Any Hope of a Balance Transfer & Should I Become an AU?

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wjskabelund
 
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Any Hope of a Balance Transfer & Should I Become an AU?

Postby wjskabelund » Tue May 05, 2015 11:39 pm

I'm a graduate student with high credit card balances compared to their limits. I would like to get a Citi Simplicity, Discover's Discover It or Chase's Slate to transfer some balances. My credit scores have taken a hit because of my high utilization. Currently 91%, 63% and 72% utilization. TU: 667 and EQ: 687. I'm afraid my biggest problem is a lack of income as a student. I have about $12k in income to report.

Is there any chance of being approved for any of these cards? If not, what about Bank of America's BankAmericard Credit Card for Students?

Also, a family member is willing to add me as an authorized user to their $15k credit card with little to no balance. Although this would help my credit card utilization percentage, I worry that it may ding me for having too much credit. I currently have $18k in available credit so this would almost double.
Any advice on whether I should become an authorized user?

Thanks for any help you may lend.


MemberSince99
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Re: Any Hope of a Balance Transfer & Should I Become an AU?

Postby MemberSince99 » Wed May 06, 2015 1:01 pm

If I had to bet money, my money would be on no. But you have little to lose by trying.

With very high utiliziation, and low income, that's not going to look good to any lender I know of.

You can give it a shot but don't be shocked if you are declined. You might just have to suck it up and pay down what you have. If as a result of your income you are finding it hard to make a dent in your debt, then you are already in trouble, and you might want to consider taking another job to boost your income or selling some assets you no longer need if those are options.

That would be your best bet as opposed to trying to add more credit when you are close to max'd out and with a student income.

takeshi
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Re: Any Hope of a Balance Transfer & Should I Become an AU?

Postby takeshi » Thu May 07, 2015 9:46 am

wjskabelund wrote:My credit scores have taken a hit because of my high utilization. Currently 91%, 63% and 72% utilization.

With high utilization your odds of approval will drop and, even if approved, you're likely to receive lower limits (not useful if you intend to BT) and higher APR's.

wjskabelund wrote:Also, a family member is willing to add me as an authorized user to their $15k credit card with little to no balance. Although this would help my credit card utilization percentage, I worry that it may ding me for having too much credit. I currently have $18k in available credit so this would almost double.

It's unlikely that "too much" would be an issue. Whether being an AU or not helps would depend on the creditor you're applying with as not all consider accounts where on is an AU.

Unfortunately you just need to pay down your balances. Get that card at 91% down ASAP. Being them all down in stages. The longer you leave accounts maxed and at high utilization the more likely you'll run into AA which will make your situation even worse.

Vermonster
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Re: Any Hope of a Balance Transfer & Should I Become an AU?

Postby Vermonster » Thu May 07, 2015 4:13 pm

My score jumped 30 points when I brought my util down from 93% to 58%. This was all the circumstances related to some unexpected large expenses. Util is a temporary score reducer. There is no history reported to the 3 CBs. So the second the lower util reports you should see a major jump in your score.
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