Any Cards With Higher CLs and (maybe) 0% intro offer?

[Anonymous]

Hi all, first post on the forum but I've been reading here for a while. I am currently looking to purchase a vehicle and I have a local dealer who accepts credit cards, so in the interest of avoiding loan APRs, finance fees and compulsary comprehensive coverage, I've been looking into finding a card that is likely to provide a higher initial credit limit and if I'm lucky, a 0% introductory offer. A little about my credit:

26 years old, $50,000 annual declared income

Oldest account is 8 years, average age is 3 years.

1 late payment(January 2011), no delinquent, collections, derogatory marks

FAKO scores typically range from 730-770, my last Experian pull was a 730.

Some of my current cards/balances/limits

Chase Slate                       -$0-        $2,000

Chase Freedom                 -$0-        $1,600

Chase Sapphire                 -$0-        $500

Chase Sapphire Preferred -$2,000- $14,500

Capital One Platinum         -$0-        $4,000

BofA/Bass Pro                   -$400-     $1,000

Wells Fargo/AFW              -$300-     $2,700

Citibank/Best Buy              -$0-         $3,300

Helzberg/HSBC                 -$700-     $3,500

Paypal Smartconnect        -$0-         $800

Anyone have any recommendations here? Apologies if there is already a topic on this, I did a lot of searching but didnt really find anything that covers my requests.

[Skye12329]

My suggestion is a Amex revolver. Obviously limits no one can predict but with amex no matter what your limit you can generally triple it after 61 days. And triple again after 180 days from account opening. They also offer 0% for X amount of months. But in the long run it might be better to just get a car loan from a CU for a lower interest rate maybe? Depends how fast you plan on getting everything paid. Like my CU (Affinity Plus) if you have a 730+ TU you automatically get the best terms. Which the interest rate is Like 1.34%

just a suggestion.

[Anonymous]

Yeah, I have thought about just financing traditionally, but I have a not so great driving record which results in ridiculous insurance premiums so I would prefer not to carry full coverage with how little I drive these days. I am shooting for about $10,000 on a used vehicle and would be paying it off in <6 months.

[lexrjSD]

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@Anonymous wrote:

Yeah, I have thought about just financing traditionally, but I have a not so great driving record which results in ridiculous insurance premiums so I would prefer not to carry full coverage with how little I drive these days. I am shooting for about $10,000 on a used vehicle and would be paying it off in <6 months.

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Maybe I'm missing something but how does your driving record or insurance premiums will affect the car loan?

[Skye12329]

@lex because you don't need full coverage if there isn't a loan.

[Anonymous]

You might want to try for the United Airlines card. I hear it combos really nicely with CSP.

[Anonymous]

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@Anonymous wrote:

You might want to try for the United Airlines card. I hear it combos really nicely with CSP.

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AFAIK the only part of auto insurance that you won't have to have if you don't finance it is collision insurance.  Collision insurance is one of the smallest components of auto insurance and most states will still require you to carry liability insurance which is the expensive component and the part affected by your driving record.  Not sure your plans are going to work out the way that you want them to.

[takeshi74]

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@Anonymous wrote:

I've been looking into finding a card that is likely to provide a higher initial credit limit

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While some creditors have more lax criteria than others you can't just rely on the card for a higher limit.  Your credit (and income) will determine the limit that you qualify for.  I don't have specific suggestions but credit unions tend to be a popular option.  NFCU is very popular with those who qualify.

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@Anonymous wrote:

Anyone have any recommendations here? Apologies if there is already a topic on this, I did a lot of searching but didnt really find anything that covers my requests.

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"Cards offering higher limits" is a very common topic.  If any site's search feature isn't getting results then try a site restricted Google search.  Here's an example of what you're looking for -- aside from 0% but you can play around with the keywords.  The "site:ficoforums.myfico.com" is what restricts the Google search to this site and you can replace the site with any other site that you want to search.

https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&es_th=1&ie=UTF-8#q=higher+limit+card+site:ficoforums.myfico.com

Here's another active similar thread that I just ran across in the list of threads:

http://ficoforums.myfico.com/t5/Credit-Cards/Any-particular-CUs-being-generous-on-large-limits-right-now/td-p/3838201

[Anonymous]

I'd guess that your best bet is the Amex EveryDay card, which gives 15 months @ 0% APR and has the 3x option. However, that doesn't overly help you if you want a car at the start of the process. 

[Anonymous]

Thank you for the input everyone. regarding the insurance issue, going from liability to fill coverage on my current car translates into about $100/month more and that is still at a higher deductible. Sounds like I'll be giving amex a shot!