Need advice on getting another card

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3 posts
Bandito
 
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Joined: Sun Jan 17, 2016 9:27 am

Need advice on getting another card

Postby Bandito » Sun Jan 17, 2016 9:38 am

I currently have a 633 EX, 614 TU and 618 EQ. I have 2 cards, a Cap1 with $2300 limit and a BoA card with $500 limit. I have had both for over a year. My current utilization is 74%, but I have payments pending that will drop it down to 58%. I have a family reunion coming up, so I need to put an additional $650 on my Cap1 card. Since that will increase my UT even more, I was thinking of getting another card to increase my total credit, make my score and UT less volatile (I am a seasonal employee, so my debt increases in the winter and decreases in the summer)

I expect the most recent payments to be reflected in the 20th of this month and I need to pay that $650 by the 24th. I was hoping to use that small window to get approved for another card. I know it is a log shot, but I wanted opinions. In addition to the reasons above, I would also feel more secure knowing I had at least one card with some room on it for potential emergencies.

I have been looking at the Barclay rewards card and the Cap1 Quicksilver card (w/no annual fee) I rec'd a pre-approval on the Quicksiler for what it's worth. Do you think I have a chance at getting approved? Even if I get declined, it will be 6 months or so before I would try again and since I would be making more by then, my balances would be much lower if not gone all together.


kdm31091
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Location: Claymont, DE

Re: Need advice on getting another card

Postby kdm31091 » Sun Jan 17, 2016 10:59 am

Bandito wrote:I currently have a 633 EX, 614 TU and 618 EQ. I have 2 cards, a Cap1 with $2300 limit and a BoA card with $500 limit. I have had both for over a year. My current utilization is 74%, but I have payments pending that will drop it down to 58%. I have a family reunion coming up, so I need to put an additional $650 on my Cap1 card. Since that will increase my UT even more, I was thinking of getting another card to increase my total credit, make my score and UT less volatile (I am a seasonal employee, so my debt increases in the winter and decreases in the summer)

I expect the most recent payments to be reflected in the 20th of this month and I need to pay that $650 by the 24th. I was hoping to use that small window to get approved for another card. I know it is a log shot, but I wanted opinions. In addition to the reasons above, I would also feel more secure knowing I had at least one card with some room on it for potential emergencies.

I have been looking at the Barclay rewards card and the Cap1 Quicksilver card (w/no annual fee) I rec'd a pre-approval on the Quicksiler for what it's worth. Do you think I have a chance at getting approved? Even if I get declined, it will be 6 months or so before I would try again and since I would be making more by then, my balances would be much lower if not gone all together.


I'd recommend getting the utilization way down before you apply. 74% is high. It doesn't make you look good. You say it will be 58% soon, which is better but still definitely high by most standards. Ideally you want to be between 1-9% for "maximum scoring" but definitely want to stay below 30% to be considered "good" by most lenders' standards.

Between the two - Quicksilver and Barclay Rewards - I would think the underwriting is likely fairly similar. Neither is extremely hard to get by all accounts. I'd pay down your utilization, wait for it to report and then choose whichever you prefer. I might say lean towards the Barclay just for diversity's sake since you already have a Capital One.

Elijahmex
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Location: EURO-US

Re: Need advice on getting another card

Postby Elijahmex » Sun Jan 17, 2016 1:43 pm

With your scores you want to bring that utilization down. Anything above 35% is too much and you're at 74
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