Will a Credit Card Company Approve Me if I Already Have a High Balance?
Author: jbtrader23
Posted: Mon Aug 25, 2003 5:32 am
Post subject: How to get extra credit with high balances
Are there any cards that I could get (even with high interest) considering I have about 90% debt to limit currently? I know anything over 75% of so is trouble, but otherwise I have a very clean record. Only 2 cards and a gas card. Always paid on time. A 688 FICO last time I checked.
An extra $1,000- $2,000 in credit would be nice.
Author: Guest
Posted: Tue Aug 26, 2003 12:46 pm
Post subject:
Despite your decent score and lack of derogs, you can expect a denial from most companies for using such a high percentage of your available credit. I would pay the cards down below 50% before applying for any new credit unless you find a company that is purely score-driven. I understand from posts I've seen that some people think the Household GM card which is approved online instantly is based on credit score alone. I have no idea if this is true. You could try and see what happens. Report back so others can benefit from your experience.
Most credit gurus say that you should only apply for credit when you need it. I'm not one of them but I follow the opposite rule. I only apply for credit when I don't need it. It is when you need credit that banks are the least likely to extend it.
Author: Guest
Posted: Tue Aug 26, 2003 10:31 pm
Post subject:
I agree with your rule. Apply for credit when you don't need it. Last year, having virtually no balance, I had a FICO above 700 and could have easily added a few more cards to get extra credit. Now that I'm in this precarious spot, credit is much tougher, even though I pay my bills on time and only have a few cards.
I'll check out the GM Household card.
My advice for others in tough credit situations. You've got to plan!! I didn't plan and was just hoping for something. Hoping things would get better.
I've got a plan now to pay it off by at least the end of the year if not sooner.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Aug 25, 2003 5:32 am
Post subject: How to get extra credit with high balances
Are there any cards that I could get (even with high interest) considering I have about 90% debt to limit currently? I know anything over 75% of so is trouble, but otherwise I have a very clean record. Only 2 cards and a gas card. Always paid on time. A 688 FICO last time I checked.
An extra $1,000- $2,000 in credit would be nice.
Author: Guest
Posted: Tue Aug 26, 2003 12:46 pm
Post subject:
Despite your decent score and lack of derogs, you can expect a denial from most companies for using such a high percentage of your available credit. I would pay the cards down below 50% before applying for any new credit unless you find a company that is purely score-driven. I understand from posts I've seen that some people think the Household GM card which is approved online instantly is based on credit score alone. I have no idea if this is true. You could try and see what happens. Report back so others can benefit from your experience.
Most credit gurus say that you should only apply for credit when you need it. I'm not one of them but I follow the opposite rule. I only apply for credit when I don't need it. It is when you need credit that banks are the least likely to extend it.
Author: Guest
Posted: Tue Aug 26, 2003 10:31 pm
Post subject:
I agree with your rule. Apply for credit when you don't need it. Last year, having virtually no balance, I had a FICO above 700 and could have easily added a few more cards to get extra credit. Now that I'm in this precarious spot, credit is much tougher, even though I pay my bills on time and only have a few cards.
I'll check out the GM Household card.
My advice for others in tough credit situations. You've got to plan!! I didn't plan and was just hoping for something. Hoping things would get better.
I've got a plan now to pay it off by at least the end of the year if not sooner.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 9:23 PM
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