Interesting point and good advice. So let's just say in a great scenario, my scores come back at 715ish.
What's the best way to shop for cards without doing hard pulls? I know there are prequalifying sites, and I've read a bit about them here. I guess the challenge is, that I don't want to ding my score looking for credit and then be forced to Kay's with a lower score than before.
I guess at this point it makes most sense to pay off my FIA card completely, then pay down Target as much as I can. Save until April, until I have about $2K, then reevaluate.
Just wondering what the best steps are since I want to look for a real card first with probably a $3 or $4k limit. I don't know how to evaluate it, and don't want to get offered like $1.5K and then have my score lowered.
Starting Score: 653To Answer DI, I'm not sure. I don't have much experience. I got approved for an AmEx Green card in December, but that's about it. I don't know enough to guess, but really the only bad things I have are the 30 days late 1.5 years ago. High Util is almost all of my neg.
@DID wrote:Save up and pay cash or get a $2000 ring. If you all been dating for 7 years she would understand.
+1 K...
This reminds of my younger days when I got engaged. Saved over 10 months to get my baby the best ring only to have her upset with me for spending so much money unnecessarily. Paid 1200 for her ring.
If she knew I'd spend over 4k or so for her ring.... Hang Time for me.
If you can do it, hey go for it. Congrats of your engagement. 
Thanks for the advice everyone. I know prequalifiers won't impact my score. My concern is that I don't want to waste a hard pull only to find out that the CL is too low for my needs and then I'll have to go to Kay's with an extra hard pull that did me no good.
I guess I just have no idea what to expect when shopping for credit.
Yep I agree, and I'm looking for honest feedback like you've provided. I'm looking for more in the neighborhood of $3K-$4K once my credit score gets to about 700 - 720. I'm hoping to see a bump this month with me paying off most of my debt, then waiting until end of april to start applying. Is that a more reasonable goal, or would your opinion still stand? Like I said, looking to pay $2K cash, maybe a bit more, then finance $3 or $4K if possible.
You may want to look around at local jewelers that are not large chains. I purchased an engagement ring from a local place. I put some money down and agreed to make payments for the rest of the purchase for a year. There was nothing in writing, it was just an oral agreement. I agreed to 9% interest which was better than I could get for a loan from the bank.
I just bought a set of diamond earrings from the same guy for Christmas. Walked out of the store with them having made no deposit. Told him I would pay him in a couple months, and there was no interest. So, there are local places that can be a lot more flexible with you especially once you establish a relationship.
First off, big congrats to you on your planned engagement. I was there just a few months ago, and I know how exciting that is--especially after 7 years.
Secondly, I have to agree here with some of the others and say that I would recommend keeping your ring financing down, as things will inevitably come up as the wedding gets closer. I'm speaking from first hand and recent experience here. If you blow all of your CL flexibility on the ring, you may be faced with having to reduce or cut out elements of the wedding, the honeymoon, housing, furniture, etc. And that won't be fun. If it's right, she'll say yes to most any well thought out ring, and while it may be impressive at the moment of proposal to wow her with a huge rock that your income doesn't really reflect (no offense intended), I don't think it will take long for you to wish for some of that financing back. Plus she'll see how financially responsible you are in planning for your future. Big impression on the in-laws as well?
Additionally, do your research to ensure you're getting the best stone and price. Big rock does not equal quality rock, ever, unless youre paying way more than you've listed your budget to be. Learn about the different factors and don't buy something that sounds too good to be true. Also remember that a diamond depreciates the moment you buy it, due to industry standards in markup. Your $6000 ring won't be worth nearly that much if, God forbid, you ever had to sell it.
With all of that in mind, I'd definitely try for a signature (personal) loan first. The rate will be fixed and since you're about to rid yourself of your auto payment, you'll be able to cover the higher monthly payment. Much better for your credit score and easier to manage.
Lastly, while Kay and others may have good financing offers, you'll pay a big markup going through a retail shop like that. Better bang for your buck online. I also am a big supporter of the local option mentioned above.
HTH, sorry if sounding preachy. Just want to share what I've learned.