Will I be approved for another Credit Card? Do other credit card companies know your close to the limit?

Question

Right now, I have a Platinum Mastercard with a $3,000 limit. This credit card is right at the limit with maybe $5 to spare.

I need to apply for another card and got an credit card app from Discover and American Express Gold. I don't want to apply for a credit card just to be turned down.

Don't have a job but my credit report has no negatives at all, plus I paid off a $20,000 car a few years ago.

Do the other credit card companies know I'm close to my limit on this MasterCard? So, do you think I should apply or do you think I'll be turned down? (Please don't tell me about credit card debt)

Answer 1

To answer a few of your questions:



Yes, the other creditors know that you are near your limits. It's on your TRW.



In response to your car loan, even though you paid it on time and it was $20K, you have hurt your score (believe it or not). By paying it off, the account was closed and your amount of "available credit" was reduced. You see, 30% of your score is based on the amount of debt you have divided by the amount of credit available to you (your debt ratio).



If you want to counteract that and look good to other creditors again, the fastest and easiest way would be to call your current credit card company and ask them to raise your limit. If they ask you how much, tell them $10K. This will put you below the desired 35% debt ratio thus bringing your score up, making you more attractive to other creditors, and solving your problems in general. Once you have done that, wait 30 to 60 days so that it shows up on your credit report, THEN apply for another credit card or loan. Your score will increase in the meantime, and creditors will only see that you owe less then 35% of your debt ratio.



Check out the site below for a bit more info.



Hope this helps.

Answer 2

They will ask you about employment, and if you are not employed they will know, also they will do a credit check and can tell what is your current limited and what was your balance on you last statement. Don't apply, if you apply and are tuned down this will only hurt your credit rating. pay down this card some more and get a job before applying for more credit.

Answer 3

You should be able to get approved, what i would do is when you get approved transfer you current balance to the new card becasue most likely you will have zero interest on transfers that way you could pay it down and eliminate interest, if your credit is good you should shop around for the right card for you with rewards, check out www.fastcreditcardapprovals.com here you will be able to compare rates side by side.

Answer 4

If you are $5.00 near your limit, please do what you can to pay down as much as you can BEFORE your next payday. With interest you are very likely to go OVER your limit and get dinged with over the limit fees and maybe your interest rate will go up too.

I really hate this for you

I would apply anyway

all they can say is no

but they MIGHt say yes

either way, it doesnt matter much as you probably arent going to apply for any other credit for awhile

Answer 5

The best time to apply for a credit is when you don't need credit. You will probably have a hard time with this one.