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

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Community Leader
Mega Contributor

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

Just make the purchase. If you have the money to pay it off, using your entire credit line is fine as as soon as it post o your statement posts, making a payment will make the high % usage mute. No use in trying to over complicate it, use your limit, even if you dont pay it off in one shot. Im like you ill never see any increase with WF due to income but thats ok, thats why we get other credit cardsSmiley Wink
Message 11 of 23
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Regular Contributor

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


@AverageJoesCredit wrote:
Just make the purchase. If you have the money to pay it off, using your entire credit line is fine as as soon as it post o your statement posts, making a payment will make the high % usage mute. No use in trying to over complicate it, use your limit, even if you dont pay it off in one shot. Im like you ill never see any increase with WF due to income but thats ok, thats why we get other credit cardsSmiley Wink

The problem isn't usage I could care little about the effects of that and FICO score since i'm not seeking new credit. The problem is that it's charged once it ships and that may take 1 - 3 weeks. Nearly 70% of my credit is tied up until I can actually pay it. With daily life stuff this presents a bit of a pickle when bills are due that are on autopay. Might just have to wait till these are posted and then paid. 

 

I guess it's good to be on this side vs high limits with balances but not enough income to pay them down fully. 

 

Want to try and attempt for a modist extremely CLI possibly. Would it look strange to only ask for like a $300-$500 credit limit increase to try and increase chances of approval? I wish they just give me a auto CLI already and been trying to hold off as long as possible until this happens. 


Message 12 of 23
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Community Leader
Mega Contributor

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

Ok i see your point . However i dont think you need to wait 3 weeks for your limit to restore. As soon as the charge posts, you pay it snd your svailable credit should increase again. At least thats been my experience. I do understsnd your worry though. Any chance you can apply for another credit card at the moment? I may have missed it but what are your scores ? Have you checked Amex and Disco prequals?
Message 13 of 23
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Regular Contributor

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


@AverageJoesCredit wrote:
Ok i see your point . However i dont think you need to wait 3 weeks for your limit to restore. As soon as the charge posts, you pay it snd your svailable credit should increase again. At least thats been my experience. I do understsnd your worry though. Any chance you can apply for another credit card at the moment? I may have missed it but what are your scores ? Have you checked Amex and Disco prequals?

The problem is the change *will not* post until it actually ships. It will sit as authorization hold until then. 

 

Amex said no despite a prequal awhile ago. Their answer was income and/or assets was too low. Last time I checked Discover that was awhile go they gave me a secured card offer which does not help me right now and I REALLY dislike the idea of a secured credit card right now since i'm not rebuilidng from bad credit and it's the only way to go. Also I don't want to deal with them and their 4506-T nonsense. The last thing I need right now.

 

I have a Ex 739 FICO 9 since that's part of a free credit score form WF. Others i'm unsure about as I don't have current 3 credit bearu monitoring right now. 

 

EDIT: Just checked again and it's same secured only card offer. 


Message 14 of 23
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Valued Contributor

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

Charge the bed and make payments on the little daily stuff you charge as it's posting every few days.

 

If $1000 is tied up until it final posts, just pretend you have a $500 limit CC and keep paying before your misc charges hit $500.

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU Cash Rewards/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder AMEX/Citi Costco Visa/CapitalOne SavorOne - $142k total revolving
Message 15 of 23
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Frequent Contributor

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

What if you put it on the card, and watch the CL to make sure you have that $1k slot still open, and then pay the card down multiple times to keep the available limit where you will need it when the mattress charge finally hits. Not ideal but it's a solution



Goal: Mortgage/Chase Trifecta




Message 16 of 23
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Super Contributor

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


@Brian_Earl_Spilner wrote:

@Saeren 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. 


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. 


Your scores won't show it because you have derogs. My Best Egg CFA only shows on my auto and mortgage scores and didn't show up until my last derog was gone because it's such a tiny impact that the other reason codes were costing me more points. 

Taking a CFA hit for 0% or 1.9% financing on a five digit or six digit purchase is quite a different matter from financing on a three or four digit purchase too. You still see people gripe about not knowing it was a CFA though. 



01/2019:
03/2020:

Closed: CareCredit $10K, B&H Payboo $7500
Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 17 of 23
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Contributor

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


@credit-user-19 wrote:

The problem isn't usage I could care little about the effects of that and FICO score since i'm not seeking new credit. The problem is that it's charged once it ships and that may take 1 - 3 weeks. Nearly 70% of my credit is tied up until I can actually pay it. With daily life stuff this presents a bit of a pickle when bills are due that are on autopay. Might just have to wait till these are posted and then paid. 

If you're concerned that other charges are going to pile up while you're waiting for the charge to post, can you move your autopay items to your debit card or through bank EFT?

 

Instead of allowing this large purchase to make you jump through hoops, maybe just pay it in cash. I realize you want the additional protections, etc, but you might even be able to negotiate a better price by paying cash and avoid the anxiety of trying to make this fit into your credit situation.










Message 18 of 23
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Valued Contributor

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

Since buying a mattress isn't an emergency, and you have the funds to pay anyways. I would wait and try to open a $2K secured card with Discover or Citi, then charge the mattress to it. Two birds one stone. You now have a new TL with a higher CL, and two credit cards to alternated spend.

 

Either that, or just buy it outright with a debit card. I realize you want to use a CC for whatever protections, but as the saying goes.

Beggars can't be choosers.

 

Many people have only had access to debit transactions and they're all still doing just fine.






Message 19 of 23
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Regular Contributor

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

Thanks!

 

Just decided to go for it. Current one is killing me so it's slightly an emergency. Woke up with pain today and decided it needed to go now.

 

I'll just have to watch my credit like a hawlk and paid anything down small as quickly as possible. If i can't and in a bind there is always debit...

 

 


Message 20 of 23
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