cancel
Showing results for 
Search instead for 
Did you mean: 

Seeking advice on how to improve credit when utilization is high

tag
Expansion
Regular Contributor

Re: Seeking advice on how to improve credit when utilization is high

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

Message 81 of 163
tcbofade
Super Contributor

Re: Seeking advice on how to improve credit when utilization is high


@Expansion wrote:

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

 

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 Smiley Happy

 

Thank you for everything Smiley Happy


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!

06/01/24 Fico 8: EX 763, EQ 808, TU 783.
Fico 9: EX 768 05/13/24, EQ 787 05/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 82 of 163
tcbofade
Super Contributor

Re: Seeking advice on how to improve credit when utilization is high

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.

 

06/01/24 Fico 8: EX 763, EQ 808, TU 783.
Fico 9: EX 768 05/13/24, EQ 787 05/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 83 of 163
Expansion
Regular Contributor

Re: Seeking advice on how to improve credit when utilization is high

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!

 

 

 

Message 84 of 163
tcbofade
Super Contributor

Re: Seeking advice on how to improve credit when utilization is high

Yes.

 

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

06/01/24 Fico 8: EX 763, EQ 808, TU 783.
Fico 9: EX 768 05/13/24, EQ 787 05/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 85 of 163
tcbofade
Super Contributor

Re: Seeking advice on how to improve credit when utilization is high


@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!

 

 

 


hmmm.  Wait for the letter.  Read it.

 

That one surprises me.

06/01/24 Fico 8: EX 763, EQ 808, TU 783.
Fico 9: EX 768 05/13/24, EQ 787 05/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 86 of 163
Expansion
Regular Contributor

Re: Seeking advice on how to improve credit when utilization is high

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

Message 87 of 163
Expansion
Regular Contributor

Re: Seeking advice on how to improve credit when utilization is high

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

Message 88 of 163
tcbofade
Super Contributor

Re: Seeking advice on how to improve credit when utilization is high


@Expansion wrote:

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


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.   Smiley Wink

06/01/24 Fico 8: EX 763, EQ 808, TU 783.
Fico 9: EX 768 05/13/24, EQ 787 05/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 89 of 163
Expansion
Regular Contributor

Re: Seeking advice on how to improve credit when utilization is high

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

 

Message 90 of 163
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.