So I was recently approved for the Apple Visa barclaycard with an initial CL of $1,000. The approval came after talking to a credit specialist on the phone. The system gave me a flat denial.
The reason I applied for the card is because I'm going to make a large purchase at the Apple store soon and I needed the financing offer ( 0% apr for 12 months). But I asked for $2,500 because that's the amount I will spend at the Apple store..
My question is .. should I max it out? If I spend the whole $1000 credit line and add cash from me .. would that be a bad thing to do?
Never max out a card if your at the billing date.
Charge the max if you need to, but make certain you've got it down to at least 25% of the CL before it reports.
Yeah I probably won't be able to get it below %25 in just a month. Probably 3 months. The good thing .. 0 APR !
I probably won't use the card after the purchase.
Well if you don't "need" your credit to be good for those 3 months, then do it. But YOU got to make sure you understand why a near credit limit will do to your credit in case you can't do the 3 months.
I'm done apping for the year .. BUT like you said I really don't want to have a card maxed out for a long period of time.
Do you think I should call and ask for a CLI so that I can still keep some credit available after the purchase?
No. After the purchase they are going to look at your account and see you're damn near maxed and deny you. Utilization is a HUGE factor in approvals and CLI's.
If you're done apping for the year go for it. They wouldn't give you a limit of $1,000 if they weren't comfortable lending you $1,000. Limits are meant to be used just make sure you can pay it back. Also don't bother looking at your score for the next few months because it will be negatively skewed due to the high utilization.