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Hi everyone.
Over the weekend I filled out a preapproved application at DCU for Auto Refi. I didnt hear anything so deceided that I would call. We went through the basics and I was approved. So happy from 8.83% to 1.74%. Then she hits me with I have an approval for a Visa 10k limit @ 9.5%. This would be my first 5 digit and my current low apr is 19.99%. I thought I have no immediate use for it and that I a member this Credit Union. The limit will have better use elsewhere. I definitely came unglued for a moment or 2. I was tripping over my words as I told her it was highest limit and lowest rate. But I took a deep breath and said thank you but I have to decline. I just got the Amex Everday at the begining of the month with 15 months 0% so that will get any balances if need be. So what would you guys do? You think I made a mistake? I pretty much made my mind up to change my decision. The approval is good till June if I would want to though. Thanks for input everyone.
Personally I would not have turned down a card with an APR of 9.5% if all I currently had was 19.9% and above...
@staifokuzed wrote:Hi everyone.
@Over the weekend I filled out a preapproved application at DCU for Auto Refi. I didnt hear anything so deceided that I would call. We went through the basics and I was approved. So happy from 8.83% to 1.74%. Then she hits me with I have an approval for a Visa 10k limit @ 9.5%. This would be my first 5 digit and my current low apr is 19.99%. I thought I have no immediate use for it and that I a member this Credit Union. The limit will have better use elsewhere. I definitely came unglued for a moment or 2. I was tripping over my words as I told her it was highest limit and lowest rate. But I took a deep breath and said thank you but I have to decline. I just got the Amex Everday at the begining of the month with 15 months 0% so that will get any balances if need be. So what would you guys do? You think I made a mistake? I pretty much made my mind up to change my decision. The approval is good till June if I would want to though. Thanks for input everyone.
Me personally wouldn't apply for any card that i wouldn't need or use. This cc do they use the same HP as they did for your auto loan? Congratulations on the nice rates for auto loan tho :-)
You made the decision. Don't fret over it. Some people would have taken it (including me) others wouldn't have. Keep your credit healthy and you can always apply for a card later on down the line if you need it. Congrats on the awesome rate on your car!
@ GDALE- I completely agree with that. I have long time left on 0%. I have gotten a lot of cards in the last year. I am now realizing that I have no use for most except for
Util purpose. I generally keep reported balances under 2k between 2-3 cards.
@MONG- I was not completely confident in the way it was worded when I asked the question. But I am going to say no other was needed but was possible.
Ty Tre.
I am actually glad I didnt jump on the offer. I had to control the impulse. The same impulse is reason I had to decline. I am bummed that I coulnt take it but it was the right way to go.
Since July 13 I opened
3-AMEX
BML
2-USAA
IT
FREEDOM
CIT TY PREFD
SPORTMAN GUIDE
6 of these I dont use at all. I have 2 older ones that dont get used often.
Wise of me not to accept it. I guess that is what happens when you say "whats one more gonna hurt". I have a bunch of useless accounts now. I will have to bring out the out axe soon. By July PRG will be gone. I would do it sooner but I like the look. Others will follow likely at their 1yr mark. Thanks for the input guys.