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Please Help- Car Accident Ruined My Credit Utilization
Hello Everyone,

I am new to CreditCarma and would greatly appreciate some help or advice! To try to make a long story short, I will make it into bullet points.

- Current Experian from report: 691.

- End of 2014 I was involved in a serious motor vehicle accident.

- I was in my senior year of college at the time of the accident, but recently graduated in December of 2015.

- The accident resulted in me needing two surgeries and I have been unable to drive or work for the majority of the time after the accident to now, which resulted in me tapping into my line of credit to support myself financially.

- My credit card at my credit union is currently maxed out at $7,500. This is currently my only personal credit card account besides being an authorized user on parents accounts totaling $45,000 with no balance or late payments.

- I do not owe any student loan debt (Thanks Mom & Dad!) and currently do not have any other form of debt beyond my $7,500 line of credit.

- I have been living at home with my parents and have a full time job offer that was supposed to start the first week of Jan. 2016, unfortunatly after each Dr. visit I keep having to move my work start date back. It is anticipated to be Feb. 15, so soon hopefully!

- I move into a new appartment with my girlfriend a week before my start date and do not have any money to pay for anything besides rent for the first month.

- I will be receiving a $4,000 signing bonus once I start my job, which will really help my credit utilization (Main factor of my score dropping over the last year from 760 to 691- both directly from experian.) Unfortunatly, some of the $4,000 will need to be used to purchase furniture for the new apartment and business dresswear.

- I will be applying for another credit card in the near future regardless, but I wanted to know if I should wait to pay off more of my line of credit and rebulid my score before doing so or if I should just do it now?

- My idea was to apply for a chase slate card and make a balance transfer and just pay off the $7,500 within the 0% promo period. Once this was paid off I was going to get a card that actually gives me some kind of reward for my spending.

- I will most likely not be in a situation where I have to max out a card again. I am a responsible buyer but the car accident changed circumstances for everything in my life.

Helping score:
- No Missed Payments
- Long Credit History (Authorized user on parents card to build credit even though I didnt get to use it)
- No collection or PR

Hurting Score:
- High Credit Usage
- Few Current Accounts
- No Installment Loans

- Overall utilization is only 39% from being an authorized user on Parents cards but my personal account is maxed at $7,500.

If I applied for the Chase Slate card would I be approved? Also, would it most likely be for an amount large enough to actually help my credit utilization out? Salary is $53,000 if that matters??

Also, does anyone have any idea as to how long it will take for my score to rise after paying my loan off? I plan on living very basic and doing it as fast as possible.

Thank you in advance! I am very excited to see any responses!


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Top Contributor
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90 days or so I think

This will help your utilization if you pay down to zero. Maybe ask your parents for a loan and you should be all set. Don't try to do it yourself. Congrats on graduation!!  :)

BTW, let the gf help you out if your parents won't. Don't try to do it all yourself.

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