@VirusCredit13 wrote:
Should actually have a savings/cash saved up for emergencies as opposed to (just a) CL. Obviously not everyone is cable of saving up that much right away, but it is always preferable to having cash to just credit available in case of emergencies, or you end up in situations like OP.
Actually, it's ideal to have both. Money in savings isn't always immediately accessible, but credit is. If you charge the large amount, the merchant gets paid immediately. At that point, you can make arrangements to get the money into your payment account and cover the charge sometime between the time it posts and the time it's due.
As others have mentioned, we don't know the whole situation. In an of itself, I don't think 42% utilization since June should have provoked adverse action. Along with that, the recent $650 charge is relatively small. However, a balance of $8,200 requires substantial payments, no matter what the limit is. $800 per month would seem reasonable, as that would knock off the charge and interest within a year.
Like others, I wonder if there's more to this situation. OP, were you carrying a balance on this card before your trip? If so, for how long? What's going on with your other cards?
Hindsight is 20/20, but I think an installment loan would have been a better way to pay for the trip. They're much better suited than credit cards for larger expenses that can't be paid off in a short time. Lenders recognize that, and FICO recognizes that.
OP, I'd take the deal if you can come up with the cash. Pay the $3,920, and get your limit restored.
