Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
BrownBadger7

0 Contributions
0 People Helped
Credit Card Utilization - How to quickly change it for the better?
I want to apply for a low-interest heating loan to do some alternative energy changes. My credit score is okay - 702, but my utilization is 98% and they want it at about 50%, What is the best way to do this quickly? Should I get another card and transfer some of the balance? What is the best method? (I have no savings).

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
1756 Contributions
3022 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

First stop using the Credit Cards if you are at 98% utilization.

you have 3 Options to bring down your utilization.

1) Pay down the amount owed

2) Open a new Credit Card and you get the added CLI to your total,  you can do a balance transfer if needed but only for the amount you can pay off  during the 0 apr ( if you get it )

3) Request a CLI on your Current account(s)  

remember that option 2 & 3 will hit you with Hard Inquires.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.