Should I ask for an increase or apply for a new cc?

[ando35]

I have quite a few cards, around 6 or 7. I am at about 85% util which is considered high. I was less than 30 days late because of a death in the family and wasn't paying attention. Not enough to go opn my report but BOA lowered my credit limit 1500 and discover lower my credit limit like 100.

I want to apply for another card to bring up my availbale balance so I have more credit.

I am not worried about being able to pay it off, I am just wondering if they will approve me. 

My util is at 85% my  I have a fico score 8 of 685, no derogatories and I have 4 inquiries listed.

Will they deny me based on my util? I have a 681 score 8 bankcard and a 630 score 5 bank card.

[kilroy8]

Pay down the utilization and then think about new cards. You are not going to get anything worth having with those numbers. Possibly Navy Federal, if you can join.

[Anonymous]

Curious what others would say.  My guess is that you will be denied.  People who are close to maxxed out and then are trying to get more credit cards are common.  Unfortunately, they are (statistically) ultra high risk.  In most cases they will not pay the money back.

It's quite conceivable that the inquiries alone (showing your creditors that you are trying to open more cards) will spur your existing CC issuers to impose further Credit Limits Deccreases (CLDs).  Again, they would do this because nearly maxxed out consumers with already low scores who try to open more cards are very high risk.

When you say that you want to bring up your available credit, is that because you have more purchases coming up and will be going further into CC debt?  If not, then the better strategy is to create a plan for paying off all your CC debt and then get started on the painful work of doing it.

[ando35]

Yeah, I have a large amount of money coming in guarnteed in about 9 months, so I can pay it off but they do not know that.

On another note, is lowering yourt credit limit becoming more common? I don't remember this happening before and I do no recall ever hearing about it?

[Anonymous]

CLDs initiated by the issuer have been around for a long time.  Most commonly it is because the cardholder has moved into a very risky group and the issuer is trying to minimize being on the hood for a bunch of money.

[Anonymous]

OP, I'd strongly suggest against applying for additional credit when your utilization is currrently so high.

Something I'm a bit unclear on from your original post.  You stated that you were less than 30 days late on an account, so it never showed up as being 30 days late.  I don't believe you said what that account was.  You did say that you received 2 CLDs.  Was one of the CLDs on the account that you were less than 30 days late on?  If so, I can understand it.  What I can't understand though is why you'd receive a CLD from another lender that would have absolutely no idea that you were less than 30 days late on an account. 

[Anonymous]

Please pay down existing debt first or you could be in for CLD instead of new cards.