Hey All,
I need some help.
Goal: Figure out what's better, to have some cash or to have better credit
My situation:
I have 4 cards:
Citi: $0 / $500 (They requested to close this, and did)
FIA: $344 / $500
Target: $815 / $1000
Amex Green Card (Pay off monthly)
AAoA: 4 years and change
Income: $46k/yr
I'll be putting $900 down on these 2 cards between now and Feb 25th. Now, I'm saving for an engagement ring, and need to figure out what will work best.
I've been dating this girl for 7 years, and would like to buy the ring soon. I figure I can bring in $2k to put down, and finance the remainder ($3 or $4K).
Based on the Fico simulator, when I pay that amount off ($900), My score should hit b/w 693 and 733. I need to figure out the best financing option that will give me the CL that I need to pay for the remainder of this ring. Based on these factors what should I be looking for? My target date is late April.
Thanks!
Starting Score: 653
Thanks for the heads up.
So I think I'm wondering if it makes sense to go with a jeweler card and potentially pay higher prices, or try to get a regular credit card. My fear with the regular card is that I won't get approved for the amount I need. Maybe I'm over thinking this...not sure.
Fair enough. On the brighter side of things, I have no car payment after June, so I'll have about an exra $600 / month to put on whatever credit I take out. That will be on top of the amount that I'm saving.
I understand it would be better to go cheaper or wait, but as many surely understand, there are other mitigating factors, and I've basically decided I'll finance part of it. My budget is about $5-$6k firm, and I will put down about $2.2k. Whatever I finance will be my only outstanding debt, as everything else will be PIF. I would love it if I could get something other than a jeweler card, as it would prove more useful in the future. I guess I just don't know what to expect with a regular card, and may need to go the jeweler card route.
High Credit Usage and High Revolving Balances, but that will change by 2/25 since I'm paying them off.
I also have a 30 day late from 1 year 4 months ago. I think it's mainly my balances and utilization, which as I said will change within 4 weeks.
@sddykstr wrote:High Credit Usage and High Revolving Balances, but that will change by 2/25 since I'm paying them off.
I also have a 30 day late from 1 year 4 months ago. I think it's mainly my balances and utilization, which as I said will change within 4 weeks.
In a perfect world, you'd have the cash in the bank, but in a perfect world, I'd have 3/4 million in my retirement account and 9 months' worth of emergency funds. I ain't there yet.
I would hold off on making any decisions until the new balances post. See what your scores are then. 
You might well find some CCC's waving 0% purchase APR's at you for 6 months or even 12 months. Obviously, that would be by far the best scenario.
If you don't find any good CC deals by that point, I'd suggest looking into a signature loan, perhaps from a credit union.
If you haven't read around here enough to know how updated balances work, your cards will probably report the new balances the nights that your statements drop. If you have HSBC/ Orchard bank cards, or US Bank cards of whatever type, they report the balances as of the last business day of each month.
Then you have to wait for the credit bureaus to post the new balances. Experian usually does this that very night or the next morning. Equifax and TransUnion generally take 4-5 days, sometimes longer.
If you're looking for maximum score punch, don't let every card report $0. Have all report $0, except for one which would report $10 or so, and then be sure to pay it off before the due date (easy to forget! 
) Most people lose points for all cards with $0.