topic Re: About to charge 15k on my Lowes 5.99% in Credit Cards

About to charge 15k on my Lowes 5.99%

Tszone — Wed, 24 Jun 2015 00:30:37 GMT

Need repairs badly at my home, will this charge spoke all my new cards? Taking advantage of the 5.99% offer for 84 months. I have aquired a lot of new credit this year and just started closing some of my old annual fee cards and high interest rate cards for my better prime cards. This 15k charge is on a card with 17k limit. Tried to get more limit but said no and will be mailed reason.

Re: About to charge 15k on my Lowes 5.99%

Kenny — Wed, 24 Jun 2015 00:33:07 GMT

I wouldn't close any more cards unless they are costing you money right now with such a large ticket that's going to be reported soon.

Re: About to charge 15k on my Lowes 5.99%

CreditJim — Wed, 24 Jun 2015 00:33:22 GMT

Will be interested to hear other people's responses to this as it's something I'm also thinking about. Good luck OP.

Re: About to charge 15k on my Lowes 5.99%

Anonymous — Wed, 24 Jun 2015 00:37:58 GMT

Well as far as whether or not it will spook your other card issuers will have a lot to do with what banks they are, previous history, overall utilization among other things...also make sure you check all available options for your repairs, I don't know whay they are but when you get to that amount of money lowes can be extremely overpriced and don't always have the best contractors working for them.

Re: About to charge 15k on my Lowes 5.99%

Tszone — Wed, 24 Jun 2015 00:56:32 GMT

I closed some old orchard/cap1 cards with annual fees plus credit one. I closed the capital one cards so I could get the better cap1 cards, was approved for the Venture this week for 20k and quicksilve 5k. So closed a $900 linit and two at $1750 and opened the 2 new cap1 cards. Also a BBVA 10.5k and a Citi DP 6.6k. Have cards from pretty much all major banks. I have 2 BOA cards 5k and 6k, 2 Citi both at 6.6K, Barclay's, Discover, Chase CSP, Freedom and Slate all this year. Also a 30k nasa from last year which I used as a balance transfer card. Scores are in the low 700's on EQ and TU and 677 on EX. Mortgage through Chase for 16 years no lates. UTI around 18-22%.

Re: About to charge 15k on my Lowes 5.99%

Anonymous — Wed, 24 Jun 2015 01:07:49 GMT

I agree with @Kenny. That is a large amount and you may not get any AA, but you need other limits to cushion you a bit. What is the summation of all your limits on your cards if you don't me asking?

Re: About to charge 15k on my Lowes 5.99%

Tszone — Wed, 24 Jun 2015 01:06:09 GMT

@Anonymous wrote:
@I agree with @Kenny. That is a large amount and you may not get any AA, but you need other limits to cushion you a bit. What is the summation of your all limits on your cards if you don't me asking?

Well I closed just over 5K this week but open around 50k this week. closed 1,750 X2 plus $900 and $1400 and open, cap1 20k and 5k, BBVA 10.5k, Citi 6.6k and 2.8k total rewards.

Re: About to charge 15k on my Lowes 5.99%

Anonymous — Wed, 24 Jun 2015 01:11:52 GMT

@Tszone wrote:
@Anonymous wrote:
@I agree with @Kenny. That is a large amount and you may not get any AA, but you need other limits to cushion you a bit. What is the summation of your all limits on your cards if you don't me asking?
Well I closed just over 5K this week but open around 50k this week. closed 1,750 X2 plus $900 and $1400 and open, cap1 20k and 5k, BBVA 10.5k, Citi 6.6k and 2.8k total rewards.

So 50k in available credit? If you don't don't use any of your cards and just carry the $15,000 balance, it means you are 30% utilization. As lond as you pay more than the minimum every month, you should probably be fine. But don't close any more cards no matter how small the limit is.

Re: About to charge 15k on my Lowes 5.99%

taxi818 — Wed, 24 Jun 2015 01:15:47 GMT

@Kenny wrote:
I wouldn't close any more cards unless they are costing you money right now with such a large ticket that's going to be reported soon.

+1 too many dramatic things in a short period of time will spook them. just leave them open even with the AF. im sure the big project did not come up over night. you planned it. so plan on closing those cards after you got your remake on the house. and you will need for utilization because you are about to use a huge amount of change.

Re: About to charge 15k on my Lowes 5.99%

Anonymous — Wed, 24 Jun 2015 01:16:54 GMT

Re: About to charge 15k on my Lowes 5.99%

Tszone — Wed, 24 Jun 2015 01:17:48 GMT

@Anonymous wrote:
@Tszone wrote:
@Anonymous wrote:
@I agree with @Kenny. That is a large amount and you may not get any AA, but you need other limits to cushion you a bit. What is the summation of your all limits on your cards if you don't me asking?
Well I closed just over 5K this week but open around 50k this week. closed 1,750 X2 plus $900 and $1400 and open, cap1 20k and 5k, BBVA 10.5k, Citi 6.6k and 2.8k total rewards.
So 50k in available credit? If you don't don't use any of your cards and just carry the $15,000 balance, it means you are 30% utilization. As lond as you pay more than the minimum every month, you should probably be fine. But don't close any more cards no matter how small the limit is.

No I have over 100k in available credit, that is just what I open in last week.

Re: About to charge 15k on my Lowes 5.99%

Anonymous — Wed, 24 Jun 2015 01:20:39 GMT

@Tszone wrote:
@Anonymous wrote:
@Tszone wrote:
@Anonymous wrote:
@I agree with @Kenny. That is a large amount and you may not get any AA, but you need other limits to cushion you a bit. What is the summation of your all limits on your cards if you don't me asking?
Well I closed just over 5K this week but open around 50k this week. closed 1,750 X2 plus $900 and $1400 and open, cap1 20k and 5k, BBVA 10.5k, Citi 6.6k and 2.8k total rewards.
So 50k in available credit? If you don't don't use any of your cards and just carry the $15,000 balance, it means you are 30% utilization. As lond as you pay more than the minimum every month, you should probably be fine. But don't close any more cards no matter how small the limit is.
No I have over 100k in available credit, that is just what I open in last week.

Then you will be fine. Don't close anything else..

Re: About to charge 15k on my Lowes 5.99%

Tszone — Wed, 24 Jun 2015 01:21:22 GMT

I only closed the cards becuase I had the max of 5 Cap1 cards and wanted the better cards they offer now. Tired of paying a monthly fee on a credit one account that had a zero balance and got charged monthy fee.

@taxi818 wrote:
@Kenny wrote:
I wouldn't close any more cards unless they are costing you money right now with such a large ticket that's going to be reported soon.
+1 too many dramatic things in a short period of time will spook them. just leave them open even with the AF. im sure the big project did not come up over night. you planned it. so plan on closing those cards after you got your remake on the house. and you will need for utilization because you are about to use a huge amount of change.

Re: About to charge 15k on my Lowes 5.99%

pipeguy — Wed, 24 Jun 2015 01:21:39 GMT

Last Spring (2014) I put $10,000 on my Lowes Card for a new roof using the 5.99 APR 84 month promotion, at the time my CL was $12k (it's now $17k), yes it dinged me a little as "high utility" but not much and since that time I've opened a bunch of new cards including a $20k BHO Diner's Club with no adverse push back from other lenders. Last Fall I was also carrying about $7500 on a 0% BT to Discover with a $10k CL which means two cards were up there in the 70%+ range - might have depressed my starting limits for a few new cards, but otherwise nothing ....

If anyone questions it, just tell them you took advantage of special 84 month financing for home repairs - no big deal, and in 4-6 months ask Lowes for $25k.

Note: Above comments assume there is nothing else rocking the boat in your credit profile such as collection, missed payments, bunch of maxed out cards, etc.

Re: About to charge 15k on my Lowes 5.99%

Tszone — Wed, 24 Jun 2015 01:32:58 GMT

@pipeguy wrote:
Last Spring (2014) I put $10,000 on my Lowes Card for a new roof using the 5.99 APR 84 month promotion, at the time my CL was $12k (it's now $17k), yes it dinged me a little as "high utility" but not much and since that time I've opened a bunch of new cards including a $20k BHO Diner's Club with no adverse push back from other lenders. Last Fall I was also carrying about $7500 on a 0% BT to Discover with a $10k CL which means two cards were up there in the 70%+ range - might have depressed my starting limits for a few new cards, but otherwise nothing ....

If anyone questions it, just tell them you took advantage of special 84 month financing for home repairs - no big deal, and in 4-6 months ask Lowes for $25k.

Note: Above comments assume there is nothing else rocking the boat in your credit profile such as collection, missed payments, bunch of maxed out cards, etc.

Thanks this is what I was wanting to hear.

Re: About to charge 15k on my Lowes 5.99%

Bman70 — Wed, 24 Jun 2015 02:09:34 GMT

I don't see too much to be concerned with, if you don't plan on leaving it there the whole 84 months. Lenders might spook a bit if they see minimum payments, but as someone said you have a good explanation.

Note that even at 5.99%, that's $73.85 monthly just in interest.

Are you military or veteran? Discounts may be available if so.

Re: About to charge 15k on my Lowes 5.99%

Anonymous — Wed, 24 Jun 2015 02:10:45 GMT

@Bman70 wrote:

I don't see too much to be concerned with, if you don't plan on leaving it there the whole 84 months. Lenders might spook a bit if they see minimum payments, but as someone said you have a good explanation.

Note that even at 5.99%, that's $73.85 monthly just in interest.

Are you military or veteran? Discounts may be available if so.

Another very good point...

Re: About to charge 15k on my Lowes 5.99%

takeshi74 — Wed, 24 Jun 2015 13:11:52 GMT

@Tszone wrote:
This 15k charge is on a card with 17k limit.

15K/17K is 88% which is very high and close to maxed. How quickly can you get this down to 50%? To 30% or less?

Re: About to charge 15k on my Lowes 5.99%

Anonymous — Wed, 24 Jun 2015 13:12:51 GMT

As long as you're doing the responsible thing, I can't see where it will hurt besides your scores for a bit. I got an RH card for the purpose of buying some chandeliers and had 99.9 UT on that card. Still owe them about half but it was 12 months same as cash. No one got spooked over it. I just kept charging my others and pif all but 1 or 2 with small balances. They're there to use if need be. Now I put 15k across 4 cards. Just started paying them a grand a piece. Will take about 3 months to pay them off. Will do the same again once they're paid. Still buying furniture!. Go ahead and buy what you need.

Re: About to charge 15k on my Lowes 5.99%

Kenny — Wed, 24 Jun 2015 19:47:58 GMT

@Anonymous wrote:
As long as you're doing the responsible thing, I can't see where it will hurt besides your scores for a bit. I got an RH card for the purpose of buying some chandeliers and had 99.9 UT on that card. Still owe them about half but it was 12 months same as cash. No one got spooked over it. I just kept charging my others and pif all but 1 or 2 with small balances. They're there to use if need be. Now I put 15k across 4 cards. Just started paying them a grand a piece. Will take about 3 months to pay them off. Will do the same again once they're paid. Still buying furniture!. Go ahead and buy what you need.

Exactly. That's what credit is for after all to allow you to purchase things for whatever reason. (So, I think as long as you're making an effort to get it paid as you're able, then the scores will be what the scores will be.) Every effort, of course, should be made to make the purchase have the biggest bang for your buck since you'll be financing at 6%. As we know from credit card rewards that can pile up faster than you're maybe aware of. Something to be aware of, but not to scare someone off from making the purchase they want to make. One just needs to be cautious with other aspects of their credit profile if they're going to make this card maxed. Don't want to spook any lenders and cause a cascading effect.