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Long time lurker,  now ready to participate!  Just paid off 25k of 120k debt.  11k stupid installment loan from penfed, and 14k credit card debt. CC debt utilization down to 62%. No other debt except mortgage.  (Just paid off only auto loan) have 5 student loans 5k balance.  

 

I'm hoping to have CC debt paid in under 4 yrs I'm going after highest int rate cards first. Any other wisdom or ideas about how to handle my credit profile ?

 

Is my utilization too high to start requesting no inquiry CLI's? Thanks 

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Welcome! 
 

Good job on paying down the debt! 
 

Given the current situation I’d suggest waiting until your overall and individual utilization is less than 50% or even lower before requesting limit increases. You don’t want to attract too much undue attention right now or you might risk getting balance chased.

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13 hours ago, DebtFreeIn04 said:

Long time lurker,  now ready to participate!  Just paid off 25k of 120k debt.  11k stupid installment loan from penfed, and 14k credit card debt. CC debt utilization down to 62%. No other debt except mortgage.  (Just paid off only auto loan) have 5 student loans 5k balance.  

 

I'm hoping to have CC debt paid in under 4 yrs I'm going after highest int rate cards first. Any other wisdom or ideas about how to handle my credit profile ?

 

Is my utilization too high to start requesting no inquiry CLI's? Thanks 

Utilization matters both per card and overall. So if you have 20% util on one card, but 95% on another, your FICO scores will be lower than if the balances were spread out more evenly. 

Wothout knowing your credit profile it’s difficult to give a good answer to your questions. 


For instance, if you have a perfect payment history on all tradelines reporting, you may want to plan to reduce balances in a way that increases your scores. That’ll give you the opportunity to get a card with a 0% BT option. Then you’ll pay the debt down even faster. 
On the other hand, if you have a bunch of late payments and/or charged off accounts it’ll be significantly more difficult to get the 0% card. 

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Thank you for the responses.  

Credit profile:

No lates, exception 1- 6 year old collection.

No other adverse items in credit profile except high utilization and that collection which should drop off over the next 6 to 9 months. All accounts are over 4 years old, oldest 5 accounts active 19 years each.

 

I'll take both advices and at least get everything below 50%, then consider 0% bal txr. Card

 

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5 hours ago, DebtFreeIn04 said:

Thank you for the responses.  

Credit profile:

No lates, exception 1- 6 year old collection.

No other adverse items in credit profile except high utilization and that collection which should drop off over the next 6 to 9 months. All accounts are over 4 years old, oldest 5 accounts active 19 years each.

 

I'll take both advices and at least get everything below 50%, then consider 0% bal txr. Card

 

You should read up some on early exclusion for the one derogatory mark. There’s a thread in this forum with info. If you can have it removed early that would help. 

Do you know your FICO scores? Not the fake scores from places like credit karma, but actual FICO. 

 

If your scores are decent, then receiving CLIs will lower your util. If you’re worried about a HP for a CLI, just freeze your reports before making the request. I’d go that route and then once the higher limits are reporting, look into a 0% BT. Just make sure the transferred balance is paid off before the 0% period ends so that you don’t get hit with accrued interest. 

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Posted (edited)

👍

TU fico8 = 676

EX FICO 8 = 670

not sure EQ

Scores have been frozen for about a year.

 

Scores might improve a little after next statement cuts reflect what I paid a week ago.

Edited by DebtFreeIn04

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15 hours ago, kaylee34 said:

Welcome! 
 

Good job on paying down the debt! 
 

Given the current situation I’d suggest waiting until your overall and individual utilization is less than 50% or even lower before requesting limit increases. You don’t want to attract too much undue attention right now or you might risk getting balance chased.

What does balance chased refer to? I haven't heard that term.

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Quote

Balance chasing is the practice by some banks of reducing a customer's available line of credit as they pay down their credit card balance.

 

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Question! I'm eligible to join NFCU, should I join now, to leverage possible future credit products, or wait for the following which I should be able to accomplish over the next 6 months:

 

1.) All cards (5 of 12) under 90% utilization, 5 zero balance. 

2.) Overall CC utilization under 50%

 

Within 12 months should be able to accomplish the following:

 

1.) All cards (12) 35% to 40% utilization,  with about 8 to10 cards zero balance.  

 

So in short get foot in the door now with NFCU or wait a year+? 

 

 

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On 5/31/2020 at 9:31 AM, DebtFreeIn04 said:

Question! I'm eligible to join NFCU, should I join now, to leverage possible future credit products, or wait for the following which I should be able to accomplish over the next 6 months:

 

1.) All cards (5 of 12) under 90% utilization, 5 zero balance. 

2.) Overall CC utilization under 50%

 

Within 12 months should be able to accomplish the following:

 

1.) All cards (12) 35% to 40% utilization,  with about 8 to10 cards zero balance.  

 

So in short get foot in the door now with NFCU or wait a year+? 

 

 

What are you trying to accomplish?  

 

You already have 12 cards.  You must already have at least one that's better than every turd issued by NFCU.

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12 hours ago, cv91915 said:

What are you trying to accomplish?  

 

You already have 12 cards.  You must already have at least one that's better than every turd issued by NFCU.

I guess I was thinking by January or so they might ave decent bal txr offer.  Quick update: all cards are below 88% utilization, most are below 68%, many are below 49$ and 4 have zero balances. Overall utilization down to 58%. Waiting for the last card to report below 89%. 

 

Thinking of requesting cli on one of amex cards. 2 of 3 amex are zero balance 1 amex at 48%. Any downside to amex cli request at this point?

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Posted (edited)
46 minutes ago, DebtFreeIn04 said:

I guess I was thinking by January or so they might ave decent bal txr offer.  Quick update: all cards are below 88% utilization, most are below 68%, many are below 49$ and 4 have zero balances. Overall utilization down to 58%. Waiting for the last card to report below 89%. 

 

Thinking of requesting cli on one of amex cards. 2 of 3 amex are zero balance 1 amex at 48%. Any downside to amex cli request at this point?

Congratulations on your progress on getting everything paid off!

 

There isn't much harm in asking for a CLI from Amex, although your chances go up as your utilization continues to go down. 

 

They may base the decision on the last soft they pulled, which probably won't coincide neatly with the update on the card that's currently > 90%.  At minimum I'd wait for that account to update, and then the next Amex soft.

 

Right now you can get 1 free report from www.annualcreditreport.com weekly, so it's pretty easy to check for softs.

 

As for BT opportunities, I think that's anyone's guess.  The credit markets are odd right now, and many other issuers have limited or suspended BT offers, the same way that many companies (Enneffseeyou included) have temporarily stopped doing HELOCs.

 

I personally would not join any CU or open any new banking relationship unless I knew there would be an immediate tangible benefit.  

 

 

Edited by cv91915

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1 hour ago, cv91915 said:

Congratulations on your progress on getting everything paid off!

 

There isn't much harm in asking for a CLI from Amex, although your chances go up as your utilization continues to go down. 

 

They may base the decision on the last soft they pulled, which probably won't coincide neatly with the update on the card that's currently > 90%.  At minimum I'd wait for that account to update, and then the next Amex soft.

 

Right now you can get 1 free report from www.annualcreditreport.com weekly, so it's pretty easy to check for softs.

 

As for BT opportunities, I think that's anyone's guess.  The credit markets are odd right now, and many other issuers have limited or suspended BT offers, the same way that many companies (Enneffseeyou included) have temporarily stopped doing HELOCs.

 

I personally would not join any CU or open any new banking relationship unless I knew there would be an immediate tangible benefit.  

 

 

👍

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1 hour ago, DebtFreeIn04 said:

👍

Oh and I might have been thinking that nfcu might be easy way to increase overall credit limit thus decrease utilization.  Maybe just slamming my debt would be better option. 🤔

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47 minutes ago, DebtFreeIn04 said:

Oh and I might have been thinking that nfcu might be easy way to increase overall credit limit thus decrease utilization.  Maybe just slamming my debt would be better option. 🤔

It's a valid line of thinking. 

 

In theory (or more accurately, in normal times), lower utilization would make you a more appealing candidate for various low/0% APR BT offers from your current issuers, and/or for a new BT card.

 

There aren't many offers out there in general right now.  Someone else may have recent experience with this particular issuer.

 

Either way, keep crushing those balances while you decide what to do!  :)

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