Seeking longer 0% APR and high SL for big purchase

[Anonymous]

I pulled my CCT report and found the following.

EQ Fico Score 8 - 775

TU Fico Score 8 - 769

EX Fico Score 8 - 765

[simplynoir]

Very nice there. Well, you cleared all the hurdles with AAoA, utilization, no inquiries and income. The only real thing holding you back is card portfolio. It might have to be where you take a chance with a lender with 0% APR and hope for the best. Any chance you can split the purchase into two cards perhaps. That way if/when you apply for a card it can give you some leeway if the SL isn't high enough to cover the purchase and you need a 2nd card to make up the difference.

When you do you have to make this purchase?

[Anonymous]

Nice scores! 

[Anonymous]

simplynoir wrote:

Very nice there. Well, you cleared all the hurdles with AAoA, utilization, no inquiries and income. The only real thing holding you back is card portfolio. It might have to be where you take a chance with a lender with 0% APR and hope for the best. Any chance you can split the purchase into two cards perhaps. That way if/when you apply for a card it can give you some leeway if the SL isn't high enough to cover the purchase and you need a 2nd card to make up the difference.

When you do you have to make this purchase?

I could definitely apply to two 0% APR cards if I didn't hit the needed SL for the first one. I am concerned about how I'd handle it if there wasn't enough of a limit between the two cards. 

The purchase is less than $10k. It will hover somewhere between $5k and $6k, but I want to get the larger limit to prevent myself from having high credit utilization. Perhaps my next point would eliminate that concern if I decided to take that route.

It's almost beginning to look like I'd rather just get a signature loan with my credit union and avoid all of this uncertainty entirely. I've been with them for a decade and have had signature loans with them before, so I feel confident I'd be approved. I just really would rather not pay interest if I don't have to.

The purchase would need to be made within the next two weeks.

[simplynoir]

I'm fairly confident you'll get $10k+ credit between two cards; on one card less so but can be possible. Just depends on what you want to do at this point. I can understand not wanting to pay interest so just depends which sounds as a better option for you.

For lenders that can give a big SL I'd consider AMEX and Chase. Chase FU and AMEX BCE would be my two recs. Hopefully someone else will chime in to see if there are others.

[Anonymous]

I would definitely hit the pre-qual circuit today 😂

I can’t even lie, I’m so excited for you! I’m like a kid in a candy store with $20 😂😂😂

[simplynoir]

Good point I didn't even think for you to hit the prequals. Go check them out and see what comes up. Low set APRs will be a good sign for you.

[Anonymous]

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@simplynoir wrote:

I'm fairly confident you'll get $10k+ credit between two cards; on one card less so but can be possible. Just depends on what you want to do at this point. I can understand not wanting to pay interest so just depends which sounds as a better option for you.

For lenders that can give a big SL I'd consider AMEX and Chase. Chase FU and AMEX BCE would be my two recs. Hopefully someone else will chime in to see if there are others.

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I just want to add: how long will you be carrying this balance? If it’s for an extended period of time, Amex makes me nervous. But with your profile, I would app to get a card with them, just not for a long term balance. 

Also pre-qual Discover. 

Good luck! Please let us know your results! 

[simplynoir]

On a related note it is why I asked when he had to make the purchase. Figure if he said 2+ months it would an AMEX no brainer. He could get the BCE, show some light usage and then 3X CLI to get a big limit. But two weeks isn't enough time for that lol.

[Anonymous]

simplynoir wrote:

I'm fairly confident you'll get $10k+ credit between two cards; on one card less so but can be possible. Just depends on what you want to do at this point. I can understand not wanting to pay interest so just depends which sounds as a better option for you.

For lenders that can give a big SL I'd consider AMEX and Chase. Chase FU and AMEX BCE would be my two recs. Hopefully someone else will chime in to see if there are others.

I appreciate the bluntness. It feels a lot less messy to me to have it all contained in one account rather than worrying about juggling mutliple cards. 

If I can just pay interest and avoid the anxiety associated with not receiving the needed limit, I may just go to my CU for the loan. I'll need to weigh the options.

Justagirl73 wrote:

I would definitely hit the pre-qual circuit today 😂

I can’t even lie, I’m so excited for you! I’m like a kid in a candy store with $20 😂😂😂

Prequalified offers show the following

Chase

• Freedom Unlimited
• Freedom
• Sapphire Preferred

AMEX

• Blue Cash Everyday Card
• Amex Everyday Credit Card
• American Express Green Card

Discover

• IT Card

I'm not seeing any predetermined APRs on any of these pages, only the standard APR ranges for these products.

Justagirl73 wrote:I just want to add: how long will you be carrying this balance? If it’s for an extended period of time, Amex makes me nervous. But with your profile, I would app to get a card with them, just not for a long term balance. 

Also pre-qual Discover. 

Good luck! Please let us know your results! 

I plan on carrying the balance for 12 months. How does that impact what your advice would be? Thanks