Want to make a $1000 purchase on a $1500 limit card. shipping takes time. How to handle this?

[Anonymous]

Hello,

After a bit of a break I am back on the forums for now at least.

Not exactly sure the best place to post this since it crosses credit and personal fiance.

I want to purchase a new mattress and box spring online but it has a 1 - 3 week shipping time. I have the cash fully cover it but my low limit WF card presents some problems. I can't exactly prepay a pending transaction. Trying to float a $1000 purchase among with daily day to day stuff with a $1500 limit presents a pickle. Trying to float this on a debit card seems like a very bad idea due to lack of protections.

8 Months in at WF and it's been PIF in each month in fact doing mulitple payments and no auto CLI yet. I asked at around 6 months for a CLI and they said no due to insufficient experience. A UW said my income was too low but the letter I got just mentioned experience. I figure asking them again will be a denial as well.

Honestly, They have no reason to give me a CLI and may never for my lower income levels, paying in full each month and never carrying a balance to the next month as well as a very thin credit history. They take alot of extra risk for no gain so a UW and thier computer probably sees zero reason to give me more. Perhaps I'm wrong. Still shocked Target gave me a $500 CLI bump even tho I paid everything off a few days after stuff posted and never let a balance report. 

My credit history is still new and very thin as mentioned above. As result any extra credit I've applied for has been denials with Synchrony, CapitalOne, and AMEX. 

I wonder if I'm just stuck and will have to resort to debit for a few weeks for daily life stuff until it posts and I can pay it off? For now i've just been putting it off but a horrible mattress is starting to catch up. 

Thoughts? 

[Anonymous]

Try a prequal with Discover. You're at a position that they tend to like, with a great chance to give you a card and become your daily driver. See what they offer in terms of cards. No harm in checking and you might be surprised. Even if they have you a grand, you could buy the mattress on WF and use Disco for daily expenses until the purchase posts and you can pay it off. If Disco comes through with a bigger line, buying it and then paying it off on that card may help spur them to increase you after three statements.

[GApeachy]

Hey!  Welcome Back 

Try Affirm with Walmart.

NEVERMIND: read below

[Anonymous]

Don't use Affirm or any of those financing plan companies... you'll end up with a CFA on your reports until it falls off... Not a great thing for a thin and young file to go through. 

If you can't push pay, I would pay with the credit card and say screw it for utilization for the month. You're not actively seeking new credit anyway, maybe maxing out the card and then paying it will show Wells you need more of a limit. 

[Shooting-For-800]

Pay your card off.

Buy the mattress.

The charge will go through in 1 to 3 days I would imagine.

Ask the vendor if charges when shipped or ordered.

If shipped, go into store and split payment.

If not a store, buy a gift card visa and split.

Pay off card as soon as charge hits.

[GApeachy]

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@Anonymous wrote:

Don't use Affirm or any of those financing plan companies... you'll end up with a CFA on your reports until it falls off... Not a great thing for a thin and young file to go through.  Thanks for posting that!  I had no idea!

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[Anonymous]

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@GApeachy wrote:

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@Anonymous wrote:

Don't use Affirm or any of those financing plan companies... you'll end up with a CFA on your reports until it falls off... Not a great thing for a thin and young file to go through.  Thanks for posting that!  I had no idea!

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I haven't used Affirm specifically but other members have and to their horror, they coded as CFA when Affirm reported them. 

https://ficoforums.myfico.com/t5/Credit-Cards/Affirm-0-offer-should-I-take-it/td-p/5310801

Basic rule of thumb - if it's an installment loan and it's not from a major bank or CU, there's a chance it could code as a CFA. 

And if you search for the financing company name and Cross River Bank and find they back the loans, it's an even higher chance. I have a CRB CFA from a Best Egg loan. Affirm uses CRB as well. 

[GApeachy]

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@Anonymous wrote:

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Basic rule of thumb - if it's an installment loan and it's not from a major bank or CU, there's a chance it could code as a CFA. 

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So it's a POS loan- take that for what it's worth

I think that link is broken.  (didn't work for me anyway)

eta: pos= point of sale (for you dirty minded peeps)

[Anonymous]

Oops. Fixed the link.

[Brian_Earl_Spilner]

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@Anonymous wrote:

Don't use Affirm or any of those financing plan companies... you'll end up with a CFA on your reports until it falls off... Not a great thing for a thin and young file to go through. 

If you can't push pay, I would pay with the credit card and say screw it for utilization for the month. You're not actively seeking new credit anyway, maybe maxing out the card and then paying it will show Wells you need more of a limit. 

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I've used Affirm twice and neither time was a CFA. Yes, they have shown up as CFAs for some loans, but so do manufacturing financing at car dealerships and nobody is turning down 0 or 1.9% financing. You can have scores in the 700s with a CFA.