@Anonymous wrote:
@Anonymous wrote:
I am looking to purchase about $8K worth of furniture and will be building a $17K covered patio soon. I have cash to pay for both, but thinking about applying for the Capital One QS to take advantage of the 0% APR until May 2016. This would allow me to use the card like a same as cash type deal and pay the furniture off by May 2016, freeing up much of the $8K for other needed items. However, since I am rebuilding and currently have the 3 needed revolving accounts, I'm not sure I want to take on the new HPs from Capital One. I don't plan on applying for new auto loans in the next 12 months, so the HPs are not a huge deal, but I feel somewhat guilty applying for a card I really don't "need"...although it would serve a purpose. I appreciate any advice on what others might do in this situation.
How many hard inquiries have you already endured from capital one? What are your current scores and inquiries?
You already have a card that could be converted to a QS at some point.... and how can you really assume your limit will be high enough for all that from them if you are rebuilding (for a new one)? Or did you mean use it pay it and repeat (if limit is low)? What cards show up on the cap1 prequal? What apr?
Also have you considered a credit union like NASA? Takes a few weeks to get the card but quite a few folks pay 5 bucks and end up with 10-25k credit card that can earn rewards...all from 2 soft pulls (sometimes its a hp though).
I would prefer you dont endure a triple pull unless absolutely required. If you werent rebuilding you could get a bonus by running this spend through a card that requires less pulls. You could use 1 inquiry with barclays and grab an arrival plus and a sallie mae. Or an arrival plus and a Ring. Or an Amex EDP and a PRG.
If your scores are below 670, I would run everything between your current cards. Then you would get some nice CLI's especially from cap1 that likes to see lots of use.
Bottom line you already answered your own question. You are rebuilding. You have 3 cards. You dont need it. I dont like to see folks fall into the capital one trap where they encourage bad behavior (carrying multiple cards, duplicate products, etc, plus triple pull). The great thing about cap1 is they will generally honor your full credit line when utilization with other cards is high. That is 1 good thing. Another is easy rewards. And they are pretty lenient with apps.
I have 3 EX, 3 TU, and 2 EQ inquiries in the last 3 months.
I am assuming a little too much on the QS SL, definitely. I guess that is due to the $30K Venture SL they gave me a couple months ago. I was assuming $10K, but may be over exposed due to the Venture. The QS does show up on the PQ site for Capital One at 12.9%, along with the Venture even though I have one.
I hear what you're saying about other cards and credit options, but I have a BK 13 reporting yet. Capital One seems to like me since I've had a good reporting history with them through the BK, never late.
I am leaning towards your suggestion on just continuing the rebuild process and paying with the Venture to get the points and paying it off so I don't hit interest.
