Can my score get any lower?!

[Edcaguy]

Applied for an Amazon card and got declined with this message I have 11 accounts with $5,829 total line using 70% total. I have 13 inq in the past 2 years 2 so far dropped. and should have a few more leaving as well. I no only use 2 cards and have the rest out of my wallet paying off. about $20 over min unless I can do more. 1 bad from 4 years ago. About 6 years or so ago I ended up paying all and closing all. Then waited until Nov 2011 and started again.

 

I know credit karma is not a true score but last week it showed 595 and just now shows 600. Pulling out my hair on this. Last time I got this type of denial it show my score in the 400's. Trying to stay on track.

 

 

Your Credit Score: 061 Date: 04/09/2013 Scores range from a low of 000 to a high of 999. Key factors that adversely affected your credit score:

TOO MANY SERIOUS DELINQUENCIES
TOO MANY REVOLVING ACCTS W/BALANCES TOO HIGH COMPARED TO CREDIT LIMIT
NOT ENOUGH DEBT EXPERIENCE
BANKCARD ACCOUNT BALANCES ARE TOO HIGH IN PROPORTION TO CREDIT LIMITS
NUMBER OF INQUIRIES ON CREDIT REPORT

 

[RBinAK]

Why do you think another card is a good idea?

[Edcaguy]

I haven't been late on any cards since I 2011 and I'm just now sticking to my reward card by capital one and the vet carecredit card. The rest I am paying down slowly. I think having a few more cards I mean stopping now would raise my overall usage %.

 

I have one $900 limit card and a $500 limit card with a zero balance It may only help like 7% to get a new card but I think it's worth it. Once my debt goes down I can can dump the sub 500 cards after holding on to a 0 balance for a while.

 

I know this is bad but the debit started shortly after I lost my job. I was using savings to pay the minimum balance so just need to get back on track. This 6K was from 15 months with no income. I know I can get back on track. Before then I had no credit cards just my bank card.

[Mad Season]

 

Applied for an Amazon card and got declined with this message I have 11 accounts with $5,829 total line using 70% total. I have 13 inq in the past 2 years 2 so far dropped. and should have a few more leaving as well. I no only use 2 cards and have the rest out of my wallet paying off. about $20 over min unless I can do more. 1 bad from 4 years ago. About 6 years or so ago I ended up paying all and closing all. Then waited until Nov 2011 and started again.

 

I know credit karma is not a true score but last week it showed 595 and just now shows 600. Pulling out my hair on this. Last time I got this type of denial it show my score in the 400's. Trying to stay on track.

 

 

Your Credit Score: 061 Date: 04/09/2013 Scores range from a low of 000 to a high of 999. Key factors that adversely affected your credit score:

 

TOO MANY SERIOUS DELINQUENCIES

TOO MANY REVOLVING ACCTS W/BALANCES TOO HIGH COMPARED TO CREDIT LIMIT

NOT ENOUGH DEBT EXPERIENCE

BANKCARD ACCOUNT BALANCES ARE TOO HIGH IN PROPORTION TO CREDIT LIMITS

NUMBER OF INQUIRIES ON CREDIT REPORT

 

Why do you think another card is a good idea?

+1

 

Here is what I think you should do to improve your credit score:

 

1. DO NOT apply for another credit card as that should only make things worse.

 

2. Work on removing baddies that are hurting your credit score.

 

3. Try to bring your utilization down by making more than minimum payments and/or asking for CLI on your existing accounts. Having less than $6000 in credit limit for all 11 credit cards combined is pretty low. With 11 credit cards, you should be able to get CLI on at least a couple of them.

4. It's time to garden! Let your existing accounts age.

 

 

 

Best of luck.

Edited April 14, 2013 by Mad Season

[Edcaguy]

Thank you for the feedback. I know I can make cuts to my spending and work on removing that bad account. One I idea that I had floating in my head was to see if I can get a loan from a credit union and pay off the bad account and all the other accounts and just pay that loan and don't use any of the other cards and use cash. About 80% of the debit was when I was unemployed the rest is just everyday spending How I would normally spend cash that I had. Problem is the interest its like I'm only dropping a few percentage points.

 

Do you people here think I could try an get a loan down the road and pay all off or just pay my bills and spend less?

[chugs102]

List your open accounts: bank, limit, balance, interest rate.

 

Then list your negative items.

 

Give us an idea of how much money you have available for payments each month.

[deep13]

Thank you for the feedback. I know I can make cuts to my spending and work on removing that bad account. One I idea that I had floating in my head was to see if I can get a loan from a credit union and pay off the bad account and all the other accounts and just pay that loan and don't use any of the other cards and use cash. About 80% of the debit was when I was unemployed the rest is just everyday spending How I would normally spend cash that I had. Problem is the interest its like I'm only dropping a few percentage points.

 

Do you people here think I could try an get a loan down the road and pay all off or just pay my bills and spend less?

 

I think you'd be asking for trouble by getting a loan. It would take some real discipline to stop using your credit cards while paying back the debt. Not to say you can't do that, but I would definitely stop using the cards entirely (for a couple months) BEFORE applying for the loan. That way, you have time to adjust.

[BobWang]

This'll give you a rough idea of how much things are hurting your FICO score:

 

http://creditboards.com/forums/index.php?showtopic=497484&page=5&do=findComment&comment=4818655