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What card would fit me?

Frequent Contributor

What card would fit me?

Good evening everyone. I am looking for a card with a low APR and high CL potential. I am looking at building a house next summer and want a card I can use for incidentals and such for small purchases (under $5k) so I won't have to do drawdowns as much.

 

My credit is mid 7's on EQ and TU. I have a $1800 vehicle loan, sold it last month but is still reporting. Have 2 BOA cards, one 750/7500 and the other has 1400/5000. They will be paid off next week. Also have one discover card with 2250 that is sd'd. Income is 65k a year. Not planning any major purchases except for a house in the next year or two.

 

Only negative is the amount of inq's, was shopping around last year for low interest loans and getting prequal'd for a housing loan. Was approved for up to $360k but passed it over in favor of building new. AAOA is 2.6 years. 

 

 

 

 

AkAir $50k | Marriott $65k | Local CU $8k
TU: 770 / EQ: 748 / EX: 769
Message 1 of 6
5 REPLIES
Super Contributor

Re: What card would fit me?

What are you looking for rewards,miles?

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 6
Senior Contributor

Re: What card would fit me?

If you're not going to need the card until next year, when your house is under construction, I  suggest waiting a bit.  This way your AAoA will grow a little and your utilization will be lower.  Also, if you get a 0% introductory rate, you'll be better able to take advantage of it by waiting until you' actually be using the card.

Message 3 of 6
Valued Contributor

Re: What card would fit me?

For low APR and high CL your looking at a credit union card.  DCU is a good one anyone can join.  If your eligible for NFCU certainly go that route.  Barclay Ring is another low APR option but given your current limits I wouldn't expect a big limit from them. 

Message 4 of 6
Valued Contributor

Re: What card would fit me?


revvystoke wrote:

Good evening everyone. I am looking for a card with a low APR and high CL potential. I am looking at building a house next summer and want a card I can use for incidentals and such for small purchases (under $5k) so I won't have to do drawdowns as much.

 

My credit is mid 7's on EQ and TU. I have a $1800 vehicle loan, sold it last month but is still reporting. Have 2 BOA cards, one 750/7500 and the other has 1400/5000. They will be paid off next week. Also have one discover card with 2250 that is sd'd. Income is 65k a year. Not planning any major purchases except for a house in the next year or two.

 

Only negative is the amount of inq's, was shopping around last year for low interest loans and getting prequal'd for a housing loan. Was approved for up to $360k but passed it over in favor of building new. AAOA is 2.6 years. 

 

 

 

 


Good luck with your home build! Building new is exciting!

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Message 5 of 6
Valued Contributor

Re: What card would fit me?

Are you planning to frequently carry a balance on this card? Or only during the construction period?

The reason I ask is that there are almost always 0% promotional periods on cards that would fit your low interest rate criteria for the time frame in which you need it. But if you are looking for a card that always has low interest rates, you will want to find a card with a fixed rate. Those products are typically found at a credit union (just do a google search) with rates usually around 8-10% on average. You will be hard to pressed anything with an interest rate as low as a mortgage because it is unsecured credit. My suggestion would be to save some money and avoid carrying balances if at all possible, and to put things you need to pay off over time into your construction draw downs. That's what it is there for.

In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Message 6 of 6