilization card.
I'm curious if this new, high utilization card will be ok in the short term or should I just cut my losses and pay off the balance???
Yeah. That was a disappointing.
I tried to do a product change but the said I couldn't do it because my interest rate would change from 17.99 to 18, lol. So I guess I'll just roll with it. I'm gardening anyway so, at this moment, it's not life or death
Wonderful! Congratulations on your 
Platinum Card APPROVAL!!
Congratulations on your approval! Sorry to hear the limit wasn't what you were hoping for and the issues it's caused with your balance transfer and utilization.
If you don't have any major plans to apply for other things right now you should be ok just taking your time to pay down this balance transfer. Utilization has no memory. The points you lose on your FICO scores for having 89% utilization should be given back to you as you continue to pay the balance down. Best wishes to you with whatever you decide to do!
Thanks. That's the advice i needed. I'm gardening until the end of the year so I will just chip away at it over the next few months while gardening.
@SeeSaw wrote:Thanks. That's the advice i needed. I'm gardening until the end of the year so I will just chip away at it over the next few months while gardening.
You answered your question, you're gardening for now. Your score is only good to take on additional debt, if you're not looking to get another card (debt) it doesn't matter what CU is at and what that does to your score. Once you pay it down/off the scores rebound next cycle but do it in a timeframe that benefits you by obtaining that card for the transfer of balance- Congrats!
Sounds great. I appreciate that info. I didn't think about it that way. I also didn't want to have any of my current banks freaking out because my scores were trending down.