getting a new credit card

[Anonymous]

Is it possible to find another credit card to apply for with a 0% balance transfer option or a good balance transfer apr?  I have no baddies on my report and my TU score is 608.  I think the others are close behind.  I have several credit cards/revolving accounts and have high utilization, around 90%.  I know its high and I am really starting to pay them down, thanks to hubby being able to help with the bills now that he has a higher paying job.  And ofcourse I can't balance transfer to them cause there isn't enough available credit on them.   My BOA card has the 0% interest that is getting ready to go to 22.49% interest towards the end of May and I am going to hit this one first.  Just saying that opening another card with a good balance transfer rate would help quicker than I can paying on it with such a short time before interest goes sky high.  I have been actively trying to find a good rate with different credit cards and therefore have 10 inquires on TU because of it.  And guess what, they all ended in denials.  All the denials have been with online apps.  Do you know of any that would do a manual review?  Do you think recon would work for any of them?  And how would you suggest my storyline go?  Any and all help will be apprecited.  Also have 27 mixed tradeslines (installment, revolving, mortgage) and average age of oldest account is 4 years, 9 months.  Also, opening a new revolving tradeline will help with utilization, right? Thats if I can ever find one.  Thanks in advance to all that read/reply...

Michelle

[Anonymous]

Hi Michelle, welcome to the forum! There's a wealth of information here to help you on your credit journey.

I hate to say this but, with your score, multiple inquiries and maxed out cards, ccc's are looking at your CR as if you are in extreme financial stress, and you'll keep getting denials. Red flags are going up all over your CR.

Is there any way you can stop using your cc's cold turkey and start paying down the balances? The utilization and # of inq's are hurting you majorly badly.

You will see a substantial score rises when you start reducing your utils below 50% and beyond.

[NICKI183]

I totally agree with Sylvia. You have to get your utility down before people will look at you.  I started tosee the DECLINES actually state " too high balances" as a reason as to why I didn't the cards.

Good luck !!

[Anonymous]

Yes, there is a way that I can stop using them cold turkey.  That's what I began doing last week.  I took them out of my wallet and put them in a nice cozy place,,lol, my sock drawer and that's where they will stay for a long time.  If I decide to get them out, it will only be to run them through the shredder.  Thanks much for that idea, it is a great one.  Anymore ideas are also appreciated.  Have a great day.

Michelle

[Anonymous]

Good for you Michelle! I did exactly the same thing last year when I woke out of my credit coma.

Took them out of my wallet, put them in an envelope and stored them away in my lingerie drawer for a full 3 months. When I sock drawered them my TU PFICO score was 521. That was February, 2007. By July the score had risen to 681. And the ONLY thing I did was to pay down and/or off all the balances.

Good luck to you!

[Anonymous]

Which is safer, the sock drawer or the lingerie drawer?

[Anonymous]

Lingerie by a long shot, as I only have 6 or 7 pairs of socks, and it doesn't hide the envelope.  And you can see through stockings(they are in with the socks.   

The lingerie drawer is an ENTIRELY different matter. lol

'nuff said. QED

[Anonymous]

Well, I have an update already.  I figured out that Macys wasnt reporting on my TU account and thats because I havent purchased anything with it.  So, I made a small purchase for a total of $13 (the cheapest thing I could find on their website plus the shipping of course) and its already reporting on TU and my score has went from 608 to 622 already.  I guess that small $300 credit line helped with utilization more than I thought it would.  I added a few more TL's like, CJ, kays, jareds, bloomies, and jb robinson and am done applying unless its a card that everyone can seem to get...lol.  Now I  just have to wait for these to show upand report.  I made a small purchase with CJ because I was told that's the only way that it will report.  I made a small purchase with bloomies to be on the safe side since its affiliated with macys some way some how.  Do I have to purchase anything with the kays, jareds, and jb robinson for them to report?  Thanks to these boards, I have learned a few tricks of the trade, but it didn't happen overnight.  So thanks so much to OP that have made this all possible.  I'm so excited and its only a 14 point increase, but at this point, I will take every little point I can get... Thanks again..

Michelle

[Anonymous]

Michelle, that's a great score rise in such a short time.

Yes, use the kays, jareds, and jb robinson for small amounts that you can pay in full when you get the statements.

Are you still working to get those utils down? THAT will be the best thing you can do for big score increases.

[Anonymous]

Yes, I just started working on my utilization not long ago.  I didn't plan on using kays, jareds, or jb robinson unless you absolutely have to buy something in order for them to report.  I got my kays card in the mail yesterday.  When I initially applied for it, it said I was approved for $500 and when I called to find out my credit line it said it was $1500.  Will each card (kays, jareds, and jb robinson) report a $1500 credit line or will each card report a $500 credit line on my credit reports?  Thanks for the info, this forum is great.  Not only do you find great information here, but you also get great advice along with alot of encouragement.  I couldn't do it without ya guys/gals.  Thanks a million...

Michelle