Seeking longer 0% APR and high SL for big purchase

[Anonymous]

The charge cards must be pif every month: Green, Platinum and PRG. 

The credit cards are revolving and you can carry a balance. 

[Anonymous]

Yep, that's the one.  There are two types of Amex card, the standard charge cards(Green, Premier Gold Rewards, and the Platinum) and then there is a slew of what are referred to as revolving credit cards.  The BCE is a revolving card, which means you can carry a balance.  

My overall advice to you is what was stated above.  Get 2-3 cards, Chase, Amex & Disc would be fine.  Don't worry about your scores, they'll be fine and they will recover quickly.  The temporary drop might be 15 points, at the most.  Getting the loan may be a little less anxiety, but will not solve the problem and if you ever find yourself in the same situation again, you'll be back at square one.  Acquiring these cards puts a few tools in your pocket for as long as you want to have them.    

[Anonymous]

The Amex BCE does sound like a highly attractive option and my research seems to show they are fairly generous with the SL.

I did want to ask, I've tried to find some information regarding this but all of my findings on this forum and on the internet at large are very mixed.

Am I likely to be punished or receive less CLI opportunities if I carry a balance on the Amex BCE?

This would only be for the 0% APR promotional period, but I've heard a lot of things about people having their limits lowered or accounts closed from carrying a balance. I'd plan to carry mine for 12 months.

[simplynoir]

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@Anonymous wrote:

The Amex BCE does sound like a highly attractive option and my research seems to show they are fairly generous with the SL.

I did want to ask, I've tried to find some information regarding this but all of my findings on this forum and on the internet at large are very mixed.

Am I likely to be punished or receive less CLI opportunities if I carry a balance on the Amex BCE?

This would only be for the 0% APR promotional period, but I've heard a lot of things about people having their limits lowered or accounts closed from carrying a balance. I'd plan to carry mine for 12 months.

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Not at all.

[Anonymous]

Chase FU applied in-branch: approved for $9k SL with no verifications or questions or any red tape.

I asked for the card to be expedited and I wanted to ask- is there no way I can use the card before I get it? They told me that they didn’t have the security code, is there a way to get that?

Also- would it genuinely be in my interest applying for another card right now? I don’t need more than the amount I was approved for, and I expect Chase may offer me a CLI at some point anyway. Is there a real benefit to having ANOTHER card, especially considering I’m not interested in points or rewards?

Thanks

[simplynoir]

I would say an AMEX card only because how little time you need to grow that limit into a monster. Even at a modest 5k-8k starting limit you can grow that to 15k-24k in as little as 61 days. With that type of credit you should be handle any future expenses where a large credit line is needed and can also help with future apps where 0% interest offers aren't being given by Chase since banks more often than not like to offer limits commiserate to what you're used to. But that's just me. The Chase FU should be fine if that's all you're gonna use it for.

[Anonymous]

Thanks for your response, simplynoir.

Supposing I am granted access to such large lines of credit, is Amex inclined to lower my limit or close my account if I don’t use the card often? I’ve tried to find what the threshold might be for closure due to inactivity, but haven’t had any luck.

I agree it’d be good to have access to such a line of credit, but I’m hesitant to apply if I could face the account being closed if I don’t use it but once or twice a year.

Thanks again

[Anonymous]

People use the all zero except one method. So, I don't think it would be a problem.

You're not using your credit at all. You can apply for several cards and get them all. Up to you. 

It's better for your credit score to get the cards now so they can all age together, but you don't need better credit scores. So, it really is up to you.

[simplynoir]

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@Anonymous wrote:
Thanks for your response, simplynoir.

Supposing I am granted access to such large lines of credit, is Amex inclined to lower my limit or close my account if I don’t use the card often? I’ve tried to find what the threshold might be for closure due to inactivity, but haven’t had any luck.

I agree it’d be good to have access to such a line of credit, but I’m hesitant to apply if I could face the account being closed if I don’t use it but once or twice a year.

Thanks again

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Hard to say honestly. Inactivity wise I think using the card every 6 months should prevent that. For the lowering limit part that's the one that's difficult to predict. Guessing there is probably some threshold for where as long as the card shows activity they won't really touch the limit but I wouldn't know what that amount is. Best estimation is anything >$15k is probably pushing it as a safe limit where it won't be touched with minimal use.

[Anonymous]

For the sake of a data point- approved for Amex BCE @ 10k. No red tape, just a clean approval.

Now that I have these two cards, is there a best strategy to employ to improve the health of my credit and continue to climb the ladder?