Need help: Lows Approval vs Venture CL Use

Anonymous — Wed, 05 Aug 2015 14:26:23 GMT

Hi everyone, need your advice and helpful knowledge on this. Sorry is too long but i know you all love the details

As previously stated on other threads, I live in a HOA property and my fence formally got approved...waiting on county to draw new property lines and make it official on paper.

I need to spend a total of about $5000 on fence materials:

Should I apply for Lowes special promo and request the 5.99% for 84 months at check out? (must spend a least $3500 for offer which will be no problem obviously). On this promo, not sure If I can pay off early or If I'm only allow to make the minimum payments...ewww

Use my Venture with $15,000 CL. I will make a $600 payment on it right away which will put me at 30% UTL when reporting to CR on first statement.

My UTL will decrease by 3% (about) each month as i will be making $600 payments.

I know is no brainer BUT, what If I don't get approved for Lowes, I don't want another HP or a second denial when calling recon; not even sure if they'll give me enough of a CL to purchase $5000 worth of fence materials.

Either way I go, I will be making $600 dollar payments until paid off, sometimes I will be able to do $650.

Can you make higher payments on Lowes promo?

Would it be worth it taking a chance for Lowes and the HP?

Other options? NO Home Depot, burned a Citi Card in BK and already got denied for double cash card in June/2015

Venture has a 17% APR, which i can request a lower APR (12.99%) but not guarantee.

SCORES NOW

EQ 655, TU 639, EX 660 (scores should go up a bit after balances reflect $0)

STATS AS OF 9/6/2015 below (The stats below will be reflecting in my CR per my closing statement dates when applying for the card)

Venture Card #1 - $0 Balance

Venture Card #2 - $0 Balance

CSP - $0 Balance

Barclay - $0 Balance

Discover - $0 Balance

JCrew & Express - $0 Balance

QS - $2500 Balance out of $10500 CL

Income - $71k

CH7 discharged - 10/2010, will be at 4 yrs 11 months in 9/1/2015 (burned macys, walmart, citi bank, chase, best buy card, paypal, cap1, target, military star card, usaa

Denied for AMEX ED, BOA Cash Card, Citi Double Cash & Chase Freedom in June/2015

INQUIRIES

EQ TU EX

JUNE 2015	Citi Bank June 25, 2015 Discover Bank June 25, 2015	Barclays Bank Delaware June 25, 2015	Discover Financial Ser June 25, 2015 Amex June 25, 2015 Citi Bank June 25, 2015 Chase Card June 25, 2015 Bk Of Amer June 25, 2015
MAY 2015	Capital One Bank Usa May 27, 2015	Capital One Bank Usa Na May 27, 2015	Cap One Na May 27, 2015 Chase Card May 27, 2015
NOVEMBER 2014	Rental lease app November 11, 2014	Mortgage home purchase November 11, 2014	Rental lease app November 11, 2014
JULY 2014	Pentagon Fcu July 10, 2014	-	-

Thanks all!

Re: Need help: Lows Approval vs Venture CL Use

Revelate — Wed, 05 Aug 2015 14:43:29 GMT

Personally I'd go with the Lowes card.

This is one of the few store cards which fits pretty much any home owner, and their promos for rates just don't suck. It's even on my list whenever I go buy a real home someday in the future where it's a foregone conclusion around here I'm probably going to have to sink 100K into the house to fix it... and probably everyone knows my personal theories about store cards (just say no unless you shop there and their reward structure is better than any national bank cards).

Sounds like you know the Lowes promos better than I do since I haven't kept up with them currently, but 6% vs. 18%, no brainer even over 10 months. Inquiries are cheap, non-trivial interest is not... I don't really see your getting denied for it frankly though, only sticking point is that BK with a Walmart card since I think Synch underwrites Lowes, but as I understand it they're fairly BK friendly anyway.

topic Need help: Lows Approval vs Venture CL Use in Credit Card Applications

Need help: Lows Approval vs Venture CL Use

Re: Need help: Lows Approval vs Venture CL Use