What do you guys recommend?

[StillKicking]

Just ran the CCT/Experian trial for scores. Fico 8 - EX 711 / EQ 706 / TU 715.

My UTIL is high 26-31% but I use the card for business and PIF every month. So I recently (last week) did CLI on QS $3,000 and $1000 on Walmart card. So this should help but it’s still going to be on the high end. Should I app for a new CC to help with UTIL and available credit? Or just leave it alone and not worry about it?

Current FICOs are a lower than I thought they would be after all this time and I wouldn’t mind working on getting them up in high 700s or more. Just not exactly sure where to start.

EX Report says I have a ‘thin file’. ‘Few accts paid on time’. ‘High Credit usage’.

Current data below.

BK7 (filed in 2009) should be off my reports by the end of this year. Not exactly sure what to expect with scores once it’s off all reports. Think I read Dinosaur said his/her scores went up 80 points once the Bk fell off. That’d be nice.

AAoA 5 yrs 8 months, AoOA 7yrs 10 months. No new accts, one INQ which was Verizon wireless. 100% on time payments.

Cap1 Platnium $750 CL. Zero balance. SD for several years.

Cap1 QS $15500 CL. Use for business, PIF every month. Typically $3-5K a month.

Walmart CC $1900 CL. PIF every month. Typically less than $100 a month.

Cap1 Auto Loan. 35 months left on 72 month term.

Thanks for reading, I certainly appreciate your help!

[Anonymous]

Unless you need additional credit right now, I wouldn't apply for it.  Your BK falling off will no doubt result in a gain in the ballpark of the gain you saw referenced by another member at ~80 points.  That will open a lot of doors for you.  That's assuming of course that you have no other major negative items on your CR.  ~30% utilization is not a big deal and opening another card to ensure you drop across that 28.9% threshold isn't "worth" it IMO.  Yeah you may grab 10-15 points for crossing that aggregate utilization threshold, but that gain would be muted out by the inquiry/age of accounts reductions more than likely. 

My suggestion would be to sit tight, see where you stand when the BK falls off and proceed from there as you see fit.

[StillKicking]

Thanks for the reply BBS,

I absolutely do not need add'l credit right now. Just thought it might help with UTIL but I didn't take into account inquiry/age. My gut told me to wait until the BK falls off and go from there. Probably a good idea to sit tight.

Thank you.

[SouthJamaica]

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@StillKicking wrote:

Just ran the CCT/Experian trial for scores. Fico 8 - EX 711 / EQ 706 / TU 715.

My UTIL is high 26-31% but I use the card for business and PIF every month. So I recently (last week) did CLI on QS $3,000 and $1000 on Walmart card. So this should help but it’s still going to be on the high end. Should I app for a new CC to help with UTIL and available credit? Or just leave it alone and not worry about it?

Current FICOs are a lower than I thought they would be after all this time and I wouldn’t mind working on getting them up in high 700s or more. Just not exactly sure where to start.

EX Report says I have a ‘thin file’. ‘Few accts paid on time’. ‘High Credit usage’.

Current data below.

BK7 (filed in 2009) should be off my reports by the end of this year. Not exactly sure what to expect with scores once it’s off all reports. Think I read Dinosaur said his/her scores went up 80 points once the Bk fell off. That’d be nice.

AAoA 5 yrs 8 months, AoOA 7yrs 10 months. No new accts, one INQ which was Verizon wireless. 100% on time payments.

Cap1 Platnium $750 CL. Zero balance. SD for several years.

Cap1 QS $15500 CL. Use for business, PIF every month. Typically $3-5K a month.

Walmart CC $1900 CL. PIF every month. Typically less than $100 a month.

Cap1 Auto Loan. 35 months left on 72 month term.

Thanks for reading, I certainly appreciate your help!

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1. No you shouldn't leave it alone, and yes you should worry about it. As a short term fix you should make sure to pay the Quicksilver balance down to 28% or less before the statement cuts.

2. You shouldn't be using personal cards for business; you should be using business cards for business. One of the many reasons for this is that with most business cards you don't have to worry about utilization being reported. (The exceptions are Cap One Spark, Discover Business, and TD Business Solutions -- stay away from those). I would suggest getting an Amex business credit card. Other reasons for not using a personal card: (a) it creates tax and accounting nightmares (b) Capital One might close your accounts if they find out you're using them for business rather than personal expenses.

3. I'm sure your FICO scoring report doesn't say "thin file".

4. Once the BK falls off you can expect a big score boost, assuming there are no other negatives. That would be a good time to apply for one of the Chase Ink cards.

[StillKicking]

SJ,

Thank you for your reply.

1. I can easily do that. And will.

2. Perhaps I should mention it's a small business with no 'business credit'. But I plan to start working on that for the very reasons you mentioned. Oh and that I burned Amex for about $5K in the BK7. Naturally assumed I was Blacklisted.

3. I hope not. The CCT/Experian seemed more interested in getting to sign up for another CC more than anything else.

4. I will certainly keep that in mind.

Thank you.