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Should I App Spree at 30% util?

Regular Contributor

Should I App Spree at 30% util?

Hello everyone!  First off, I love this forum.  I just wish I found it right after my BK.  Ok, on to the question...


My BK was discharged on 2/2012.  Since then I have 2 CC's (Credit One - $400 and Merrick Bank $1400).  Merrick just increased my CC from $700 to $1400 last month.  I didn't request it, it just happened since I've been on time.  I just got a pre-approval from Cap One for their Platinum Master Card with 0% in the mail.  Should I apply for this even if my current util is at 30%?  Or should I wait until I pay down to <10%?  There is an expiration date on this letter of 4/1.  I should note that I did burn them in my BK.


Also, I just opened an account with NFCU since I've been reading so many good things about them.  I want to include NFCU in my app spree as well.


I do have some INQ's because I was shopping for a car loan (before I found this wonderful website).  But after thinking about it and since I still have a car that runs, I figured I would save up and work on my scores first.  Then maybe purchase the car I want in a couple years.


My EQ is at 666...  what a number! Smiley Indifferent

Message 1 of 18
Moderator Emerita

Re: Should I App Spree at 30% util?

Welcome to the forum!

IMO, I would get your util down if you are thinking about apping. I wouldn't app with Cap1 if you are a member of NFCU. How many inq's are we talking about? And if you were car shopping, they should be counted as 1 inq if you were looking during a specified time period. Ie 7 inq over 2 weeks would out as 1 against your score.
Message 2 of 18
Regular Contributor

Re: Should I App Spree at 30% util?

Thanks Lexie!  It's great to be here.


Why not app with Cap 1 if I'm a member of NFCU?  Just wondering.


As for the auto loan shopping, it was definitely within a 2 week timeframe.  According to my EQ on this site, I'm only showing 2 inqs.  I haven't recently pulled my TU.

Message 3 of 18
Moderator Emerita

Re: Should I App Spree at 30% util?

Let me clarify- I think you will get more bang for your inq with NFCU. One inq, usually a higher initial CL and until lately - Cap1 has not been quick on CLI ( that has been changing some lately )

Not saying you can't have both but if you wanted to choose one over the other, I would go with NFCU.
Message 4 of 18
Established Contributor

Re: Should I App Spree at 30% util?

Don't app with 30% util. Get that util down to under 5% with only one card reporting a balance.


I would suggest you go for and NFCU card first, then the Cap1, then cancel the CreditOne. Merrick is ok in my book because you get a free score with it every month. to me that's worth the $3 monthly fee or whatever they charge.

DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Message 5 of 18
Regular Contributor

Re: Should I App Spree at 30% util?

Thank you both!


I will take your advice and wait and pay down my util to under 5%.  I definitely want to get in with NCFU first so that's where I will app first.


If I were to app with both, how long should I wait between applications?

Message 6 of 18
Moderator Emerita

Re: Should I App Spree at 30% util?

You might as well do them both at the same time. As far as the low util% , it is suggested <9% but that is not set in stone. I have apped at higher %, it is really up to the lender and your credit profile.

It's a definite YMMV

Good luck.
Message 7 of 18
New Contributor

Re: Should I App Spree at 30% util?

Cap1 is kind of a useless card and they are stingy with their credit limits. I have it only because it was my first card and used it to build history. If you already have some other cards, just garden em a bit and go for a prime card. I'm new here so I don't really know how much impact the BK has but I do know you can get a Freedom with an upper 600 score. But like I said, I don't know how much the BK affects it but I know my brother got it with a score in the 600s and tons of late payments.


But I will guarentee that once your score goes up, the Cap1 is sockdrawered =) I'd personally garden and save the inq but still get the NCFU

TU: 730 (Lender Pull) ; EQ: 738 (MyFico)
Barclay's Sallie Mae 5% Mastercard $1k(4/2013)- My main beach
Chase Freedom $3k (3/2013) - My side beach
Amex BCE $6k (3/2013) - When I feel like a boss
Crapital One Platinum $750 (2/2010) - When I feel like a n00b
Message 8 of 18
Regular Contributor

Re: Should I App Spree at 30% util?

Thanks Tatterz!


I would love to go with Chase after my score gets better, but I've burned them in my BK.  So I don't want to waste an inq on them.  Same goes for Citi and Barclays.  So for prime cards I'm looking at Amex and Discover.  I did get a pre-approval letter from Discover, but I tossed it (this was before I found you guys). 


So for now, I'll wait and drop my util down to <10% then app with NCFU for sure.  I'd like to add a couple more to the mix.  I'm open to suggestions!!!

Message 9 of 18
Super Contributor

Re: Should I App Spree at 30% util?

You can try Bank of America. You might have to start with a secured card, but they seem to be the easiest to get out of the prime lenders
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 10 of 18