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Jflynn1115

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Increasing total credit VS Inquiries
Increasing total credit VS Inquiries. I had some medical issues come up which led to negative accounts on my report. I have since paid them and had them completely removed them from my report. My problem now is my debt to total credit ratio. I put all of my debt on to two cards and cancelled my other cards. I thought this would be the easiest way to pay it off. It's really affected my credit. After paying off my negative accounts I went from 580-597. So my questions is should I apply for new cards to decrease my credit usage percentage or just wait for the score to slowly rise as I work at the debt? Would the new credit do enough to counteract the negative impact from the inquiry? my only issue right now is the credit usage. I'm using 60% of my total credit where as before I was using 30%. Thanks!

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You need to pay down your debt before you apply for new cards.  Your high utilization will impact approvals as well as the limits and APR's that you would qualify for.  Note the impact stated for revolving utilization (high).

In future, don't just close accounts without considering the impact.  You can calculate your reovlving utilization to help you make your decision.  General advice is do not exceed 30% so going from 30% to 60% was a bad idea.

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