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Hi all, not sure if I'm posting in the right section, but I've been reading the myfico broads for the past 8 mos & I'm fairly new the credit game, but I've been researching & been learning alot along the way. I debated making an account about this topic, but I decided to bite the bullet & seek out some much needed advice. I currently have 2 credit cards: Cap One secured platinum opened 4/17 started at $211, current CL $511 & was unsecured after 11 months in March & pc'ed to a quicksilver in April. Also Discover it card cashback opened 11/17, CL 2000 auto increase to $2400 in March after the 4th statement. I have no baddies/derogs, mortgage, car or student loans
My stats
AOOA: 1 yr & 3 mos
AOYA: 8 mos
AAOA: 1 yr
Income: 23,000
EX: 711
Trans: 692 from June report from the discover scorecard
EQ: no idea @ the moment I get my 3 updated scores in about week from my monthly Experian subscription. Last reported score 728 in April if that helps. Inquiries in the last 12 mos: Trans: 3, EQ: 2 ( those fall of early next year) EX: 1
I've carried slightly high balance on my Discover it card for the past 8, average 35-40% util taking advantage of the 15 months 0% APR and I'm afriad its come to bit me in the butt. I've unfortunately had a couple of rough months that has forced me to use my cards more than I would like, while in the middle of paying down including taking out 2 cash advances totaling $540, Currently my balance on the Discover it card is 1153/2000, will be 1393 (58% util) once the new cash advance reports. Currently my highest balance to date. Cap One is currently 471/511, will be lowered to about 330 (65% util) also my highest balance to date, once the statement comes out next week. I plan to have everything paid off by mid-late August & get my utilization down to 1-2%. My question is I plan to apply for the chase Freedom Unlimited & maybe AMEX BCE late October, what are my chances that I will be approved & with a decent CL & will they deny for having a prolonged high balance even with a 0% APR promo period on my discover it card. Sorry for the long post & any advice will be greatly appreciated.
Thanks for the response, you mentioned doing a recon if I'm possibly denied and that's kinda what I'm trying to avoid to having to possibly go into a long explanation of why my utilization has been high for months on end. I know Chase is like fort knox these days so even with a lower util, I still could be denied, which I'm anticipating. I already have a young file. besides until & my income is on the low side. Wanted to apply for chase & amex at the same time, as these will be my last 2 cards for a good while & have my inquiries all fall off in 2020.
@Fated4Credit wrote:Thanks for the response, you mentioned doing a recon if I'm possibly denied and that's kinda what I'm trying to avoid to having to possibly go into a long explanation of why my utilization has been high for months on end. I know Chase is like fort knox these days so even with a lower util, I still could be denied, which I'm anticipating. I already have a young file. besides until & my income is on the low side. Wanted to apply for chase & amex at the same time, as these will be my last 2 cards for a good while & have my inquiries all fall off in 2020.
You are too worried, and you're over thinking this.
Chase will not see, look at, or consider PAST utilization. Ever.
Pay your cards down to whatever utilization you want...wait for statements to cut (and update to the CRAs) and THEN apply.
Your utilization at THAT point will be the only utilization that Chase/Amex/CreepyUncleBadTouch will consider.
There's no memory on utilization.
@tcbofade wrote:
@Fated4Credit wrote:Thanks for the response, you mentioned doing a recon if I'm possibly denied and that's kinda what I'm trying to avoid to having to possibly go into a long explanation of why my utilization has been high for months on end. I know Chase is like fort knox these days so even with a lower util, I still could be denied, which I'm anticipating. I already have a young file. besides until & my income is on the low side. Wanted to apply for chase & amex at the same time, as these will be my last 2 cards for a good while & have my inquiries all fall off in 2020.
You are too worried, and you're over thinking this.
Chase will not see, look at, or consider PAST utilization. Ever.
Pay your cards down to whatever utilization you want...wait for statements to cut (and update to the CRAs) and THEN apply.
Your utilization at THAT point will be the only utilization that Chase/Amex/CreepyUncleBadTouch will consider.
I do tend to over annualized things sometimes so your not the first person to tell me that I over think too much. Just wondered if certain banks might be sensitive to high util upon further review, that's why I take care to chose a bank that won't penalize me for that.
Your total UTI is or will be around 72%. As far as FICO is concerned your Cap One is maxed. Your scores are not bad at all and if you fix your UTI then surely they will be much higher, thus improving your chances. Don't jump the gun and apply early. I don't think the big boys will like that kind of UTI with a young profile.
@Anonymous wrote:
I wonder whether you should take a small personal loan. I could see it helping in two ways. One would be that you could pay the cards down to near zero to drop your UTIL way down. The other way would be that it would diversify your account, showing an installment account as well as your revolvers. Take it for maybe $2500 and you’d zero the cards and have cash left over to help if you hit another rough patch, or you could use that money to begin paying back the loan.
I have thought about a loan in the past, but don't want to run into any trouble having to pay that back along with my other monthly expenses. Trying to get into the practice of wanting to use my cards instead of needing to. Also depending on what CB was pulled for the loan that might deny me getting in with chase on the account of too many inquiries (know that chase regularly pulls transunion, have 3 so far in last year) I'm still kicking myself that I have a double inquiry on my transunion report from T-mobile a month apart because I purchase my phone 5 days over the time frame to made it a single inquiry. Found out that little info when I tried to have it removed. At the time the sales rep said it wouldn't be a double pull since my application was good for 90 days