Spending large amounts on brand new credit card?

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4 posts
josej521
 
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Spending large amounts on brand new credit card?

Postby josej521 » Sun Sep 06, 2015 2:34 pm

Hey folks,

I have just been approved for a 20k credit card. My score is around 800 and all my accounts are in good standing. I need this card for an emergency and will most likely need atleast half the funds available the first month. Is this possible? I will be able to pay off my bill in full when the bill is due but as of right now i need the money for a family emergency. Will the credit card company allow this or should i rip up the card when it comes and just apply for a loan?


whit
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Re: Spending large amounts on brand new credit card?

Postby whit » Sun Sep 06, 2015 5:36 pm

josej521 wrote:Hey folks,

I have just been approved for a 20k credit card. My score is around 800 and all my accounts are in good standing. I need this card for an emergency and will most likely need atleast half the funds available the first month. Is this possible? I will be able to pay off my bill in full when the bill is due but as of right now i need the money for a family emergency. Will the credit card company allow this or should i rip up the card when it comes and just apply for a loan?


Sorry about the family emergency. Sucks...

They wouldn't give you a CL of 20k if they didn't think you could pay it off in full or over time ...

If you like, on the side of caution, you can call them up and let them know that you're going to be making a large purchase on x day for approx y amount with z company so 1) the purchase actually goes through and 2) you have let them know

Whether you want to let the rep know of the circumstances and make notes on your account is up to you.

I'm running mine pretty high for the first few months because transitioning to a new job = expenses..plus they have a 4k spend requirement...granted its over the 3 months and it's barely the first ;p

Vermonster
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Re: Spending large amounts on brand new credit card?

Postby Vermonster » Sun Sep 06, 2015 7:47 pm

I got a Citi DC with an 18 month 0% to pay for summer school instead of taking out a loan. Loans were very high interest or very long term length with low interest. I was given an initial limit of $2,400 which I maxed out with a $2,200 charge in the first month, plus a few other little charges. I would normally expect Citi to be a little nervous with that spending, but they granted me a SP cli only a month later even though I was still at about 90% utilization.

IMHO you'll be fine. Amex is the only company that I have heard that doesn't like people carrying large balances, so keep that in mind.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

Kevin86475391
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Re: Spending large amounts on brand new credit card?

Postby Kevin86475391 » Mon Sep 07, 2015 8:03 pm

josej521 wrote:Hey folks,

I have just been approved for a 20k credit card. My score is around 800 and all my accounts are in good standing. I need this card for an emergency and will most likely need atleast half the funds available the first month. Is this possible? I will be able to pay off my bill in full when the bill is due but as of right now i need the money for a family emergency. Will the credit card company allow this or should i rip up the card when it comes and just apply for a loan?


That doesn't sound like a problem to me. 50% utilization is high of course, but as long as you're able to PIF it shouldn't be a problem. You might want to try to pay it a bit before the balance reports for utilization purposes, but either way it sounds like it'll be fine. Best of luck with your family emergency.



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