Store card to improve utilization

folks19 · ‎12-29-2020

My credit usage is at just about 10% due to taking advantage of professional 0% APR (which I have every penny for set aside which I won't spend unless an absolute emergency) and I wanted to reduce that %. Would the available credit on a store accomplish that? (I have a better chance of getting approved for a store card because I applied for 4 cards in the past 6 weeks.)

Anonymous · ‎12-29-2020

@folks19 wrote:
My credit usage is at just about 10% due to taking advantage of professional 0% APR (which I have every penny for set aside which I won't spend unless an absolute emergency) and I wanted to reduce that %. Would the available credit on a store accomplish that? (I have a better chance of getting approved for a store card because I applied for 4 cards in the past 6 weeks.)

@folks19 10% utilization is not really something to worry about. In my opinion, I would not waste my profile getting a store card, unless it made serious financial sense to me. I regret my previous ones.

how many of those four cards did you get?

Anonymous · ‎12-29-2020

I would not suggest applying for a card for the sole purpose of trying to lower temporary slightly higher utilization.

Shooting-For-800 · ‎12-30-2020

8% is as good as 1%

I would not bother opening another account

Rebuild started in 2014 - $100k unsecured credit in 2017 - $500k unsecured credit in 2024.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

folks19 · ‎12-30-2020

@Anonymous wrote:
@folks19 wrote:
My credit usage is at just about 10% due to taking advantage of professional 0% APR (which I have every penny for set aside which I won't spend unless an absolute emergency) and I wanted to reduce that %. Would the available credit on a store accomplish that? (I have a better chance of getting approved for a store card because I applied for 4 cards in the past 6 weeks.)
@folks19 10% utilization is not really something to worry about. In my opinion, I would not waste my profile getting a store card, unless it made serious financial sense to me. I regret my previous ones.

how many of those four cards did you get?

That's just because I lost 20 points when the balance posted. No other changes were posted at the same time the balance posted.

I was approved for all 4!

Anonymous · ‎12-30-2020

@folks19 wrote:
@Anonymous wrote:
@folks19 wrote:
My credit usage is at just about 10% due to taking advantage of professional 0% APR (which I have every penny for set aside which I won't spend unless an absolute emergency) and I wanted to reduce that %. Would the available credit on a store accomplish that? (I have a better chance of getting approved for a store card because I applied for 4 cards in the past 6 weeks.)
@folks19 10% utilization is not really something to worry about. In my opinion, I would not waste my profile getting a store card, unless it made serious financial sense to me. I regret my previous ones.

how many of those four cards did you get?
That's just because I lost 20 points when the balance posted. No other changes were posted at the same time the balance posted.
I was approved for all 4!

@folks19 what was the age of your youngest revolver when you applied for those? I have a suspicion it was 12 months old or more and when your first new card reported, it caused Scorecard reassignment and that's where your 20 points went, not utilization!

you'll get your points back when your youngest revolver turns 12 months old, If that's the case

Anonymous · ‎12-30-2020

Which 4 did you get if I may ask?

folks19 · ‎01-03-2021

@Anonymous wrote:
@folks19 wrote:
@Anonymous wrote:
@folks19 wrote:
My credit usage is at just about 10% due to taking advantage of professional 0% APR (which I have every penny for set aside which I won't spend unless an absolute emergency) and I wanted to reduce that %. Would the available credit on a store accomplish that? (I have a better chance of getting approved for a store card because I applied for 4 cards in the past 6 weeks.)
@folks19 10% utilization is not really something to worry about. In my opinion, I would not waste my profile getting a store card, unless it made serious financial sense to me. I regret my previous ones.

how many of those four cards did you get?
That's just because I lost 20 points when the balance posted. No other changes were posted at the same time the balance posted.
I was approved for all 4!
@folks19 what was the age of your youngest revolver when you applied for those? I have a suspicion it was 12 months old or more and when your first new card reported, it caused Scorecard reassignment and that's where your 20 points went, not utilization!

you'll get your points back when your youngest revolver turns 12 months old, If that's the case

My youngest account was just a few weeks old. I'm also 100% sure that it had nothing to do with that because the new account posted (with 0 balance) about a month before the balance posted.

folks19 · ‎01-03-2021

@Anonymous wrote:
Which 4 did you get if I may ask?

Amex BCE, Bank of America, Chase student card, and Amazon.

Anonymous · ‎01-04-2021

Don't get a card just to lower your 10% utilization. You'll take a hit for a new account and resetting your youngest age. If it's that big a deal, use the money you've set aside for the expense and pay enough to get it under 9%. Points regained, no useless card added, and you won't run further risk of spooking Chase than you already may be. They don't like lots of accounts being opened along with theirs and they do "supwichu" pulls for a bit after approving you to see if you're opening accounts that they don't want to see opened.