Hi everyone, boy! i havent been to this place in such a long time!! anyways, today i got an invitation from Discover - it's their platinum card. I think i REALLY need this one to transfer some of my balances. Now the thing is my overall utilization rate is above 70%. I have 13 accounts. All in good standing. Actually never had anything negative in my reports. *I think* my last inquiry was over a year ago so what do u guys think? should i give it a shot? coz my utilization rate is seriously holding me back, but as i said, i badly need this card! Thank u!
I have the same problem.........utilization....I have over 20 accounts in good standing and always get declined for some bs reason........let me know how it goes, I might give it a shot if it works for you, I haven't tried in over a year for it.......what's your score?
According to Experian's own website, (I wish I had the URL...if I find it I'll post it here), any credit utilization over 50% is seen as derogatory. By cc companies as well as mortgage underwriters & other lenders. Why? It means that a consumer could be having credit problems. When I say utilization, I mean the balance on any credit card and not just your overall spread of unsecured credit. Do your existing accounts report EVERY month? If so, I'd try to get the util < 50%, maybe let an inquiry or two drop off, then apply. It's worth a bit of research & time to get a Discover Card. As long as you have time to do this offer a few months down the line, consider waiting if that improves your overall score.
I dont think i can get it below 50% anytime soon :'( and the offer is expiring on 9/15....sigh what's really tempting me is that i can save loaaaads of money by getting this card, like seriously, now i pay over $300 in interest every MONTH...........i am a college student btw, so $300 means a lot to me!
