topic Seeking high initial CL on 0% intro APR offer in Credit Cards

Seeking high initial CL on 0% intro APR offer

Walt_K — Mon, 23 Apr 2012 16:39:53 GMT

We're closing on our house on Thursday. Afterward, I'd like to apply for a 0% intro APR card to use for some of the projects around the house. Was looking at the Citi Simplicity card, but it's not a card that I'd be interested in after the 0% APR runs out. Was also looking at Chase Freedom, or Citi Forward, both of which I would likely keep for their rewards. Even though the latter two cards have a shorter intro period, I don't think I need the 18 months of the Simplicity card. 12 months would be fine.

So, who's likely to give me a better initial CL, Chase or Citi?

I have two other revolving cards right now, an Amex SPG with a $25K CL and a Capital One card with a $2500 CL. I also have an Amex charge card. No other open CCs.

My scores in my signature are fairly accurate. I'll get a refresh on Thursday to see what the mortgage inquiries did (most of them should be counted as one, but I think I had one that feel outside the time limit for deduping). My utilization varies between 1 and 3%.

I do have some baddies on my report. A string of lates on 7 accounts between spring and fall of 2008. Two accounts went to 150 days late, two went to 120, two 90, and one had a string of 60 day lates. Nothing was charged off, nothing was sent to collections. Have paid everything on-time since January 2009.

In terms of previous history with these lenders, I did have a Chase account that was closed by Chase when I went 120 days late in 2008. As stated above, the account was not charged off or sent to collections. I started working again right after they closed the account and was able to bring it current and pay them in full.

I had a Citi card a long time ago. It was closed in good standing, never late.

Based on that, it might be more consevative to go with Citi since I have no negative history with them at all, but I'd probably prefer the Freedom card looking long-term. Any thoughts on initial CL based on my profile, or just which lender is more conservative in general. We have a decent HHI.

Re: Seeking high initial CL on 0% intro APR offer

Creditaddict — Mon, 23 Apr 2012 16:52:40 GMT

Citi!

What about Home Depot - Citi or Lowes - GE, Lowes has been offering 18 months lately!

Re: Seeking high initial CL on 0% intro APR offer

Anonymous — Mon, 23 Apr 2012 17:26:09 GMT

what's your definition of high initial CL?

Re: Seeking high initial CL on 0% intro APR offer

Walt_K — Mon, 23 Apr 2012 17:29:27 GMT

@Creditaddict wrote:
Citi!

What about Home Depot - Citi or Lowes - GE, Lowes has been offering 18 months lately!

May get a Home Depot or Lowes card as well, but I thought the 0% offers on those cards were only good for in-store purchases. We'll be doing some of that too, but there may be some other things. For example, I just painted our previous home to get it ready for sell and I am tired of painting. I'm thinking of hiring a contractor to paint the new place, and if I can put that on a 0% card, I'd like to. While I could probably go through Home Depot or Lowes for that, I can probably get a better deal if I shop it around.

Re: Seeking high initial CL on 0% intro APR offer

Walt_K — Mon, 23 Apr 2012 17:34:13 GMT

@Anonymous wrote:
what's your definition of high initial CL?

I'm hoping to get at least $10K. Amex gave me an initial CL of $19.6K with my SPG. Maybe I should consider Blue Cash Preferred or something like that. It's 0% offer is only for 6 months, but they have given me a generous CL in the past.

Re: Seeking high initial CL on 0% intro APR offer

RyVision — Mon, 23 Apr 2012 17:47:50 GMT

I was thinking possibly Chase until I read the part about having lates and a closed (by them) account with them previously. Citi is somewhat all over the place with initial CLs from what I have read. DM got the offer for the 21 month 0% from Citi and as a previous 17k card holder (1 of several previous Citi accounts, all over 5k before) with perfect reports and 730 score (FICOS in 720-730 range across all 3), thought she would get a respectable initial CL. They gave her 1700, her lowest CL (the offer had mentioned up to a 20k line).

Chase had given her a 5k Freedom after she closed a Chase Siggy that was 12k (always in good standing, closed to retain rate and pay off). I've heard a lot that Chase likes perfect reports, as well as experienced myself when I applied last year (the one erroneous collection I had to have removed by the AG).

BoA gave her a 15k 3-2-1 Sig (requested increase from 13 to 15 during the call) for 0% for 15 months (I think 15 months anyway). As much as I might hate the BoA constrictor, they might give you a decent initial CL.

Have you considered Discover More? They are actively chasing AMEX and Chase card holders (they gave me one of my highest initial CL's at 6500, I think because they saw my AMEX and AU Chase account). I know they're not accepted as widely as V\MC, though I haven't run into a place yet that I couldn't use it so far.

If possible, join NFCU and get one of their cards (usually the platinum I think) and hold on to it until they do their 0% for 12 month, no fee BT offer, they'll no doubt give you a great initial CL.

Hope this gave a bit of insight or at least some added info to look into.

Re: Seeking high initial CL on 0% intro APR offer

Walt_K — Mon, 23 Apr 2012 18:05:40 GMT

@RyVision wrote:
I was thinking possibly Chase until I read the part about having lates and a closed (by them) account with them previously. Citi is somewhat all over the place with initial CLs from what I have read. DM got the offer for the 21 month 0% from Citi and as a previous 17k card holder (1 of several previous Citi accounts, all over 5k before) with perfect reports and 730 score (FICOS in 720-730 range across all 3), thought she would get a respectable initial CL. They gave her 1700, her lowest CL (the offer had mentioned up to a 20k line).

Chase had given her a 5k Freedom after she closed a Chase Siggy that was 12k (always in good standing, closed to retain rate and pay off). I've heard a lot that Chase likes perfect reports, as well as experienced myself when I applied last year (the one erroneous collection I had to have removed by the AG).

BoA gave her a 15k 3-2-1 Sig (requested increase from 13 to 15 during the call) for 0% for 15 months (I think 15 months anyway). As much as I might hate the BoA constrictor, they might give you a decent initial CL.

Have you considered Discover More? They are actively chasing AMEX and Chase card holders (they gave me one of my highest initial CL's at 6500, I think because they saw my AMEX and AU Chase account). I know they're not accepted as widely as V\MC, though I haven't run into a place yet that I couldn't use it so far.

If possible, join NFCU and get one of their cards (usually the platinum I think) and hold on to it until they do their 0% for 12 month, no fee BT offer, they'll no doubt give you a great initial CL.

Hope this gave a bit of insight or at least some added info to look into.

Thanks! Didn't think about BofA. I have my checking there, and they have my mortgage. Of course, that it is a mixed blessing because I went very late on my mortgage and HELOC, those were two of the seven accounts mentioned above. I also had a BofA card that I closed when I was having trouble, but it was really them calling to give me the option to close it or they would close it. I paid them back in full as well, and I've had no more lates on my mortgage, so I would expect I could get a card with them again, but who knows.

Same issue with Discover. They closed the account, I paid them in full as soon as I started working again. I'd probably prefer Mastercard or Visa over Discover. I never had much issue with Discover when it came to major stores/retailers, but contractors are less likely to take Discover.

Credit unions are of course a good suggestion. I tell other people that all the time, and then forget to consider it myself. I don't have an in to NFCU, but there are plenty of others I could look at.

I'll keep mulling this over until Thursday. It's not the end of the world if I apply for a card and get denied or don't get the limit I want and have to apply for another card. Other than the recent mortgage inquiries, I don't have too many inquiries on my report, 0 on TU, 1 on EQ, and 3 on EX. None of those are within the last year. But I do have 7 mortgage inquiries on each report, so it is 7 on TU, 8 on EQ, and 10 on EX total. I may have to be on the phone with the recon department in any event.

Thanks again.

Re: Seeking high initial CL on 0% intro APR offer

Open123 — Tue, 24 Apr 2012 02:01:34 GMT

I'd go with the Chase Freedom, if they're offering a 0% 12 month intro rate. In the long run, the rewards on this card has enduring value and the potential to be combined with the CSP and Chase checking.

The Citi is nice card, but Thank you points are underwhelming, at best. I've read they're tyring to add Singapore and BA, but those two aren't exactly the best value when it comes to redeeming flights. As I'm sure you know, BA has high fuel charges, and Sing will hardly ever offer a discount on anything with every flight always at full value. Singapore Air has no concept of "off peak."

From my recent experience, from both business and personal cards, I've noticed Chase offering CLs roughly 20% higher than my and my firm's Amex ones. My BCE was at around 18k CL, and Chase offered 22k CL right off the bat on an instant approval. I basically had everyone in the firm app for the CSP and UA bonuses with the avg approval CL was about 15k - 20k CLs. Chase is very generous right now.

I sense Chase is very aggressive when it comes to wooing Amex clients. I think you'll get your best deal from Chase. Citi is fine, but in my experience, they're a little more unpredictable, and seem to eschew those who PIF, at least relative to Chase.

Re: Seeking high initial CL on 0% intro APR offer

Walt_K — Tue, 24 Apr 2012 02:05:41 GMT

I'd probably only use the Forward on dining other than the immediate projects I'm looking at. But I am leaning toward Freedom. Thanks for your help.

Re: Seeking high initial CL on 0% intro APR offer (UPDATE)

Walt_K — Mon, 30 Apr 2012 15:47:54 GMT

For anyone interested, decided to go with Freedom. I was approved for a $5500 initial credit line. I called and asked for an increase to $15000, that decision came back pending, so I am waiting to see what they say. Even if declined for the increase, I'll still be happy with this.

Re: Seeking high initial CL on 0% intro APR offer (UPDATE)

Anonymous — Mon, 30 Apr 2012 15:52:09 GMT

Very nicely done.
Gotta love the Freedom. Do you have a Chase checking account to go with it?

Re: Seeking high initial CL on 0% intro APR offer (UPDATE)

Walt_K — Mon, 30 Apr 2012 15:53:56 GMT

No on the checking account. I thought about opening one, but no Chase banks near me. Maybe next time I'm in New York.

Re: Seeking high initial CL on 0% intro APR offer (UPDATE)

Anonymous — Mon, 30 Apr 2012 15:59:02 GMT

Freedom + CSP + Checking (Good reading to see how the card works in combination with the account).

You'd get the most out of your Freedom by doing so if you can specifically link the Freedom and the account.

Definitely check it out next time you are in NY.

Re: Seeking high initial CL on 0% intro APR offer (UPDATE)

Walt_K — Mon, 30 Apr 2012 17:19:03 GMT

Thanks. I'm aware of the advantages of that combo. I spend way too much time reading the various travel blogs. I'll be looking into CSP later on. For now, I was more interested in the 0% offer to finance some things around the new house. We also will need a new car later this year, so I'm cooling it on credit card applications again until we buy the car. Then I'll hit up some additional sign up bonuses.

Not sure if Chase pulls credit for setting up a checking account. I'm sure I can find that by doing some searches. If they do not, I'll probably set up an account, but if they do, I'll wait until after the car is purchased.

Re: Seeking high initial CL on 0% intro APR offer (UPDATE)

Anonymous — Mon, 30 Apr 2012 17:32:00 GMT

They didn't pull credit for me.

Good luck with the car purchase