Kay and Jared jewelers credit cards

[Anonymous]

Okay, so here's my dilema, I guess...

My fiance and I are getting married in April 2010 and we're beginning to look for wedding rings.  He already had a Kay card, but they wouldn't increase his CL so the sales associate suggest we try a joint application to see what happens.  Well, it got approved for like $5,100; so he now has like $7,000 CL between his personal account and the joint account.

My thing is, I've been secretly plotting to get him a Rolex for his wedding day present (he got me the most beautiful engagement ring, and he's always wanted a Rolex, so I figure I can at least try to get him one).  I know the Jared near where I live is an authorized Rolex dealer, so I was planning on going there towards the end of the year to shop around and probably apply for their credit card to see if I can get a good financing deal.  Now, since I already have this Kay card with a $5,100 CL, how is that going to work when I go to Jared?

I know Jared and Kay are both under Sterling credit card company and I understand that they share the credit limit or something like that.  Since the Kay card I have is a joint account, will I still be able to use that credit limit amount at Jared or do you think it'll be lower since I'll be applying at Jared for an individual account?

Any suggestions/advice would be greatly appreciated.  Thanks so much in advanced!

[Anonymous]

  [edited] Buy a Fossil watch for a 100 and save the Rolex for your 10th anniversary! Really do not get married with debt. Use your credit lines to build more credit lines in the future, watch the debt and be patient. Watch the joint accounts until you are married!

Yes I belive they share the total credit limit no matter where you get the account. Individual account is not the same as a joint so watch how they will report. Never be late on a joint account you destroy 2 futures at once!

edited: I think you meant this as a gentle tease, but please don't include things like this, especially for a first-time poster. --thanks, hauling

Message Edited by haulingthescoreup on 09-30-2009 01:13 AM

[haulingthescoreup]

Hi, welcome to the forums, and congratulations and best wishes!

Is the Kay card truly a joint card (both people applied at once; each is liable individually for all the debt) or an authorized user card (two or more people have the card, but only one person is responsible for the account)? Just want to clarify, because it's true that NOTHING should be held jointly other than a mortgage.

Anyway, how long would it take to pay off this charge? It's a wonderful sentiment, but I'd say that if you can't comfortably pay it off within 6 months (3-4 months would be better), it's too much at this stage.

Sorry, I can't help on the confusing relationship among all the different jewelry store cards. I'll step aside for others' comments.

[prettywise77]

Hi and welcome to the forum...I will leave out my personal opinion and answer your question based on my experience.  I have both a Kay and Jared's account. I used the Kay card last December when I wanted to purchase diamond earrings as a bday present to myself.  I later applied for Jared's card and haven't used it yet.  I wanted to add some cushion to my debt ratio.  I was initially approved for $800 on both, but recently cli'd to $1200 on both.  I paid off my Kay's within 2months.  I didn't like paying the interest and my earring where more than the $800 limit so my utilization was in deep trouble. AHHH,what it means to be in love.  I wish you the best in life and congrats on your upcoming nuptials!

 Sorry forgot to add,Jared's and Kays are separate accounts but have identical limits.  I could run up the$1200 limits on each card and be in a lot of debt with bling to show for it.  But I won't LOL!!!  I know better than that.  Although, I am going to buy my own diamond ring for my right hand for my bday this year.  Still waiting for my Prince Charming to come along!  LOL =-D

Message Edited by prettywise77 on 09-29-2009 08:17 PM

[Anonymous]

Philbo,

Congrats on soon to being married and I for one think that it is a WONDERFUL gesture on your part to get your fiancee a rolex. I have always wanted a rolex and or a breitling (whether I can afford one is a completely different story) and I can assure you that your fiancee would absolutely love it, I know I would. Here is another thing, we dont know both of your incomes and what your credit may be like, so yes if YOU think you can afford a rolex and be able to pay it off within 6 months (especially if they give you time period of X number of months interest free) that would be great. You really need to sit down and think if you can afford it and how long will it take you to pay it off and really weigh the option/desire of the want against the desire to live debt free.

The two jewelary stores are different and your card and CL with Kay will not impact your Jared App. Again, best of luck!