Need suggestions on which route to take.

[Anonymous]

Hello all, Im in the process of rebuilding my credit and ive been reading post all over this forum being that it has valuable information, which made me join today.  My goal is to start using credit cards for its intended purposes as in rewards and building credit. The first premium cards that I have on my radar are the AMEX BCF and CSP.  I was wondering with my current standings in my credit profile (see signature) if that was feasible.  The alternative to that would be to get a Discover it rewards secured card and use that to help bring my score up to secure above mentioned cards.  Open to all suggestions and thanks in advance.    

[lucknpat]

I'm sure other experts in here can answer your question but I read in your signature that you're at 71% of utilization, is that correct? Are you planning to get that down? If you can get that down your scores would probably increase, giving you a better chance for approval of the cards you want.

[dragontears]

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@Anonymous wrote:

Hello all, Im in the process of rebuilding my credit and ive been reading post all over this forum being that it has valuable information, which made me join today.  My goal is to start using credit cards for its intended purposes as in rewards and building credit. The first premium cards that I have on my radar are the AMEX BCF and CSP.  I was wondering with my current standings in my credit profile (see signature) if that was feasible.  The alternative to that would be to get a Discover it rewards secured card and use that to help bring my score up to secure above mentioned cards.  Open to all suggestions and thanks in advance.    

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Utilization is way too high and scores are way too low to have a good terms IF approved.

I would predict a straight denial on CSP and a toy limit on the Amex if you were to apply right now.

[Anonymous]

Thanks for responding. Yes I plan on getting that down but it wouldn't be til end of the year at the very earliest to be under 30%. 

[Anonymous]

Ok. Thanks for responding. 

[FireMedic1]

Welcome @Anonymous 

Once you get that down to <8%. Your scores will rise and then apply for what you'd like. As of now. Some creditors will see 2 cards with high util and you'll get a lower SL and higher APR. Once there. If you cant pay it dont charge it. The money your paying for interest you'll never see again. If you have a cash back card and run a balance. You know where your cash back went right? Help pay interest. Good Luck

[Anonymous]

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@FireMedic1 wrote:

Welcome @Anonymous 

Once you get that down to <8%. Your scores will rise and then apply for what you'd like. As of now. Some creditors will see 2 cards with high util and you'll get a lower SL and higher APR. Once there. If you cant pay it dont charge it. The money your paying for interest you'll never see again. If you have a cash back card and run a balance. You know where your cash back went right? Help pay interest. Good Luck

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Ok. Thank you for your response. I'm going to try and tackle it. What do you think about a PL to pay it off?

[OmarGB9]

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@Anonymous wrote:

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@FireMedic1 wrote:

Welcome @Anonymous 

Once you get that down to <8%. Your scores will rise and then apply for what you'd like. As of now. Some creditors will see 2 cards with high util and you'll get a lower SL and higher APR. Once there. If you cant pay it dont charge it. The money your paying for interest you'll never see again. If you have a cash back card and run a balance. You know where your cash back went right? Help pay interest. Good Luck

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Ok. Thank you for your response. I'm going to try and tackle it. What do you think about a PL to pay it off?

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I know you weren't asking me, but IMO, if you went for a PL, IF you were to get approved, I don't think the terms would be favorable (high APR), and/or the amount may not be enough to cover all your CC debt.

Also, what is an Amex BCF?

[FireMedic1]

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@OmarGB9 wrote:

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@Anonymous wrote:

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@FireMedic1 wrote:

Welcome @Anonymous 

Once you get that down to <8%. Your scores will rise and then apply for what you'd like. As of now. Some creditors will see 2 cards with high util and you'll get a lower SL and higher APR. Once there. If you cant pay it dont charge it. The money your paying for interest you'll never see again. If you have a cash back card and run a balance. You know where your cash back went right? Help pay interest. Good Luck

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Ok. Thank you for your response. I'm going to try and tackle it. What do you think about a PL to pay it off?

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I know you weren't asking me, but IMO, if you went for a PL, IF you were to get approved, I don't think the terms would be favorable (high APR), and/or the amount may not be enough to cover all your CC debt.

Also, what is an Amex BCF?

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Its all good @OmarGB9 . I never look at things that way. Team effort dude!!!!! This^^^^^^^^^^^^^^^^^^^^^^^^^

[Anonymous]

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@OmarGB9 wrote:

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@Anonymous wrote:

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@FireMedic1 wrote:

Welcome @Anonymous 

Once you get that down to <8%. Your scores will rise and then apply for what you'd like. As of now. Some creditors will see 2 cards with high util and you'll get a lower SL and higher APR. Once there. If you cant pay it dont charge it. The money your paying for interest you'll never see again. If you have a cash back card and run a balance. You know where your cash back went right? Help pay interest. Good Luck

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Ok. Thank you for your response. I'm going to try and tackle it. What do you think about a PL to pay it off?

---

I know you weren't asking me, but IMO, if you went for a PL, IF you were to get approved, I don't think the terms would be favorable (high APR), and/or the amount may not be enough to cover all your CC debt.

Also, what is an Amex BCF?

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American Express blue cash preferred. Thanks for your input as well.