Need new 0% APR CC

[Zosimus]

Here are the DPs you requested. 

Bank of America 59% utilization 

HSBC 46% utilization (doesn't show on TU)

Wells Fargo 29% utilization 

Discover 29% utilization 

SSFCU 3% utilization 

Macu 0%

Citibank 0%

Bank of America 0%

UCCU 0%

UCCU 0%

Commerce Bank 0%

Barclay's 0%

Discover 0%

Experian FICO 8: 739 obtained from Experian on 8/4/2020. 2 inquiries in 12, 1 inquiry in 6, 1 inquiry in 3

Transunion FICO 8: 748 obtained from Bank of America on 7/20/2020 1 inquiry in 12, 0 inquiries in 6

Equifax FICO 9: 736 obtained from Citibank 7/28/2020. 0 inquiries in 12 months.

6 accounts opened in 24

3 accounts in 12

1 account in 6

[Zosimus]

Thanks for the insurance advice. What you may be unaware of is that many insurance companies, such as Progressive, Allstate, and American Family, offer a paid-in-full discount. Although the details differ, let's illustrate a common situation thus: a person is quoted $100 a month for insurance (plus a $1 payment processing fee per month) or the person can pay in full for $570 for 6 months. In short, there is a 5% paid-in-full discount. 

Let us further imagine that the person in question elects to pay in full on a non-rewards card that charges 24% interest (2% a month). He charges $570 and makes a $100 payment the same day (his down payment) and sits back to pay off the credit card with monthly payments. He would pay $99.71 a month for 5 months to pay it off whereas if he didn't pay in full, he'd pay $101 a month. In other words, by taking his insurance company's payment plan he is effectively paying 29.32% APR. That's a little steep for me, especially when I have a 0% APR BofA card handy.

[AverageJoesCredit]

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@Zosimus wrote:

Thanks for the insurance advice. What you may be unaware of is that many insurance companies, such as Progressive, Allstate, and American Family, offer a paid-in-full discount. Although the details differ, let's illustrate a common situation thus: a person is quoted $100 a month for insurance (plus a $1 payment processing fee per month) or the person can pay in full for $570 for 6 months. In short, there is a 5% paid-in-full discount. 

Let us further imagine that the person in question elects to pay in full on a non-rewards card that charges 24% interest (2% a month). He charges $570 and makes a $100 payment the same day (his down payment) and sits back to pay off the credit card with monthly payments. He would pay $99.71 a month for 5 months to pay it off whereas if he didn't pay in full, he'd pay $101 a month. In other words, by taking his insurance company's payment plan he is effectively paying 29.32% APR. That's a little steep for me, especially when I have a 0% APR BofA card handy.

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so in that scenario are you paying $1.29 extra a month if you didnt use a cc? That definetly seem the myFico affect for wanting to squeeze every inch out of a reward but honestly for $1.29 or even x's by 5 , $ 6.45, doesnt seem worth opening a new cc and dinging ones aaoa. Maybe i read this wrong?

[Zosimus]

I really feel that we have wandered far from the point of this thread. The base problem is that my non-mortgage debt maintenance has passed $2,000 a month. Now, maybe you think it would have been better if I had financed my insurance in a different way. Fine -- I don't think so, but anyway, that's no longer an option.  And maybe someone will suggest that I drive for DoorDash on the weekend. Again, I'm not saying that's a terrible idea. It's just that it's not the solution I'm looking for. Two more payments on my Wells Fargo card and my Discover card will have them both down to 0, reducing my outlay by more than $800 a month. So, maybe I just have to tighten my belt for two months. Or, maybe I need to tap my $60,000 savings account to pay the card off. Yes, these are possible solutions. But, the solution I want is a brand spanking new US Bank Visa card at 0% for the next year or so. I'm also willing to settle for a Citibank Diamond Preferred Card. The question is: in light of my finances, can this be done?

[NRB525]

What are the balances on each of the cards?

Do you already have a US Bank checking or credit card? Depending on your starting credit line, that may or may not be sufficient for a balance to fully transfer.

[gdale6]

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@Zosimus wrote:

 The question is: in light of my finances, can this be done?

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With  8% util out of 85K IMHO yes it can be done but for posterity I would pay off to bring that down to 6% before an app to US Bank

[Zosimus]

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@gdale6 wrote:

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@Zosimus wrote:

 The question is: in light of my finances, can this be done?

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With  8% util out of 85K IMHO yes it can be done but for posterity I would pay off to bring that down to 6% before an app to US Bank

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Yeah, the problem is that, as I said, I charged my insurance on my BofA card, so that utilization is going to surge from 59% to 78.8% on or about August 14. I have no commercial or banking relationship with US Bank.

[Brian_Earl_Spilner]

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@BetterMoves wrote:

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@Zosimus wrote:

I was considering going for a US Bank card, but I've heard they can be demanding.

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I am curious, what does this mean?

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Yeah, not sure about that. The only hurdle is not having more than 1 or 2 new cards in a year period and even that isn't set in stone if your income and profile is good enough. 

[Zosimus]

I've read you need 750+ to get a US Bank card, and none of my scores pass that number. 

[Brian_Earl_Spilner]

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@Zosimus wrote:

I've read you need 750+ to get a US Bank card, and none of my scores pass that number. 

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That's not even remotely true. There are plenty of people on here that have gotten US Bank cards with sub 700 scores. You might get a $500 starting limit, but a HP will fix that for many that are around the 700 mark