Seeking advice on how to improve credit when utilization is high

[Expansion]

Update: I was approved for the PenFed CC with an $11,000 CL!!  

Today is my first day of a week of vacation, and I kept thinking about all of these cards and offers and applications, and I just had a feeling I should go ahead and apply with the PenFed offer, so even if it was denied I would just know instead of it hanging over my head during my vacation.

When I was filling in the application from the offer in my account, the website kept glitching, so I restarted my computer.

Then when I logged back in, I couldn't find the offer anywhere!!  eeek!! 

So I called PenFed customer service and told them what had happened.

The CSR told me that I had been approved for $11k and that the new card would arrive in about 2 weeks. 

I am ecstatic!!  I have wanted a card with PenFed for like a DECADE!  And that sweet CREDIT LINE!  

I went ahead and activated the new Discover card.   (BTW, before I applied for PenFed I called Discover and asked about a higher limit.  They said since it's a brand new card, I would need to wait 6 months before asking.  And that then they would do a SP to EXP.  Yes I asked because I am savvy that way because you guys are training me.)

OK, so then I went ahead and set up small balance transfers to bring the AmEx and Santander utilization down to 47%, while keeping the utilization on the new PenFed card at 47%.  And also did a transfer to reduce the utilization on the Barclay Ring down to 61%.  (We're getting there.)

I looked at my numbers, and using the new PenFed card at 47%, I can do BTs to bring all remaining cards down to 47% individual utilization, except for the Discover which is already at 0% interest.   (And is inching down the fastest since there is no interest.)

Hoooray!!!  Thank you so much for your help @FinStar , @K-in-Boston, @tcbofade, @Anonymous , @Anonymalous, and all others who have helped me get here --

it is 6 months and 1 day exactly since I started this thread, and I don't think I would have expected to bring down the utilization percentage sso quickly.

I know that there is still a ways to go, but it is super encouraging what happened with PenFed and what it will allow me to do.  

[805orbust]

@Expansion that is awesome to hear. Congrats on the approval, as well as the progress! You've gotten some great advice from some very smart people, but pat yourself on the back for following through. Phenomenal job. 

Oh, and unless it's got an annual fee, don't close any of your cards lest you lose the utilization padding. Once you're done (and I suspect that will be very soon), cancel away....  imho of course 

[Anonymalous]

Congrats! That's a really nice limit on the PedFed card. Keep on chipping away at those balances!

[MySunrise271]

Congratulations on your PenFed CC approval and awesome progress bring down your utilization 🎉🎉🎉

[tcbofade]

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@Expansion wrote:

I looked at my numbers, and using the new PenFed card at 47%, I can do BTs to bring all remaining cards down to 47% individual utilization, except for the Discover which is already at 0%.   (And is inching down the fastest since there is no interest.)

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Awesome!  Yay you!

When you've made all of those payments, and all of the accounts have cut new statements, you should see a nice score boost!  

This is very doable, and you're doing just fine! 

Congrats again!

[Expansion]

OK, so now the gears are turning....

I am wondering about trying to do a product change

on some of the cards I'm not using -- like the Citi and Chase --

to a card with a 0% BTO

to start to get more of my balances to have 0% interest, without opening new cards.

Would I try to do a soft pull CLI before asking for a product change, for the cards with little balances, so I have more room to do BTs?

Overall is this a good idea/bad idea?

Thoughts/suggestions/recommendations?  @FinStar @K-in-Boston @tcbofade @SouthJamaica @Anonymous 

[tcbofade]

It's a good idea, but I don't think it will work.

Generally, product changes don't lead to BT offers.

BT offers tend to come with NEW accounts, and sometimes show up on existing ones... I've never product changed a card tho, so I'm not certain...but I don't think it will have the results that you're looking for.

[Expansion]

OK, thanks for the feedback, @tcbofade !   I may investigate this further and report back.  I also posted a separate thread asking if anyone else has done this.  To be continued

[Expansion]

fun update!  Today I got an email from PenFed that I am pre-approved for the PenFed gold card with a good 0% BT offer.   YAY    

I'm not going to apply now, since I just did 3 CC applications (2 approved),

but hopefully when I'm ready for the next 0% BT card, this will still be available.

My sense is to wait six months and then try for it.  

[805orbust]

AFAIK Penfed offers are pretty solid. Although I do think it's a good idea to wait a bit as Penfed "can" be more inquiry sensitive.  They chased me around with that Gold offer for months until I finally caved, so I wouldn't be surprised if it was still there for a while.