topic Re: Seeking longer 0% APR and high SL for big purchase in Credit Card Applications

Seeking longer 0% APR and high SL for big purchase

Anonymous — Wed, 08 Nov 2017 06:18:46 GMT

Hi,

Trying to determine my odds for a nice 0% APR card with a high SL. I am not particularly invested in a rewards program and I'd like to treat this more like a no interest loan than a revolving account.

I'm 749 TU and 742 EQ according to Credit Karma.

$85k annual income

100% payment history

5.5 years AAOA

Absolutely no negative marks on any accounts

one local credit union visa with $3,500 limit, 0% util

one local store card, $1200 limit, 0% util

Approx $35k in student loans

0 apps in the last 24 months.

I'm considering the Chase Freedom Unlimited, but I'm a bit concerned that I won't get the limit I want ($10K). If I don't, is there any other card which would be recommended I apply for to pair with the FU, or to replace it if I am denied?

Thanks in advance

Re: Seeking longer 0% APR and high SL for big purchase

Anonymous — Wed, 08 Nov 2017 07:25:07 GMT

Your income is good and you AAOA is good. The concern is you don’t have any cards with high limits. Ime high limits begats high limits.

Im not saying it can’t happen because I’ve seen surprise high limit approvals with limited high limit card history. But they were surprises. Kind of hard to point you where to go. I will add, my first 5 figure card was with a credit union, NFCU. After a few months of that, other 5 figure approvals came easier.

Maybe someone else can jump in...

Re: Seeking longer 0% APR and high SL for big purchase

CreditInspired — Wed, 08 Nov 2017 11:14:12 GMT

I totally agree with Justagirl about higher limits begatting higher limits because the same thing happened with me. Once I got a high CL w/NFCU, then other cards started giving me higher CLs.

Also, on a side note, if both of your cards are indeed at 0% UT, you should keep at least $3-5 on one of the cards so something reports to the CRAs.

Also, since you are not interested in rewards, see if you prequalify for the Citi Diamond (0% purchase/BT for 21 months). The Citi Simplicity offers the same rate for 21 months but only for BTs. However, the Simplicity can't be PCd. I think I recall that correctly.

Welcome to MyFICO and GL2U

Re: Seeking longer 0% APR and high SL for big purchase

simplynoir — Wed, 08 Nov 2017 14:36:12 GMT

What I would recommend is first getting your FICO 08 scores since the scores from Credit Karma won't do you any good. Go to Credit Check Total (CCT) and get the $1 trial to get all 3 bureaus pulled and cancel the trial membership after you get them so you can see where you stand.

But I gotta agree with other two in that it's gonna be tough for you to get a new card with $10k+ SL since your card lineup is limited. Most banks with maybe the exception of credit unions don't like to be your first big SL card unless you've shown experience with one before. Since you have a credit union card I would suggest going to them to see if you can get a new card that has 0% intro APR; depending on your history you might be able to go that route. If you're military or have family in the military USAA and NFCU are great options as well.

Re: Seeking longer 0% APR and high SL for big purchase

Anonymous — Wed, 08 Nov 2017 14:40:05 GMT

Getting $10,000 in today's credit-tightening economy with your profile is unlikely unless you bank with a military credit union.

What are you buying for $10,000 that you need 0% to make payments on? Maybe it isn't a purchase that needs to go on a credit card but another form of lending?

Re: Seeking longer 0% APR and high SL for big purchase

Anonymous — Wed, 08 Nov 2017 14:52:19 GMT

10k + credit card will be tough to get that offers a long BT offer.

Like another poster said, get your FICO scores including Experian.

Re: Seeking longer 0% APR and high SL for big purchase

bizarrocreditworld — Wed, 08 Nov 2017 16:19:08 GMT

I agree with everybody about the problem with getting a $10K+ card when there is no "experience" at that level, however, there seems to be a $5,000 plateau people need to get over before they get considered for a $10K+ card. If your true FICO scores are close to your CK scores, I would go with a national credit union since they do give many people a higher limit than the banks.

Alternatively, for some reason, I think Discover may give you a good SL, maybe even the type you're looking for. My wife was offered a $12K SL very soon (the time span between Memorial Day and Labor Day) after getting a $5,500 SL Chase Freedom Unlimited. They seem to be the world's most bizzare credit lender, however, so with FICO scores in the 740s, you may end up with a $1,000 SL.

Re: Seeking longer 0% APR and high SL for big purchase

Anonymous — Wed, 08 Nov 2017 16:40:36 GMT

Had to make a new account, my password wasn't working.

CreditInspired wrote:

I totally agree with Justagirl about higher limits begatting higher limits because the same thing happened with me. Once I got a high CL w/NFCU, then other cards started giving me higher CLs.

Also, on a side note, if both of your cards are indeed at 0% UT, you should keep at least $3-5 on one of the cards so something reports to the CRAs.

Welcome to MyFICO and GL2U

I understand that Citibank is stingy with their limits and that makes me hesitant to apply with them. They were my first consideration due to the 21 month NI period.

I suppose that part of the Chase Freedom Unlimited appeal was the bonus which occurs when spending $X within X months, but the 0% APR is more important to me.

Thanks for the welcome.

simplynoir wrote:
What I would recommend is first getting your FICO 08 scores since the scores from Credit Karma won't do you any good. Go to Credit Check Total (CCT) and get the $1 trial to get all 3 bureaus pulled and cancel the trial membership after you get them so you can see where you stand.

But I gotta agree with other two in that it's gonna be tough for you to get a new card with $10k+ SL since your card lineup is limited. Most banks with maybe the exception of credit unions don't like to be your first big SL card unless you've shown experience with one before. Since you have a credit union card I would suggest going to them to see if you can get a new card that has 0% intro APR; depending on your history you might be able to go that route. If you're military or have family in the military USAA and NFCU are great options as well.

Does CCT hit my credit report as an inquiry? Can my score or credit attractiveness be impacted by using this site?

No military options available and my credit union doesn't list and 0% APR card offers on their website, so it seems I'm out of luck there.

ABCD2199 wrote:
Getting $10,000 in today's credit-tightening economy with your profile is unlikely unless you bank with a military credit union.

What are you buying for $10,000 that you need 0% to make payments on? Maybe it isn't a purchase that needs to go on a credit card but another form of lending?

I'm going to purchase a creative tool which may result in being used a capital for a business, but no business has been established and the timeline for generating any revenue with this tool is not defined.

Becuase of that, and beause I've not established an LLC or otherwise, I'm not sure that applying for any kind of business based line of credit would be appropriate.

bizarrocreditworld wrote:
I agree with everybody about the problem with getting a $10K+ card when there is no "experience" at that level, however, there seems to be a $5,000 plateau people need to get over before they get considered for a $10K+ card. If your true FICO scores are close to your CK scores, I would go with a national credit union since they do give many people a higher limit than the banks.

Alternatively, for some reason, I think Discover may give you a good SL, maybe even the type you're looking for. My wife was offered a $12K SL very soon (the time span between Memorial Day and Labor Day) after getting a $5,500 SL Chase Freedom Unlimited. They seem to be the world's most bizzare credit lender, however, so with FICO scores in the 740s, you may end up with a $1,000 SL.

This is part of my apprehension. I dont want to get into a situation where I'm applying for multiple cards just to get to the limit I want. I also don't want to wait a particularly long time. I may not be heavily seasoned in credit cards, but I do have a clean profile and decent income and I just need to understand how I can get the best and most realistic deal possible, preferably via 0% APR.

Re: Seeking longer 0% APR and high SL for big purchase

Anonymous — Wed, 08 Nov 2017 16:25:49 GMT

CCT will not affect your credit.

Its just like credit karma, except it gives your FICO scores.

Re: Seeking longer 0% APR and high SL for big purchase

simplynoir — Wed, 08 Nov 2017 16:32:06 GMT

CCT will not impact your credit report or worthiness. And it would be beneficial for you to see where you officially stand since the FAKO scores Credit Karma provide can wildly swing one way or another compared to the widely used FICO 08.

Re: Seeking longer 0% APR and high SL for big purchase

Anonymous — Wed, 08 Nov 2017 16:36:11 GMT

I pulled my CCT report and found the following.

EQ Fico Score 8 - 775

TU Fico Score 8 - 769

EX Fico Score 8 - 765

Re: Seeking longer 0% APR and high SL for big purchase

simplynoir — Wed, 08 Nov 2017 16:42:26 GMT

Very nice there. Well, you cleared all the hurdles with AAoA, utilization, no inquiries and income. The only real thing holding you back is card portfolio. It might have to be where you take a chance with a lender with 0% APR and hope for the best. Any chance you can split the purchase into two cards perhaps. That way if/when you apply for a card it can give you some leeway if the SL isn't high enough to cover the purchase and you need a 2nd card to make up the difference.

When you do you have to make this purchase?

Re: Seeking longer 0% APR and high SL for big purchase

Anonymous — Wed, 08 Nov 2017 16:42:43 GMT

Nice scores!

Re: Seeking longer 0% APR and high SL for big purchase

Anonymous — Wed, 08 Nov 2017 16:53:19 GMT

simplynoir wrote:
Very nice there. Well, you cleared all the hurdles with AAoA, utilization, no inquiries and income. The only real thing holding you back is card portfolio. It might have to be where you take a chance with a lender with 0% APR and hope for the best. Any chance you can split the purchase into two cards perhaps. That way if/when you apply for a card it can give you some leeway if the SL isn't high enough to cover the purchase and you need a 2nd card to make up the difference.

When you do you have to make this purchase?

I could definitely apply to two 0% APR cards if I didn't hit the needed SL for the first one. I am concerned about how I'd handle it if there wasn't enough of a limit between the two cards.

The purchase is less than $10k. It will hover somewhere between $5k and $6k, but I want to get the larger limit to prevent myself from having high credit utilization. Perhaps my next point would eliminate that concern if I decided to take that route.

It's almost beginning to look like I'd rather just get a signature loan with my credit union and avoid all of this uncertainty entirely. I've been with them for a decade and have had signature loans with them before, so I feel confident I'd be approved. I just really would rather not pay interest if I don't have to.

The purchase would need to be made within the next two weeks.

Re: Seeking longer 0% APR and high SL for big purchase

simplynoir — Wed, 08 Nov 2017 17:02:21 GMT

I'm fairly confident you'll get $10k+ credit between two cards; on one card less so but can be possible. Just depends on what you want to do at this point. I can understand not wanting to pay interest so just depends which sounds as a better option for you.

For lenders that can give a big SL I'd consider AMEX and Chase. Chase FU and AMEX BCE would be my two recs. Hopefully someone else will chime in to see if there are others.

Re: Seeking longer 0% APR and high SL for big purchase

Anonymous — Wed, 08 Nov 2017 17:04:20 GMT

I would definitely hit the pre-qual circuit today 😂

I can’t even lie, I’m so excited for you! I’m like a kid in a candy store with $20 😂😂😂

Re: Seeking longer 0% APR and high SL for big purchase

simplynoir — Wed, 08 Nov 2017 17:08:11 GMT

Good point I didn't even think for you to hit the prequals. Go check them out and see what comes up. Low set APRs will be a good sign for you.

Re: Seeking longer 0% APR and high SL for big purchase

Anonymous — Wed, 08 Nov 2017 17:09:09 GMT

@simplynoir wrote:
I'm fairly confident you'll get $10k+ credit between two cards; on one card less so but can be possible. Just depends on what you want to do at this point. I can understand not wanting to pay interest so just depends which sounds as a better option for you.

For lenders that can give a big SL I'd consider AMEX and Chase. Chase FU and AMEX BCE would be my two recs. Hopefully someone else will chime in to see if there are others.

I just want to add: how long will you be carrying this balance? If it’s for an extended period of time, Amex makes me nervous. But with your profile, I would app to get a card with them, just not for a long term balance.

Also pre-qual Discover.

Good luck! Please let us know your results!

Re: Seeking longer 0% APR and high SL for big purchase

simplynoir — Wed, 08 Nov 2017 17:13:13 GMT

On a related note it is why I asked when he had to make the purchase. Figure if he said 2+ months it would an AMEX no brainer. He could get the BCE, show some light usage and then 3X CLI to get a big limit. But two weeks isn't enough time for that lol.

Re: Seeking longer 0% APR and high SL for big purchase

Anonymous — Wed, 08 Nov 2017 17:18:58 GMT

simplynoir wrote:
I'm fairly confident you'll get $10k+ credit between two cards; on one card less so but can be possible. Just depends on what you want to do at this point. I can understand not wanting to pay interest so just depends which sounds as a better option for you.

For lenders that can give a big SL I'd consider AMEX and Chase. Chase FU and AMEX BCE would be my two recs. Hopefully someone else will chime in to see if there are others.

I appreciate the bluntness. It feels a lot less messy to me to have it all contained in one account rather than worrying about juggling mutliple cards.

If I can just pay interest and avoid the anxiety associated with not receiving the needed limit, I may just go to my CU for the loan. I'll need to weigh the options.

Justagirl73 wrote:
I would definitely hit the pre-qual circuit today 😂
I can’t even lie, I’m so excited for you! I’m like a kid in a candy store with $20 😂😂😂

Prequalified offers show the following

Chase

Freedom Unlimited
Freedom
Sapphire Preferred

AMEX

Blue Cash Everyday Card
Amex Everyday Credit Card
American Express Green Card

Discover

IT Card

I'm not seeing any predetermined APRs on any of these pages, only the standard APR ranges for these products.

Justagirl73 wrote:

I just want to add: how long will you be carrying this balance? If it’s for an extended period of time, Amex makes me nervous. But with your profile, I would app to get a card with them, just not for a long term balance.
Also pre-qual Discover.
Good luck! Please let us know your results!

I plan on carrying the balance for 12 months. How does that impact what your advice would be? Thanks