topic Re: Advice need it in how to deal with an emergency situation and Chase Freedom CC. in Credit Cards

Advice need it in how to deal with an emergency situation and Chase Freedom CC.

Anonymous — Tue, 05 Jan 2016 19:36:36 GMT

Hi Guys,

Got an emergency situation with a very close family member, i need to spend aroung 12k+ and i thinking in use my freedom for some of then, i do have a 8.5k on this card and i am thinking to use around 5k from there, this will be only for 2-3 months until i can free up and transfer some money to my bank from my investment account and then pay the freedom in full.

Well my question is, what is the best way to deal with this situation?, will i get in trouble with chase for this?, i will be able to pay some money , i think more that the minimun payment, thinking in couple of hundred a month, i know my score will suffer but i think i can live with that for few months.

This never happened to me before so i dont know how to approched this situation.

Thanks in advance.

Re: Advice need it in how to deal with an emergency situation and Chase Freedom CC.

Anonymous — Tue, 05 Jan 2016 19:44:06 GMT

@Anonymous wrote:
Hi Guys,

Got an emergency situation with a very close family member, i need to spend aroung 12k+ and i thinking in use my freedom for some of then, i do have a 8.5k on this card and i am thinking to use around 5k from there, this will be only for 2-3 months until i can free up and transfer some money to my bank from my investment account and then pay the freedom in full.

Well my question is, what is the best way to deal with this situation?, will i get in trouble with chase for this?, i will be able to pay some money , i think more that the minimun payment, thinking in couple of hundred a month, i know my score will suffer but i think i can live with that for few months.

This never happened to me before so i dont know how to approched this situation.

Thanks in advance.

I believe it will drop your credit score because your credit utilization for this card will be very high but if that doesn't matter to you go for it.

Re: Advice need it in how to deal with an emergency situation and Chase Freedom CC.

Anonymous — Tue, 05 Jan 2016 19:52:50 GMT

If it is for a few months, it really shouldn't be a problem. Your score will drop but will go back up as soon as you pay if off.

Ideally, you would put it on the card with the lowest interest (after taking rewards into account) but it's not worth overthinking as it is an emergency

Re: Advice need it in how to deal with an emergency situation and Chase Freedom CC.

Dalmus — Tue, 05 Jan 2016 19:59:03 GMT

By definition, most of the people here say that most of those cards with high limits should only be stressed in an emergency. By definition, I think you should not overthink this and take care of what you need to take care of.

As long as you are confident you will be able to pay that balance down appropriately, just go ahead and do it. Chase shouldn't care as long as all your other card balances aren't jumping up by 5K at the same time.

Of course you utilization will take a hit, but as has been said before, if you aren't applying for credit anytime soon, you score doesn't matter.

Re: Advice need it in how to deal with an emergency situation and Chase Freedom CC.

Aahz — Tue, 05 Jan 2016 20:23:29 GMT

As others have said - most important is to take care of whatever the emergency is.

Should you have the time, I would recommend calling whatever card you plan on using and informing them that you will have some large charges coming through due to an emergency situation. Better they be forewarned (and note on your account that you've been responsible) then you suddenly have a mysterious spike in usage.

Re: Advice need it in how to deal with an emergency situation and Chase Freedom CC.

ddemari — Tue, 05 Jan 2016 20:50:36 GMT

In an emergency where I had to spend 12k, I probably would use the highest limit card I have (knowing the apr is within reason to other cards) and then stick that card out of my sight until its paid off.

Re: Advice need it in how to deal with an emergency situation and Chase Freedom CC.

Anonymous — Tue, 05 Jan 2016 21:22:04 GMT

Investments usually takes 2-3 days to liquidate unless you have it tied up in an annuity or something but even than, a lot of times you forfeit X money and you can free it up. Depends on the situation.

If you need to near max out your cc and you don't anticipate being able to pay it off within a monthly cycle, I would look at the APR--are you looking at freedom because it's currently under the 0% promotion?

It is always good to go on the offense and ring them up to say hey, I have a family emergency and wanted to give you a heads up that I will be running X transaction (X being the merchants name) with Y amount and on Z day. Most likely if you're not doing it within the next 24 hrs, they will tell you to call back (most likely the fraud dept) to let them know before you do this large transaction.

I cannot stress the importance of letting them know, and also that it will probably take you xyz to get the liquid funds (I still don't understand why it would be 2-3 months but I'm sure you know you best).

G'luck.

Re: Advice need it in how to deal with an emergency situation and Chase Freedom CC.

Anonymous — Tue, 05 Jan 2016 22:44:33 GMT

Thank you guys for your replays, really appreciate it.

1- I will definatelly call Chase and let then know, thank you for the hands up.

2- I am going to use freedon a- my highest limit card and b- i am currently under the 0% promotion,

3- i said 2-3 months because the investment account is in a bank in Canada and its under some wired time and taxes term, still in talking with them on this.

i am not worry about the money to pay back or my score, i know i will pay back and my score will come back up again, i am worry about the 5k balance in a credit card and what will be the Chase reaction on this case, this will be new for them, always use it, let some balance report and PIF since i got it.

Re: Advice need it in how to deal with an emergency situation and Chase Freedom CC.

elim — Tue, 05 Jan 2016 22:59:30 GMT

We went to Europe last year so I called Chase before we left and let them know I was going to put some "out of the ordinary" spend on my cards. The girl looked up my account and said "I see you PIF, Thank you for being a responsible card holder... You are fine spending what you need and carrying a balance with us... That is what the card is for".

I put 60% limit on CSP and 70% on Marriott. Came back and paid it down heavy. Let a few thousand carry over to next month and paid it off. Never heard a peep. I'm guessing they do actually like to make some money off of us PIF card holders... and as long as you pay about 4x minimum, they will enjoy the interest.

IMO... Calling first is a great idea if it is outside of your regular spend. I hope it all works out :]