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I have to max out CC’s for Emergency - need advice

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Anonymous
Not applicable

Re: I have to max out CC’s for Emergency - need advice


@CreditInspired wrote:
So far, all good advice.

Is it possible not to max out all 9 cards simultaneously. Maybe staggered, while continuously making min payments. I just fear that if you do all at the same time, AA is going to happen immediately. Also, do you have to max them out? Can balances stay at least at less than 68.9%.

EDIT: Are you going to be using the cards CA? If yes, I think this will set off alarms.

GL2U

It IS possible I won’t have to MAX out each card.  I may possibly be able to stay under 68.9% .   Why that number?

 

What is CA please?

Message 11 of 33
Anonymous
Not applicable

Re: I have to max out CC’s for Emergency - need advice

The emergency doesn’t include hospitals or doctors. 🙁

Message 12 of 33
CreditInspired
Community Leader
Super Contributor

Re: I have to max out CC’s for Emergency - need advice


@Anonymous wrote:

@CreditInspired wrote:
So far, all good advice.

Is it possible not to max out all 9 cards simultaneously. Maybe staggered, while continuously making min payments. I just fear that if you do all at the same time, AA is going to happen immediately. Also, do you have to max them out? Can balances stay at least at less than 68.9%.

EDIT: Are you going to be using the cards CA? If yes, I think this will set off alarms.

GL2U

It IS possible I won’t have to MAX out each card.  I may possibly be able to stay under 68.9% .   Why that number?

 

What is CA please?


 

Well there are several threshholds:

 

  • > 89.9% maxed out
  • < 68.9% high, but not maxed out
  • < 48.9%, mid-high and a 50/50 chance at report being peaked at (my wording, not fact)
  • < 28.9% good, does not draw attention to one's self
  • < 8.9% is beautiful

CA is Cash Advance


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 13 of 33
ChargedUp
Senior Contributor

Re: I have to max out CC’s for Emergency - need advice

Eesh! I don't see anyone in your card line up that tends to get particularly skittish, but you've got some lenders there that are expensive to deal with. Credit One and Surge are super high interest. While you're going to need all the credit line padding you can get, Surge is probably costing you more than it's worth. It's only a $300 CL, and I'm on the fence with telling you to get rid of it, so you can use the money that they charge in fees and put it towards your expenses on the other cards.

Look up BB&T and see if you're in their geographical footprint. They've been doing soft pull approvals, so it wouldn't hurt to try for one of their cards.

Another suggestion is to go on the Amex website and see if you pre-qualify for a green charge card. If you get this and take the POT option, they might give you some lead way on allowable spend and you would be able to make monthly payments with the POT feature. On top of that, being a charge card vs. Credit card, the balance won't affect your FICO utilization.
Message 14 of 33
Remedios
Credit Mentor

Re: I have to max out CC’s for Emergency - need advice

If you decide to proceed with your plan, any balance on your existing cards will be tragic because of interest, you cannot really calculate time to paydown without taking interest into account. 

 

Maxing out Credit One, Merrick, Indigo, Capital One and QS is really bad idea. Even Citi, depending on APR  

 

So, out of $500.00 you're planing on paying per month,  a lot will be applied towards interest. If you borrow $8000, you wont be repaying $8000 unless balances are on 0% promo. 

 

Trying to pay off $8000.00 is going to be hard. You will add thousands in interest. 

I really urge you to reconsider this plan. 

 

Also, even if there is no balance chasing or card closure, should you need credit for any reason, it wont be easy because of utilization. 

I dont know what this "emergency" is , it's none of my business, but seeing how you're discussing it ahead of time, it seems to me like it's more of a "plan" than an emergency. 

 

I think you should explore all the other avenues before proceeding with this 

 

I hate to say this, but I dont see this plan ending well.

 

Your scores will drop a lot, so when your 680 becomes 600 or less, AA is to be expected from some lenders. Some like Credit One wont care because that's exactly what they want. 

 

I would not play with the cards you have. If you can, try to get new cards with low or 0% interest. 

 

Message 15 of 33
Anonymous
Not applicable

Re: I have to max out CC’s for Emergency - need advice


@CreditInspired wrote:

@Anonymous wrote:

@CreditInspired wrote:
So far, all good advice.

Is it possible not to max out all 9 cards simultaneously. Maybe staggered, while continuously making min payments. I just fear that if you do all at the same time, AA is going to happen immediately. Also, do you have to max them out? Can balances stay at least at less than 68.9%.

EDIT: Are you going to be using the cards CA? If yes, I think this will set off alarms.

GL2U

It IS possible I won’t have to MAX out each card.  I may possibly be able to stay under 68.9% .   Why that number?

 

What is CA please?


 

Well there are several threshholds:

 

  • > 89.9% maxed out
  • < 68.9% high, but not maxed out
  • < 48.9%, mid-high and a 50/50 chance at report being peaked at (my wording, not fact)
  • < 28.9% good, does not draw attention to one's self
  • < 8.9% is beautiful

CA is Cash Advance


Thanks!  NO ... no cash advance.

Message 16 of 33
Anonymous
Not applicable

Re: I have to max out CC’s for Emergency - need advice


@Remedios wrote:

If you decide to proceed with your plan, any balance on your existing cards will be tragic because of interest, you cannot really calculate time to paydown without taking interest into account. 

 

Maxing out Credit One, Merrick, Indigo, Capital One and QS is really bad idea. Even Citi, depending on APR  

 

So, out of $500.00 you're planing on paying per month,  a lot will be applied towards interest. If you borrow $8000, you wont be repaying $8000 unless balances are on 0% promo. 

 

Trying to pay off $8000.00 is going to be hard. You will add thousands in interest. 

I really urge you to reconsider this plan. 

 

Also, even if there is no balance chasing or card closure, should you need credit for any reason, it wont be easy because of utilization. 

I dont know what this "emergency" is , it's none of my business, but seeing how you're discussing it ahead of time, it seems to me like it's more of a "plan" than an emergency. 

 

I think you should explore all the other avenues before proceeding with this 

 

I hate to say this, but I dont see this plan ending well.

 

Your scores will drop a lot, so when your 680 becomes 600 or less, AA is to be expected from some lenders. Some like Credit One wont care because that's exactly what they want. 

 

I would not play with the cards you have. If you can, try to get new cards with low or 0% interest. 

 


Well, I’ve been trying for the last 2 days, and have been denied all cards I’ve apped for.

 

Thank you for all the ideas, suggestions and caring. 

Message 17 of 33
Remedios
Credit Mentor

Re: I have to max out CC’s for Emergency - need advice

@Anonymous  Do you know yet why you were denied? 

 

 

Message 18 of 33
GApeachy
Super Contributor

Re: I have to max out CC’s for Emergency - need advice


@Anonymous wrote:

The emergency doesn’t include hospitals or doctors. 🙁


To help you more...what is the emergency?  Bail?...bonding someone out?  You mentioned the value of your house, so do you need advice in that issue?  If not, what exactly is your emergency (only if you are comfortable to explain...but someone, somewhere has "been there; done that")

My Take Home Pay Don't Take Me Home
Message 19 of 33
Anonymous
Not applicable

Re: I have to max out CC’s for Emergency - need advice


@Remedios wrote:

@Anonymous  Do you know yet why you were denied? 

 

 


Yes ...

too many inquiries in the last 6 months 

collection baddies (I’m paying on these monthly, $900 to go)

Line of credit not PIF - also paying monthly (1300 to go)

A few denials mentioned my 3 personal loans that are still being paid on.

Message 20 of 33
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