Which 0% interest should I apply for?

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mjb4ex
 
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Which 0% interest should I apply for?

Postby mjb4ex » Sat Jan 16, 2016 7:24 pm

I have finally started to get a respectable score. From the low 5's to high 6's, had tons of old bad credit. Have lots of inquiries.

2 auto loans

2 navy fed visa
1 cap1 mc
1 wf secured visa
1 Kay jewelers

1 discover it of my wife's I'm only an authorized user on.

I'm opening another business and would like as much security as possible...a 0% interest card I can use as an emergency. Because of my high inquiries, I don't want an inquiry wasted. Which card do you think would be my best chance? How does discover view me as an authorized use on my wife's card? Good because its always been paid, give me a better chance at getting approved by them? Or negative, they look at it as riskier?

Appreciate any guidance!
Mjb


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Vattené
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Re: Which 0% interest should I apply for?

Postby Vattené » Mon Jan 18, 2016 11:33 am

It is hard to predict approval odds and, while you've made great progress, the high 600s (if we're talking a FICO score) can be iffy. Discover doesn't have a credit card product "for businesses" if that matters to you, but I do think it would be a good lender to have for your needs. You may not get a huge starting limit, but Discover has a reputation of growing well with good usage. Many also report being able to get 0% promotional rates for 6-12 months even after the introductory rate expires, which is unique among lenders. If the option to get 0% credit card interest as a backup is important to you, Discover might be a good long-term choice without having to apply for a new card every couple of years.

As for being an authorized user on an account with good history, it will help more than not being an AU, but don't expect too much of a benefit from it.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

mjb4ex
 
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Re: Which 0% interest should I apply for?

Postby mjb4ex » Mon Jan 18, 2016 2:16 pm

Thank you for the response. I don't really need it specifically for the business, I need as a plan c and d while waiting for the business to grow...allowing me to use the cash I have to grow the business. I was asking about whether it helped or hurt to be an AU on my wife's Discover card...almost in a similar sense as already having one card with a specific bank and asking for an additional different card. Do they see your good payment history on the other card and approve you or look at the second card as too much risk? Thanks

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Vattené
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Re: Which 0% interest should I apply for?

Postby Vattené » Mon Jan 18, 2016 3:18 pm

I see. Same answer, though. Provided the account has a good payment history and is in good standing, I would expect it to help you but very minimally. Don't expect it to pull much weight (it won't turn what would otherwise be a flat-out denial into an approval), but if you're on the fence approval-wise it may help you marginally. Your wife as the primary account holder is ultimately responsible for the card and solely on the hook for payments, after all. Your own creditworthiness is what is under review, and being an authorized user doesn't do too terribly much to improve that. Shouldn't hurt you, though.

While I would advise against relying too heavily on a 0% period and therefore running up credit card debt, there are cards with longer intro periods if that is a huge factor for you at this point.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

ingramjuan
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Re: Which 0% interest should I apply for?

Postby ingramjuan » Mon Jan 18, 2016 11:13 pm

mjb4ex wrote:Because of my high inquiries, I don't want an inquiry wasted. Which card do you think would be my best chance? How does discover view me as an authorized use on my wife's card? Mjb


If not mistaken Discover It and Chase Freedom is offering a 0%. Based on the personal information you supplied, if possible can you hold off for another 9 - 12 months to put some distance between all the inquires?
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes

kdm31091
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Re: Which 0% interest should I apply for?

Postby kdm31091 » Tue Jan 19, 2016 8:05 am

I would agree that it's never a bad idea to wait for some inquiries to fall off (or at least age significantly). Beyond a year, they no longer impact your score, although they are still there and on manual review if you have a ton it still can matter. But generally speaking, lenders are much more concerned with "recent" inquiries (within the last 6 months to a year).

takeshi
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Re: Which 0% interest should I apply for?

Postby takeshi » Tue Jan 19, 2016 9:03 am

The list of accounts isn't all that is needed and even with as much info as possible we can't guarantee anything.

mjb4ex wrote:I'm opening another business and would like as much security as possible...a 0% interest card I can use as an emergency.

For purchases? BT's? Both?

mjb4ex wrote:How does discover view me as an authorized use on my wife's card? Good because its always been paid, give me a better chance at getting approved by them? Or negative, they look at it as riskier?

That's not all that matters. Your entire credit profile and income will matter to any creditor.

mjb4ex wrote:I was asking about whether it helped or hurt to be an AU on my wife's Discover card...almost in a similar sense as already having one card with a specific bank and asking for an additional different card. Do they see your good payment history on the other card and approve you or look at the second card as too much risk? Thanks

We can't tell you that. It's not simply a matter of whether or not you're an AU and whether or not more than one card is too much risk. "Too much" is all based on your credit profile. if your scores are low then they'll generally have a lower risk tolerance for you than if your credit was in better shape. That's really all we can say. We don't know the specific of the underwriting criteria for any creditor.

Make sure you have an liquid emergency reserve and do not rely only on credit.

mjb4ex wrote:had tons of old bad credit. Have lots of inquiries.

Then you should carefully research and see what you can do to address all of this. Get your credit in the best shape possible before applying for anything. Don't just rely on being an AU or having only 1 account witha given creditor. Your credit profile definitely impacts what you will qualify for. If you can remove at least some of the derogs on your reports you'll probably be in better shape.



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