Suggestions please?

[BluePoodle]

I was hoping to get a CLI today with Discover, but alas I got the unavailable statement. Which implies no to me so I did not bother to call the 800 # they provided.  I do have $1600 on the card 80% of my CL. But it is at 0% interest and my QS is 0 Balance.

I am moving next month and plan to need a bit of cash for my deposit and at least first months rent. So even though I could pay off discover, I am holding onto all of my extra cash for this.

I expect to have a bit of moving expenses and even if I get a moving bonus once I take my new position, I expect that it takes a while to receive so I could carry debt for at least one or possibly two months before I get a regular paycheck and pay everything off. So if I use my QS card, I would be paying interest.

If I had received a CLI from Discover, it would have meant I could have carried it all on that with the 0% interest. But since that is not happening, and I planned to apply for the Sallie Mae Barclays card at some point over the summer anyway, should I just do that now?  I would expect it to have the 0% interest, so I could use it and avail interest.  I do use my QS card and just PIF today for next months reporting.   I would expect to carry $1.5 - $2.5K on the card for 1-2 months and I can't remember what my interest is on QS but I expect is around 19%.

[Chris123nTx]

They look at your card as fairly new (with the zero % I am guessing) and the fact that you are maxed out on it, and denied it. 

A very high correlation exists between maxed out accounts and default on those accounts. Not saying your particular case, just in general. 

Since you are saying you are only talking about carrying debt for 2 months or so, forget about the interest rate and just don;t spend more than you need to, and then pay it down as fast as you can.  Worrying over a month or two or interest, while usually a smart thing to do, is just making you over complicate things. 

And yes, 80% is maxed out. 

[Themanwhocan]

I don't think the SallieMae card has a 0% intro apr. They frequently offer a 0% balance transfer, but you still have to pay the balance transfer fee, usually either 3% or 4%.

[BluePoodle]

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@Chris123nTx wrote:

They look at your card as fairly new (with the zero % I am guessing) and the fact that you are maxed out on it, and denied it. 

A very high correlation exists between maxed out accounts and default on those accounts. Not saying your particular case, just in general. I understand, but my overall util was at 30% and now with my CLI from Cap1 and my most recent Discover payment, it will be under 20% total util. And I have have my Cap 1 about 1.5 years. With my last 3 Discover payments paying 3 times minum and Cap 1 reporting $5, 0, 0 Balances.

Since you are saying you are only talking about carrying debt for 2 months or so, forget about the interest rate and just don;t spend more than you need to, and then pay it down as fast as you can.  Worrying over a month or two or interest, while usually a smart thing to do, is just making you over complicate things. 

And yes, 80% is maxed out. 

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It's not the end of the world, just trying to plan ahead and make good choices. I know I'll get a CLI sooner or later with Discover.

[BluePoodle]

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@Themanwhocan wrote:

I don't think the SallieMae card has a 0% intro apr. They frequently offer a 0% balance transfer, but you still have to pay the balance transfer fee, usually either 3% or 4%.

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Yes, I believe you are correct. Thanks for pointing that out to me!

[PlasticOrPlastic]

How you doing on INQ's?  If your TU is ok and you need a CLI just call in, it might be a HP but they wont have any problem upping the limit.  I called last Thursday on my 3 month statement and they doubled my limit up to 2k.  My balance was over 800 dollars, but I told them I wanted to take advantage of the cashback bonus at home depot.  2 min later I had 2k on the card. 

[BluePoodle]

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@EndlessRoad wrote:

How you doing on INQ's?  If your TU is ok and you need a CLI just call in, it might be a HP but they wont have any problem upping the limit.  I called last Thursday on my 3 month statement and they doubled my limit up to 2k.  My balance was over 800 dollars, but I told them I wanted to take advantage of the cashback bonus at home depot.  2 min later I had 2k on the card. 

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I have only one Inquire on TU which was on 4/6/13 so it is 12 months old.  I am going to try to patiently wait for my accounts to update and then I guess maybe call in to do that.  Maybe when they see I recently received a CLI from Cap1 it will be more likely that they will too.

[PlasticOrPlastic]

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@BluePoodle wrote:

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@EndlessRoad wrote:

How you doing on INQ's?  If your TU is ok and you need a CLI just call in, it might be a HP but they wont have any problem upping the limit.  I called last Thursday on my 3 month statement and they doubled my limit up to 2k.  My balance was over 800 dollars, but I told them I wanted to take advantage of the cashback bonus at home depot.  2 min later I had 2k on the card. 

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I have only one Inquire on TU which was on 4/6/13 so it is 12 months old.  I am going to try to patiently wait for my accounts to update and then I guess maybe call in to do that.  Maybe when they see I recently received a CLI from Cap1 it will be more likely that they will too.

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I applaude your patience!  I just couldnt do it and had to take the HP, but it worked out so it was worth it, and I bought a new grill with 5% cashback X2 so it really worked out.  Whatever you decide to do good luck to you! 

[BluePoodle]

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@EndlessRoad wrote:

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@BluePoodle wrote:

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@EndlessRoad wrote:

How you doing on INQ's?  If your TU is ok and you need a CLI just call in, it might be a HP but they wont have any problem upping the limit.  I called last Thursday on my 3 month statement and they doubled my limit up to 2k.  My balance was over 800 dollars, but I told them I wanted to take advantage of the cashback bonus at home depot.  2 min later I had 2k on the card. 

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I have only one Inquire on TU which was on 4/6/13 so it is 12 months old.  I am going to try to patiently wait for my accounts to update and then I guess maybe call in to do that.  Maybe when they see I recently received a CLI from Cap1 it will be more likely that they will too.

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I applaude your patience!  I just couldnt do it and had to take the HP, but it worked out so it was worth it, and I bought a new grill with 5% cashback X2 so it really worked out.  Whatever you decide to do good luck to you! 

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Haha, Thanks! I don't FEEL very patient. LOL  I was disappointed to not be able to do the request this morning.  I think my impatience is what keeps me on MyFico way too much, LOL. But I am trying to be diciplined!  And since I am not buying anything today and IF I get the CLI it will be instantly applied, then it will be avail when I need it. Otherwise, I guess my moving costs will go on my QS and I will be more fruggel in what choices I make knowing that I will get charged interest. I am going to also call Cap1 and request a lower interest rate (while my account is at zero!)  So far they have said no to that, but perhaps they will finally say yes!

[Themanwhocan]

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@BluePoodle wrote:

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@Themanwhocan wrote:

I don't think the SallieMae card has a 0% intro apr. They frequently offer a 0% balance transfer, but you still have to pay the balance transfer fee, usually either 3% or 4%.

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Yes, I believe you are correct. Thanks for pointing that out to me!

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Whups, I was wrong. They changed the Sallie Mae offer to have an introductory 12 month 0% APR

So my 6 month old Sallie Mae doesn't have it, and my new Sallie Mae does.