topic Re: Apping Order, and Financing an Macbook Air in Credit Cards

Apping Order, and Financing an Macbook Air

Anonymous — Mon, 25 Nov 2013 20:08:29 GMT

Ok so even though its a fair way off feel like I need to straighten this out in my head.

Currently have the Freedom, will not be apping until after 6 months, and expect my limit will probably stay close to where it is. It is my only history, sig has my INQs, (two will be 12 months in March, one is a util), scores currently 726 when I post with <10% util.

Here's my Q, what order to apply for the cards I am scoping out (if I do end up applying for all three):

1. CSP

2. AMEX PRG

3. Discover

Now the first reaction I expect is a - shouldn't apply for CSP with such limited history or lines less than 5k etc. etc. And yes, in most cases this is probably true. However, I do all my banking through Chase, am pushing 2k a month spend through the Freedom, PIF (and payments multiple times a month) without including reimburseable travel, have held my account almost a year by the time I apply, and planning to have 5-10k brought across into savings. Case will be, really want to bank mostly through chase, travel alot, need a card for foreign travel, spend plenty in the rewards categories, need a bigger limit (and if my Freedom gets a bump willing to drop it back to $500 to get the bigger line). I suspect it will be a recon job, but I remain hopeful I can swing it through the local banker.

PRG - my case for this is pretty simple, I really want the membership rewards structure on the charge card and benefits , and want an in with AMEX to get access to a soft pull application for a BCP after another 6 or so months. With 6 months history this shouldnt be a problem - on its own.

Discover IT - I want this to disversify my portfolio a little, and to have an option that won't baulk at the need to carry a balance once or twice. Also wouldn't mind the free fico, access to the mall and the revolving categories. The mall is particularly attractive for the 5% on Apple

So on the surface, besides the CSP this looks pretty simple, so let me introduce a confounding factor. I am contemplating the idea of purchasing my wife a new macbook air on the Discover for the 5% as hers is dying and spreading the payment of that balance over a couple of months (the crowd worriedly exclaims). Now again, I don't think this is too much of a problem, but the new lines along with lenders involves might make this touchy.

My questions:

1. What order of application? Given I have at least $3000 worth of reimbursable travel in the first couple of weeks of Feb I want one (and preferably both) of the PRG or CSP to get through my spend and haul in a few more reward points. Is there going to be one who is better to apply for first? On the discover, I am more willing to wait a little longer to separate out the Apps, but would it be better to go for all?

2. Is revolving a balance on a reasonably large purchase (~950) for a couple of months (it may not be, but my tax return will determine that) on Discover going to kill me/cause problems with AMEX or Chase when they soft pull the hell out of me shortly after opening those lines?

Any thoughts and ideas would be appreciated.

Edit: Just to clarify in case this makes a difference to the suggestions (which are appreciated) - my entire positive credit history is 4 months PIF on the Chase Freedom. I have no baddies, mortgages, loans or anything else on there, just the CC.

Re: Apping Order, and Financing an Macbook Air

Anonymous — Mon, 25 Nov 2013 18:44:10 GMT

You could get approved for the discover right now, and if I were I would go for it as this quarter you could save 10% on apple and get the 150$ cash back. These are limited time offers.

Re: Apping Order, and Financing an Macbook Air

wHiTeSoL — Mon, 25 Nov 2013 19:46:07 GMT

Agreed, do the IT now, if you really do need it you can give up part of the sign up bonus for an intro APR. (There is a $100 + 12 month no interest floating around)
10% back (get it from Best Buy.com on BF and it'll be like $200 off) $100 sign up bonus (the MB would cover the spend requirement) 12 months no interest.
Win / Win / Win.

Re: Apping Order, and Financing an Macbook Air

Anonymous — Mon, 25 Nov 2013 20:07:43 GMT

Just to clarify in case this makes a difference to the suggestions (which are appreciated) - my entire positive credit history is 4 months on the Chase Freedom. I have no baddies, mortgages, loans or anything else on there, just the CC.

Re: Apping Order, and Financing an Macbook Air

Anonymous — Mon, 25 Nov 2013 20:39:11 GMT

I would recommend you go in the order of:

CSP

Discover

PRG

Reasoning being the CSP is the hardest card for you to get approved for, so you want to apply before the others so Chase will see less inquiries. Then again, it's can still go both ways. Hope it goes well for you. Keep us updated on that. The PRG is really easy to get approved for, so just do that last.

Since you are planning to go on a spree, and have very limited credit history, I recommend you do not drag high balances on any of your cards. This is the downside of going on app sprees - you can't make use of 0% promos as effectively because it will spook any lender when a customer apply for multiple cards at once and starts dragging balances. Try to pay 15-30% of the balance at the very least if you have to, and that should help take cares of things in the short run.

Overall I think you will be fine for the Discover and PRG. Your odds of approval for the CSP are pretty slim, but it's not impossible either. Do you happen to bank with Chase btw? If you do, have you maintained at least >10k in daily average balance?

Re: Apping Order, and Financing an Macbook Air

Anonymous — Mon, 25 Nov 2013 20:55:50 GMT

Well, 'the need for spree' isn't really too much of problem. I am not really bound to it, just looking at my best options given the things I would like to do.

Looking at the potential cashback options for dropping the price on the air, the Discover through BB sure is mighty tempting ($50 off for .edu email, 929 final price, 100 signup, $92 cash back) - I.E. effectively $250 off the sale price. However, I assuming that apping for that is a risky move (short history, add an inq (though EQ wouldn't hurt there)), risk of a small limit or no approval (not even enough to purchase), and the problem that I can't really use the promo period anyway (and perhaps the card won't arrive in time). It also will torpedo my chances with Chase I guess (new INQ, testy on a big line). I'd consider paying it off before apping for the CSP though - just wanted to spread it a little.

I do bank with Chase - my direct deposit is into that account, and all my cash has moved through there. Unfortunately I haven't maintained >10k in daily average balance, mainly due to relocation to the US expenses and getting married (with those evil little golden purchases) having a pull down on a moderate salary (~57k). That doesn't mean I couldn't pull that sort of money over here now, as I have >$50k savings back in Aus (mainly for the interest benefits with higher rates back there) if that would help with the approval for a CSP.

Re: Apping Order, and Financing an Macbook Air

Anonymous — Mon, 25 Nov 2013 21:05:45 GMT

If you can maintain >10k balances, usually the banker in the branch can help you more in getting the app approved. You will need to evaluate whether its worth giving up on the interests revenue just for the CSP.

For the discover, the best sign-up promo right now is 175 ( or was it 150?) after 750 spend. Check slickdeals.net for the promo links.

If approved by discover you should get the card between Wednesday - Saturday. Might have a small delay due to holidays but you can call in and have them expedite using 1 day air. They were able to do it for me though it took them 1-2 days to generate account numbers.

Discover is pretty easy to negotiate with from my experience. I asked for 15k CLI and the analyst asked about what I was planning to do with it. I just said home improvements and she approved it right away without the need for any haggling back and forth. Was a HP though.

Others have also reported being able to recon the initial CL for a big purchase / BT, so its possible. Of course, there's also people whom been flat out rejected, so it depends on your profile. But my impression is that they are somewhat negotiable and not hard-line about it like Amex is.

Re: Apping Order, and Financing an Macbook Air

Anonymous — Mon, 25 Nov 2013 21:12:42 GMT

Hmm, some good points to consider.

Seems like the best offer is the 150 after 750, which might be worth screwing with (drop that price to $679 and its a pretty crazy deal) given I can't really use the intro rate (though the $100/500 with 6 months intro ain't bad).

However given the 4 months history only (and can't get a FICO) am I on a hiding to nothing with trying for discover?

Re: Apping Order, and Financing an Macbook Air

Anonymous — Mon, 25 Nov 2013 21:17:15 GMT

I have seen people get approved for discover with zero credit history. They did get low limits though so that's something you need to consider as well. But you had your freedom for 4 months, so you're in better shape and if necessary you can always explain it to recon.

I think discover and chase freedom underwriting requirements are pretty similar so I don't think you will have an issue.

If you are not doing any app spree, just use the 0% promo to your liking. It's pretty normal for people to app for a card and make use of 0% promo. The downside of app spree is that by adding several new accounts and inquiries all at once, you will need to compensate for it via low utilization to avoid AA.

Re: Apping Order, and Financing an Macbook Air

Anonymous — Mon, 25 Nov 2013 22:14:22 GMT

Also - is going for the IT going to do harm to any chance I had of getting the CSP?

Re: Apping Order, and Financing an Macbook Air

Anonymous — Mon, 25 Nov 2013 23:35:17 GMT

Any new accounts opened recently is going to affect your odds of getting another card within the near future. Lenders generally do not like it when customers open more than 1 account within a short period of time because that can be interpreted as risky behavior.

So in general, yes.