I have 2 providian accounts one for 1200, one that they changed down to 250 (after I had paid off 1750) I have an emerge account for 250 (used to be providian). I have a capital one for 500. My question is I would like to get a prime card with a limit over $2500 to consolidate and close these cards. My scores are Exp 581 Equifax 590 abd TransUnion 616. I have 1 30 day late 2 years ago and 1 collection account currently in dispute with all 3 CRAs. My cards are all maxed out. I have a $5,000 Citi card, a $800 associates card and a $5000 cash line from MBNA (they wouldn't give me a credit card.) Any suggestions who I should apply with?
The two year old 30 day late is not much of a problem and even the collection may not be too damaging assuming it's aged over two years. The biggest obstacle facing you is that you're maxed out. This makes it very difficult to get more credit. The CCs don't like to see more than 50-60% usage on revolving accounts. Anything above that and you can easily get denied even with a perfect payment record. In any case, I would pay down the highest rate card first (I suspect that is Providian) and then start working on the others. Once you get down to a reasonable level of debt, you might be able to transfer the rest to a new card with a good balance transfer rate or at least negotiate with your current lenders for a lower rate. A home equity loan or a debt consolidation loan with a credit union are other avenues to explore.
Yes you are right, my main problem now is my utilization. My husband and I buy rental properties, refinance and rent. During this process we have been using our personal credit cards, hence maxed out. We have gotten with Hard Money lenders and are in the process of buying more properties, using others money, refinancing and finally paying down the cards. I was wondering if in the meantime my scores could qualify me to close my providians and transfer them to a better card, and what that card might be. Thanks for your input.
I recently had a 92% utilization and applied for a HSBC CC and got approved. The CL was $5000 which ended up dropping me to 67%. Once that TL reported I applied for MBNA and was approved again for $5000. I think my utilization should drop to around 30-40% when they report. I ended up getting 2 different BT rates. One for 3.9 for 6 months and 0% for 5 months(It was origonally for 9 months, I just didn't take it because my CR was to messed up.) It can be done, just be careful who you apply for.
I hadn't thought of HSBC they have given me those $3,000 loans in the past. Awful rates, awful payment but only one at that time who would give me credit. Interesting thing about MBNA. Just under a year ago they called me on an MSU Graduate program and asked me to apply for a loan. I did and they came back and said I needed a cosigner, too much debt. I said it wouldn't help at all if my husband cosigned as then we would both have the same problem (extra debt). I declined. About a month later that same guy called me back and said I was approved how did I want to get the money. Wierd. Last month I applied for an MSU credit card and was flatly denied. Thanks, fletch.
