What would be my best move at this point?

[Anonymous]

Hello, just found out about this place a couple of days ago, and finally decided to sign up.

I have done a lot of reading today and yesterday about Credit cards and credit scores yet I still dont know whats a good move at this time for me.

I have 3 CC's. Cap1, BOFA and CITI. Total credit is 4750. Usage is at 40% due to chistmas overspending.

BOFA was my starting CC (after years of bad credit) got it for 1k 3 years ago, graduated but still at 1000 limit , I requested an CI but got denied about a year ago.

Cap 1 is 18 months old, they automatically CI to $1750  3 months after opening.

CITI is 5 months old. started at 2k.

I have recently asked for a big $$ business loan from CHASE (that was declined), but since then, I received offers for AMEX gold and AMEX green. i dont know why but I WANT at least one AMEX card sometime soon, but Im afraid to apply and then get denied... so I am trying to raise my score a bit (currently around 670) in order to have better chances.

I would pay off my CC's but I cant afford it right now, the money in my Money market account is waiting for a large business venture im about to get into.

What should I do???

Request Credit Increases on CAP1 and CITI? Is it time? or do I really need to wait another 3-6 months when my util ratio drops below 20% for my FICO to go higher, then apply? 

BTW, I have about 9 inquiries on my CR, all evenly spread in the last 18 months, almost all are mortgage related, (didnt buy after all).

Also, the AMEX apps have a space to write down approx how much cash is in my savings/checking accounts, can they really confirm this? Since I do have a small fortune there, It makes me think I have a better chance...

[improvingmycredit]

TONY-VAZ - Welcome to the Forums!  I know you will learn so very much here about anything credit.

I always recommend only applying for credit when you need to.. ei... building credit, large purchases etc.. Unfortunately, when you need it most... it's hardest to get.

With this in mind, it might not help you to be applying for credit when you are trying to secure a business venture loan.

If you don't have any baddies on your reports and you are preapproved for the Amex Gold and Amex Green then you are probably a good bet for the Amex Zync NPSL.  It's designed with a thin credit file in mind.  No pre-approvals are guaranteed but you have a better chance at approval with them then any of Amex's revolvers.

With regards to the CLI request.  It's a no go with Citi till after the 6 month statement cut.  After that, you can ask for a CLI usually with a SP.  Best if you call and ask the CSR to increase your limit but "with out" affecting your credit profile.

Cap One - pretty much terrible at increasing limits but you can try.  Which card do you have? If it's a rebuilder, then probably no go with the increase.

You can always recon with them and explain the inquiries if that's the reason for the denial. 

I hope this helps. 

If you feel the need for the Amex, then any of the pre-approvals would be the best bet and Zync being the best for a probable approval with what I know about your credit profile.

[bichonmom]

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@Anonymous wrote:

Hello, just found out about this place a couple of days ago, and finally decided to sign up.

I have done a lot of reading today and yesterday about Credit cards and credit scores yet I still dont know whats a good move at this time for me.

I have 3 CC's. Cap1, BOFA and CITI. Total credit is 4750. Usage is at 40% due to chistmas overspending.

BOFA was my starting CC (after years of bad credit) got it for 1k 3 years ago, graduated but still at 1000 limit , I requested an CI but got denied about a year ago.

Cap 1 is 18 months old, they automatically CI to $1750  3 months after opening.

CITI is 5 months old. started at 2k.

I have recently asked for a big $$ business loan from CHASE (that was declined), but since then, I received offers for AMEX gold and AMEX green. i dont know why but I WANT at least one AMEX card sometime soon, but Im afraid to apply and then get denied... so I am trying to raise my score a bit (currently around 670) in order to have better chances.

I would pay off my CC's but I cant afford it right now, the money in my Money market account is waiting for a large business venture im about to get into.

What should I do???

Request Credit Increases on CAP1 and CITI? Is it time? or do I really need to wait another 3-6 months when my util ratio drops below 20% for my FICO to go higher, then apply? 

BTW, I have about 9 inquiries on my CR, all evenly spread in the last 18 months, almost all are mortgage related, (didnt buy after all).

Also, the AMEX apps have a space to write down approx how much cash is in my savings/checking accounts, can they really confirm this? Since I do have a small fortune there, It makes me think I have a better chance...

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Your util is really high to be approved for any CCs right now. I would pay all your CCs to zero and leave a bal of under 10% (or 20% MAX) on ONLY one CC. Your score should also improve with that.

Do NOT ask for a CLI w/Cap One, as it will be a HP  on your CR. Also, depending on what type of Cap One CC it is, you probably wouldn't get a CLI anyway. They only do customer-initiated CLIs on their prime CCs.

I think your best bet is to wait a few months, so your util will be lower and your inq will age a bit. Then you should be able to get approved for an Amex Zync or Green.

I just did 2 Amex apps and the Zync app did ask about savings accts. I think it gave a choice of ranges of amounts. Amex can always FR you, so I would in no way inflate that number if I were you! You could always go to the website and click on "apply" for whichever card you want and just look at the app without submitting it.

[improvingmycredit]

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@bichonmom wrote:

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@Anonymous wrote:

Hello, just found out about this place a couple of days ago, and finally decided to sign up.

I have done a lot of reading today and yesterday about Credit cards and credit scores yet I still dont know whats a good move at this time for me.

I have 3 CC's. Cap1, BOFA and CITI. Total credit is 4750. Usage is at 40% due to chistmas overspending.

BOFA was my starting CC (after years of bad credit) got it for 1k 3 years ago, graduated but still at 1000 limit , I requested an CI but got denied about a year ago.

Cap 1 is 18 months old, they automatically CI to $1750  3 months after opening.

CITI is 5 months old. started at 2k.

I have recently asked for a big $$ business loan from CHASE (that was declined), but since then, I received offers for AMEX gold and AMEX green. i dont know why but I WANT at least one AMEX card sometime soon, but Im afraid to apply and then get denied... so I am trying to raise my score a bit (currently around 670) in order to have better chances.

I would pay off my CC's but I cant afford it right now, the money in my Money market account is waiting for a large business venture im about to get into.

What should I do???

Request Credit Increases on CAP1 and CITI? Is it time? or do I really need to wait another 3-6 months when my util ratio drops below 20% for my FICO to go higher, then apply? 

BTW, I have about 9 inquiries on my CR, all evenly spread in the last 18 months, almost all are mortgage related, (didnt buy after all).

Also, the AMEX apps have a space to write down approx how much cash is in my savings/checking accounts, can they really confirm this? Since I do have a small fortune there, It makes me think I have a better chance...

---

Your util is really high to be approved for any CCs right now. I would pay all your CCs to zero and leave a bal of under 10% (or 20% MAX) on ONLY one CC. Your score should also improve with that.

Do NOT ask for a CLI w/Cap One, as it will be a HP  on your CR. Also, depending on what type of Cap One CC it is, you probably wouldn't get a CLI anyway. They only do customer-initiated CLIs on their prime CCs.

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+1

Thanks Bich - I forgot to add that.   Your utility is high for an Amex.  I'd also focus on this before applying.  Also - please note the HP statement regarding Cap One.

[LS2982]

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@Anonymous wrote:

Hello, just found out about this place a couple of days ago, and finally decided to sign up.

I have done a lot of reading today and yesterday about Credit cards and credit scores yet I still dont know whats a good move at this time for me.

I have 3 CC's. Cap1, BOFA and CITI. Total credit is 4750. Usage is at 40% due to chistmas overspending.

BOFA was my starting CC (after years of bad credit) got it for 1k 3 years ago, graduated but still at 1000 limit , I requested an CI but got denied about a year ago.

Cap 1 is 18 months old, they automatically CI to $1750  3 months after opening.

CITI is 5 months old. started at 2k.

I have recently asked for a big $$ business loan from CHASE (that was declined), but since then, I received offers for AMEX gold and AMEX green. i dont know why but I WANT at least one AMEX card sometime soon, but Im afraid to apply and then get denied... so I am trying to raise my score a bit (currently around 670) in order to have better chances.

I would pay off my CC's but I cant afford it right now, the money in my Money market account is waiting for a large business venture im about to get into.

What should I do???

Request Credit Increases on CAP1 and CITI? Is it time? or do I really need to wait another 3-6 months when my util ratio drops below 20% for my FICO to go higher, then apply? 

BTW, I have about 9 inquiries on my CR, all evenly spread in the last 18 months, almost all are mortgage related, (didnt buy after all).

Also, the AMEX apps have a space to write down approx how much cash is in my savings/checking accounts, can they really confirm this? Since I do have a small fortune there, It makes me think I have a better chance...

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I would pay the balances down to get the overall util. around 5% and garden for 6 months before going to AMEX.

[Anonymous]

Thanks to all for the replies, my Cap1 is platinum, with rewards, not a secured CC. I dont know much about AMEX zinc zpsl? whats that about? And, yeah, sounds like I wil need to wait and let the flowers grow huh...

[percy81]

From my own experience, capital one DOESN'T  give requested cli. I opened with them in dec 2010 and started at 300 cl they bumped me to 500cl and around dec of 2011 bumped me to 1,000.00 I've tried asking for an increase with the same "you're due for a review resonse" request denied even though when i opened with them my credit was poor and now in the mid 700's they wont budge even with the " i have a chase freedom 3000k limit threat". Good luck! Cap one is soon to be stuck in the drawer where all the socks with holes in them go!!!

[Anonymous]

actually I would want them.to see my accounts, my savings balance is almost equal to.a.year of my salary. So I would think that would help..right?

[laboi_22]

You can check to see if you are prequalified for AMEX on their website. Although prequalification does not mean automatic approval, it can help you decide if it is time to try for an AMEX product. I would start with a charge charge since the revolvers are hard to get. Also regarding the amount of money you have access to: AMEX only takes into consideration, during the inital application, your total household income. Good credit card income sources to make sure you understand what qualifies as income. This is the only time AMEX will require you to disclose. This may or may not help you get any of their products. You do not want AMEX having free range with your income sources. There exists a little thing called financial review(FR). This will have you allow AMEX the opportunity to see your last year filed taxed returns while placing your accounts on hold. This would allow them to see the money you have saved and how much you paid in taxes last year including income. Again this usually happens after approval and is random. No one knows why they must submit to a FR with AMEX. This is something you do not want. So just answer income questions and if you are approved use the account like normal. 

I would start with a prequal since this is only a SP. Only my thoughts/suggestions

[aamex]

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@Anonymous wrote:
actually I would want them.to see my accounts, my savings balance is almost equal to.a.year of my salary. So I would think that would help..right?

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Idk how much a years worth of salary is for you. But, if you have a hefty savings 5k should be nominal. Get rid of the balances, wait a month, let them report to the bureaus, pull your CRs see where your score is then give amex a try. They will then see 0% UTIL plus your savings (if it matters). My two cents is your chances will be signicantly better..and off course the longer you wait with a clean report the better your chances are because age my help your file. 

I've had the zync before I'd just look to see if it fits your lifestyle before your apply.