Prime Card Application Question

[sihil]

Hi everyone. I have FICO scores of 649 (EQ), 660 (TRANS) and 661 (EXP). I recently received pre-approvals for Discover It, and Chase Slate. I have 3 other credit cards, (2) Capitol One cards with limits of $700 ($600 utilized) and $300 ($200 utilized), and Value City $3,000 ($1,000 utilized). I have two judgments paid paid and showing as satisfied on my reports and one collection showing as paid in full. I have one 30 day late from September 2011 on one of my Capitol one cards. Do you think it is a good idea to apply for these cards or wait until I get my utilization down?

[parakleet]

Considering your recent baddies, I'd definitely wait until you get your UTL down as much as possible before apping. Have you tried GW letters for your 30d late on cap1? The rebuilding forum will probably have lots more help available on how to handle your baddies.

[sihil]

Thanks for your response. I will get the utilization down in November. As far as the 30 day late, I have sent goodwill letters and spoke to Cap one but no go on the deleting the 30 day late.

[Creditaddict]

Well the whole point of of the Slate is for 0% and $0 BT fee so I would apply for that now and see if you get enough to move all of your debt over to it for the 0%... then upon that updating on your credit report to just 1 card with balance apply for the other.

[sihil]

Great advice creditaddict!

[takeshi74]

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@sihil wrote:

Do you think it is a good idea to apply for these cards or wait until I get my utilization down?

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Not if you're only applying because of preapprovals.  Make sure you only apply for cards that are a good fit for your needs/wants.

Overall utilization is above the 30% recommended max.  However, you have cards at 85% and 66% utilization that you'll want to signficantly decrease.  It's certainly possible to get approvals with high utilization but you're not likely to get favorable limits and APR's.