Boosting FICO Score for Apporama

[pizzadude]

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@drchaos wrote:

If I were to pay all five of the cards with remaining balances down to just under 29% that would leave me with a total debt on these cards of $27,975 out of my total credit limits of $244,100 which amounts to 11.46% utilitzation.

Would that leave me in a good position to get high limit approvals when I do the applications?

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Not sure what you consider high limit but your utilization and overall credit profile is only part of what creditors take into account.   Your income is another factor, along with your existing credit limits, to name a few. 

[SouthJamaica]

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@drchaos wrote:

If I were to pay all five of the cards with remaining balances down to just under 29% that would leave me with a total debt on these cards of $27,975 out of my total credit limits of $244,100 which amounts to 11.46% utilitzation.

Would that leave me in a good position to get high limit approvals when I do the applications?

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That would be respectable. But I don't know if it means "high limit approvals", or even if it means approvals. I've been turned down many times, with better stats than that.

[BuckyB]

From what I understand, app-o-ramas aren't really meant to be an annual thing.  They're more like once every few years.  Or better, just once.

Your debt service is quite high.  It worries me that you have such high utilization on so many cards and I'm wondering if different types of loans would be better for you and your business.

I have a sad feeling that if you do another app-o-rama you'll be denied for half of them and get $1000-2000 limits on the rest.

EDIT: Didn't see your 612 score.  At 612 with utilization that high on cards that have been opened only a year, you'll be denied by everyone other than maybe Credit One and Merrick bank.

I hate to say this, but a lot of my bankruptcy clients have come to me after putting tons of business expenses on 0% personal cards.  If the business doesn't grow fast enough, the 0% period ends, the interest wipes them out and 6-12 months later they're in Chapter 7 or 13.