Unemployed Student, overdid it with credit and student loans.

[puppyandcats]

- FTX collapsed and I have lost a significant amount of money. It was my primary source of income. Immediately I consolidated most debts (medical, payroll, veterinarian, 2 credit cards) with any remaining funds to avoid the future headache. The remainder of my lease is also paid to ensure housing. I did not pay the student loans because I am still in school so they are not due yet. 

- Today, I have $170.00 total. I am in shock but trying to get right and focus.

- 753 Equifax, 762 Experian, 742 Transunion. 

Cards: 

• $33,000 NFCU More Rewards
• $6,000 Discover IT
• $3,200 Citibank Costco 
• $1,100 Capital One Savor
• $1,000 NFCU More Rewards 

Balances:

• $3,410 NFCU 
• $210 Citi

Student loan balance: $14,652.00

Do I apply for more credit cards to make the utilization lower? All of the cards have had a credit limit increase within the past week. This is as high as it gets for a while. I applied for the NFCU card and they only gave me $1,000 last week so I'm not sure if I should apply for more. 

[SouthJamaica]

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@puppyandcats wrote:

- FTX collapsed and I have lost a significant amount of money. It was my primary source of income. Immediately I consolidated most debts (medical, payroll, veterinarian, 2 credit cards) with any remaining funds to avoid the future headache. The remainder of my lease is also paid to ensure housing. I did not pay the student loans because I am still in school so they are not due yet. 

- Today, I have $170.00 total. I am in shock but trying to get right and focus.

- 753 Equifax, 762 Experian, 742 Transunion. 

Cards: 

• $33,000 NFCU More Rewards
• $6,000 Discover IT
• $3,200 Citibank Costco 
• $1,100 Capital One Savor
• $1,000 NFCU More Rewards 

Balances:

• $3,410 NFCU 
• $210 Citi

Student loan balance: $14,652.00

Do I apply for more credit cards to make the utilization lower? All of the cards have had a credit limit increase within the past week. This is as high as it gets for a while. I applied for the NFCU card and they only gave me $1,000 last week so I'm not sure if I should apply for more. 

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No, you shouldn't apply for more credit cards. Your revolving utilization is good.

[Anonymalous]

A SL of $1,000 means that's the most Navy credit is willing to extend you at the moment. It'll grow, but that'll take time and assumes your profile doesn't get worse.

Do you have any other questions? Applying for a second More Rewards suggests you're still thinking about rewards, when you shouldn't be. Getting the lowest achievable APR and paying down the debt should be the first priorities.

[Jnbmom]

As others have stated no need to apply for more credit won't really make a huge difference in your scores .

You state you are unemployed, do you have the means to paid down the cards you have balances on now ? I would not use your cards and focus on paying down your debt .

[805orbust]

Step back for a second.  This could be ALOT worse.  You've got only a small amount of debt.  As pointed out, you're good on utilization.  First and foremost if your housing and basic needs are secure, then the biggest priority is income.  Anything you can do to bring in extra money, do.  Sell whatever you don't need and get those balances down.  Set your autopay so you can relax as the minimum is made monthly.  You've got this.