@JdsFico wrote:I couldn't figure out where to add my cards and limits like I see at the bottom of posts so I'll just list a summary here. Long story short I have 14k in CC debt, 30k in studen loan debt, not great... cause was low income/living beyond means while younger, perfect payment history last 7 years, no deliquency, charge offs, bankruptcy etc, no negatives other than balances I think... Fico scores high 600s (699 EQ reporting here, 695 TU, etc) with Vantage about 30-40 less per bureau. I'm currently sitting at 55% util ($14k/26k) down from 75+%, some individual util near 90%, many sub prime cards with some paid off, currently getting crushed by interest but do not want chargeoff or bankruptcy to ruin credit for next 5 years when I plan to possibly make large purchases with new income. I make around $500-750 payments per month but at 25% and high debt most goes to interest so I'm trying to do Balance transfers.
My oldest reporting account is student loan, oldest CC is about 11 years, current average age reports 7 years, just opened 2 new accounts (Citi and Capital One) HPs EX 1/6, 1/12, 0/24. EQ 2/6, 0/12, 0/24. TU 1/6, 0/12, 2/24 (will age out in 4/24 and 8/24). Capital One HP all bureaus and Citi HP EQ.
Here are my cards and what I have done recently (last year or two):
Wells Fargo Active Cash - $3900/4500 - lowest interest rate so working on sub primes and ignoring this
Bank of America Customized Cash Rewards Visa Signature - $3900/4500 - lowest interest rate so working on sub primes and ignoring this
Mercury Mastercard - $2700/3250 - initiated BT of $2700 to a new Citi Diamond preferred and waiting for it to post 0 balance
Discover IT - $2215/2500 - after carrying 0 balance and CLIs from $500-$2500 was offered BT 12 month 0% so moved $2200 Chase to this card
Chase Freedom Unlimited - $0/2200 - maxed out card balance was transfered to Discover to avoid interest
Amex Everday - $0/1000 - was nearly maxed and paid down to carry 0 balance
Merrick Bank Platinum Mastercard - $0/1700 - was 50% util and paid down to carry 0 balance, 7 year old card but $50/yr AF
Avant Mastercard - $0/500 - paid off to carry 0 balance, called for CLI and was denied, card only 2 years old, debating cancel although $0 AF
CreditOne Visa - $975/2150 - paying down currently, 7 year old but $100/yr AF
CreditOne Amex - $800/1200 - not reporting to credit bureaus... will pay down at some point high interest $39 AF
Citi Diamond - $0/3900 - just opened 3/24 for 0% BT 21 month, initiated BT for Mercury balance $2700
Capital One Savor One - $75/1000 - just opened 3/24, has 0% purchase or BT apr, $200 bonus after $500 spend so currently spending on this, paying only minumum, and paying off CreditOne Visa
Aspire, Sync, 2 others - closed but still reporting
So with that information I am looking for some guidance, I've been reading here and only starting to grasp terms like gardening etc. I want to know which cards I should apply for,
I don't think you should be applying for anything.
prioritize preapprovals?
I don't think it's realistic to expect a bunch of preapprovals, which will be so numerous you have to concern yourself with prioritizing them.
How many new accounts are going to ding my score
Any new accounts, if you can get them, would ding your score.
and make it harder to get credit with the intention of BT, should I open a large SL card like synchrony Lowes or floor and decor (preaprroved for $6k and $8.5k respectively) to lower utilization, boosting scores, to then take higher score to then get Balance Transfer focused card?
Not realistic to think you can get a large SL card at this juncture.
My current plan might be apply for Chase Slate although I've seen they do a double HP.
Not a good idea. In the unlikely event you could get it, the starting limit would be so low it would be useless for your purposes.
My reasoning is even if it is not great SL I might be able to move some CL from CFU to Slate and take advantage of 18 month 0% BT and move WF or BOA balance over.
Yes that could probably be done if you were lucky enough to be approved, which is doubtful.
What do the gurus think I should do?
Sorry, I'm not a guru. But my 2 cents is: just work hard at paying things down until the situation improves.
Best cards for around 700 score, is prioritizing Balance Transfer cards the right strategy?
Since you want to use balance transfers, the best bet would be to join a credit union which has a good non-rewards platinum card with no balance transfer fee.
@JdsFico wrote:Thanks for the reply. This month I was approved for Citi $3900 and Capital One Savor $1k, do you think I can't get approved for anymore cards because of those 2 recent accounts?
I don't know. I just think denial is more likely than approval.
I have another preaprroval through mail for a Citi Rewards+ that has 15 month 0% BT and did some of the synchrony pre-approval tools which is how I got the lowes/floor and decor starting limit preapprovals. I don't have that many inquiries, 2 or 3 per bureau in last 24 months but now they're recent HPs. My goal was to get more of the total utilization to 0% BT apr so it'll pay down quicker, currently I can have around $6-7k of the total $14k at 0% but it involves maxing the 0% BT cards (citi, discover, cap1) to get there, you don't think that's the right stratedgy?
It's a great strategy if you can get the approvals. Good luck to you in getting them.
$14k isn't insurmountable thankfully. Great job on keeping all of your accounts current in the meantime. You are correct that with where your utilization currently is, lowering that will have a more positive impact on scores and outcomes than the negative impacts from new accounts. Payment history and revolving utilization are the two biggest factors in scoring and all the others are much lower.
You absolutely want to look at credit unions with balance transfer offers at this point. With your payment history, they will on average be more forgiving of your balances and scores than most bank lenders. If you are eligible for Navy Federal, that is usually the go-to for most. After you get utilization in check would be the time to start cutting the fee harvester cards and others you may not find useful, unless the fees might cause you to miss a payment or be late.
A deceased grandparent who served will work. You'll need their DD-214 or at least their SSN. CUs asking for POI is all over the place. Navy asked when I applied for my first card "due to unusually high reported income" (I live in a city where it doesn't stretch very far), PenFed didn't ask for my cards but did when I had an auto loan where we only owed half of what the car was worth, and BECU required a LOT of documentation.
@JdsFico wrote:Thanks for the info, I was looking at some credit unions and noticed their SLs tend to be higher than tradional cards, is there a reason for that?
Their starting limits are neither higher nor lower; it varies.
I don't have any living relatives in the military, do you know if NFCU accepts deceased grandparents?
To the best of my knowledge, yes.
Or maybe they don't ask for proof of veteran status?
Usually they don't.
Bit of a long shot... Also I only recently got my new job so won't have 3 months of paystubs for another couple months, I'm assuming most credit unions will ask for POI.
Most will not ask for proof of income.
One doesn't need 3 months worth of paystubs; one can usually submit just the most recent 1 or 2 paystubs.
I wouldn't necessarily focus first on large national type credit unions. I would first look at local geofenced, or employer or affiliation fenced, credit unions, as they often have the best deals.
