Seeking advice on how to improve credit when utilization is high

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Thank you @K-in-Boston !  It really helps to hear all of this.  

[tcbofade]

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@Expansion wrote:

@tcbofade thanks so much for your reply!  I really appreciate your random thoughts.  It is extremely encouraging and helpful

Thank you so much for the way you broke it all down!

Right now I am paying interest on my CCs, except for my Discover balance that has a 0% offer on it right now.

I appreciate the tip about the Discover prequalify tool.  For some reason I always forget to check for that.  

I went ahead and was prequalified, and then went ahead and submitted -- I've had a really good experience with the Discover card I already have.

Sadly, the credit line is only $4,000, which isn't much help for BTs when I'm trying to move each individual card from 67 to 47% utilization.  

Is it worth calling customer service to ask for a higher credit line?  My other Discover has a CL of $13,500, so I was expecting something somewhat in line with that. 

With PenFed, should I just accept the offer they sent me for Platinum (which now has a 12 mont BTO), and then ask to convert to Gold, which has a longer BT offer (15 months)?   Since I just applied for Discover, do I need to wait to space things out?  

Just one or two BT offers I'm planning to grab - don't worry, I won't get silly with it

Thank you for everything

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PenFed.  Yes, I'd accept the offer and apply for a different card in six months or so.

Discover.  You can try calling them, I don't think that it will help much.

Earlier in the thread, I suggested a second Navy Platinum card to you.  Did you try that?  (No BT fee, and a 12 month zero percent offer when you open it.)

...and as an existing card holder, I'd expect your second card to have a noticeably higher limit... not always the case, but generally so.

Good luck!

[tcbofade]

No.  Don't wait to "space things out".  You are paying interest every month.

Discover pulls TU.

PenFed pulls EQ.

FNBO pulls EX.  (...and also has a prequalify tool)

That would be one on each CRA... and I can't remember if NFCU pulls Equifax or TU for credit cards currently, but it's worth another pull in my opinion.

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Thanks so much, @tcbofade !  

Thank you for the reminder about a 2nd Navy Federal Platinum card.  I was waiting on getting an offer, and hadn't gotten one.  I went ahead just now and tried the pre-qualify tool, and when I clicked "apply" it said I wasn't eligible and would get a letter in the mail about why.  When I actually got my first Navy Federal card, I wrote a recon letter and it worked (and the gave me a $10k CL).  Worth a recon?

Or just stick to new Discover with $4k line and first PenFed Platinum, if they approve me?  

Did you bring up FNBO just because it's an easy approval?

Thank you for all your insight and suggestions!

[tcbofade]

Yes.

...and comes with a zero percent for 12 month offer...

[tcbofade]

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@Expansion wrote:

Thanks so much, @tcbofade !  

Thank you for the reminder about a 2nd Navy Federal Platinum card.  I was waiting on getting an offer, and hadn't gotten one.  I went ahead just now and tried the pre-qualify tool, and when I clicked "apply" it said I wasn't eligible and would get a letter in the mail about why.  When I actually got my first Navy Federal card, I wrote a recon letter and it worked (and the gave me a $10k CL).  Worth a recon?

Or just stick to new Discover with $4k line and first PenFed Platinum, if they approve me?  

Did you bring up FNBO just because it's an easy approval?

Thank you for all your insight and suggestions!

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hmmm.  Wait for the letter.  Read it.

That one surprises me.

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Was that "Yes" to all the questions at the end, or just "yes" about FNBO being an easy approval?   Just want to make sure I understand.  Thank you so much @tcbofade   Sending you propserous Saturday vibes

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Oh I think we were cross-posting there maybe   I see more of your answers now, thank you thank you!

[tcbofade]

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@Expansion wrote:

Was that "Yes" to all the questions at the end, or just "yes" about FNBO being an easy approval?   Just want to make sure I understand.  Thank you so much @tcbofade   Sending you propserous Saturday vibes

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I'll confess that it was an answer about FNBO being an easy approval... with a BT offer... and an Experian puller...

...but it also applies to your other questions.  By all means, call Discover and ask for a higher credit line, I don't think it will do you much good.

I would apply for the PenFed card that you have the offer for, wait for six full statements to cut, then consider applying for another PenFed card.

Like you, I have WAY too much credit card debt.  Unlike you, I am not paying interest on any of it. 

It's work, but it can be done.  

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You have given me a LOT of inspiration, and I really appreciate your input!