OK Here's the situation...... I have a FICO score of 663 according to the purchase of my Equifax credit report on myfico.com....I own a "annual payment visa card with a limit of $750 (increased from original of $250) over the last year and a half and WalMart Credit card with a limit of about the same (increased as well)..... I want to buy an engagement ring for my girlfriend. I have $3,200 in cash and the ring I want is $4700, so I need to finance the last $1,500. My best financial choice would be to get a credit card with a 12 month 0% APR, so I can pay the $1,500 off no problem in 12 months. BUT, I don't want to apply for some of these cards, (Most are platinum) if it will hurt my credit score if I'm rejected. Will I be accepted? My balance on the other two cards is like $100 total, I've paid them off consistently. (never late) but I am improving on past credit problems from like 7 years ago. . Will I get rejected for these 0% Introductory APR cards?
2007-01-12 01:21:15 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
It is really hard to say as there are considerable factors involved. First off how close to limits are you? That is one count against you right there. Second age of account. If they are lessthen 6 months old forget it. Third is there any negative on your report especially recent? That will count against you.Fourth your score is not he best right now it is ok hopefully heading towards good. FICO scores can vary up or down typically down though from different lenders. The Score you paid for will probably not match what they pull. On average your score can vary by as much as 50 points. That to depends upon which score system is used not all lenders have adopted the new scoring sytem and some even contribute other factors into it. Just making an educated guess here nut your odds are about 30% chance you will get approved. It again depends upon the card issuer. There are some issuers that will take the lower score you have and yes you can still qualify for incentives. I would say try three places and see what happens if after the third it doesn't then you may want to pull your credit reports and review them carefully.
2007-01-12 03:35:21 · answer #1 · answered by logan 5 · 3⤊ 0⤋
The most important thing is that you are doing a good job improving your credit by making your payments on time and not overextending yourself so keep it up. I would be surprised if you would qualify for a 0% card...you're not there yet as you still have derogatories showing on your report, you don't have much credit currently extended to you, and your FICO score is simply not in the range yet for 0% financing. However, it's not a big deal if you are only financing $1500 and will pay it off as quickly as you state. My suggestion would be to check with the company you are purchasing the ring from to see if they offer financing...preferrably an installment loan option as it helps your score to have different types of loans reporting (installment vs. revolving)...you only have revolving debt currently....Even if you pay 15% the cost in terms of actual interest expense is only a few hundred dollars over the period you state so take out a 12 month term loan and don't worry so much about the rate and stay focused on paying your debt off.
2007-01-12 02:02:12 · answer #2 · answered by SmittyJ 3 · 0⤊ 0⤋
In my opinion, the credit card companies are all shady, ESPECIALLY Citibank! If I remember correctly when paying off ours, they charge for even asking questions over the telephone! What a Crock! I say your best bet is to not even consider another loan or card, sell something you have on Ebay or through the papers. Bicycle, old video games, whatever. Earn the cash straight out! That moment of glory when she gets her ring will be even more meaninful when you can truly enjoy it and not worry about the added debt you put yourself into. Taking on another loan when you are getting ready to make a commitment will only add to the stress in your relationship. I have been there.!
2007-01-12 02:47:25 · answer #3 · answered by Claire 3 · 0⤊ 0⤋
It's impossible to say. Try a couple of the big companies. Citibank is generally pretty good if you're marginal.
You also might consider buying a slightly cheaper ring. $3300 is a lot of money for something like that, especially if it's all the cash you have.
2007-01-12 01:34:20 · answer #4 · answered by Glennroid 5 · 0⤊ 0⤋
go to www.whogavemecredit.com and look for cards that have approved other people with similar scores. You also need to pull your other reports/scores becuase they can vary wildly, and many of them wont use equifax- they might choose experion or transunion.
2007-01-12 03:56:07 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Take a look at this information page http://www.youbigg.com/Credit-Cards.html it lists types of cards and information, it should also answer your question.
2007-01-15 10:39:17 · answer #6 · answered by mikelo123 1 · 0⤊ 1⤋
You will get the card!
2007-01-12 01:51:32 · answer #7 · answered by Anonymous · 0⤊ 0⤋