@Anonymous wrote:I currently have 2 open credit cards and 1 student loan. I just received auto CLI this month on both.
NFL ExtraPoints - 1 year - $160/$3300 (up from $2000) - FICO 712 2/7/16
Discover It - 2 years 7 mo - $760/$6000 (up from $3600) - FICO 707 1/31/16
Student Loan - 10 years 3 mo - $1,500 remaining
My girlfriend and I started engagement ring shopping last month. I am getting ready to buy the ring($8.5k) within the next 2-3 weeks. The jewelery store offers 0%/12 months with the The Wells Fargo Jewelry Advantage credit card. That card doesn't have any benefit to me after the ring is paid off. Is this even a card that would be usable after? I would rather try for a high limit with another card to take advantage of points/cash back and 0%/12-15 months, such as the Blue Cash Everyday or Preferred. From researching on here, it sounds like AMEX gives some of higher initial CL. I was able to see the $250 sign-up for both BCE/BCP at work today and CK says I am pre-qualified for both, as well as 5 other cards. I have not tried the Card Match tool yet.
I checked credit.com for my Experian FAKO (773 and 747 vantage 3.0). It is showing the NFL ExtraPoints increase but not the Discover increase yet ($592/$6900 9% util). No inquaries with EX, 2 each with TU and EF in last 2 years. It is saying my AAoA is 78 months. 2 negative and/or public records but no late payments. Last late was in 8/2011 according to CK.
- Should I wait until after the Discover CLI hits my report to apply for BCE/BCP or different card?
- Do they counter BCE if I were to get denied for BCP?
- Is there a better offer or different card or direction I should look into?
I'm okay with taking the hit for having a high utilization for the next 8-9 months as I pay it down. I don't plan to have any more inquaries for at least 18 months after this.
Thanks in advance for any help.
I would imagine that one reason banks issue zero percent purchase promotions is that they're hoping for someone who'll put a big purchase like an $8500 engagement ring on it, and after the promotion period be paying interest.
CK can't tell you you're prequalified. Their "approval odds" are bogus.
I don't want to be a wet blanket but I don't think you should buy an engagement ring you can't afford.
