Getting slammed by taxes this year...will an app help?

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Sevenfeet
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Location: United States

Postby Sevenfeet » Wed Apr 24, 2013 9:13 pm

cashback wrote:The beginning post is the day before tax day and OP was talking about signing up for a CC bc he didn't have the funds available. It was obvious, at least to me, that he wouldnt be paying by the next day, which is why I offered my suggestion.

And our priorities are definitely different. If you like paying the government 7% more than you have to, then be my guest.

Also, I wasn't the one coming on here telling you how your suggestion wouldn't work. (when it actually would)


I didn't mean to start a fight here. I respect Cashback's cleverness in his approach to this problem...it's just that I personally think it's a lot of trouble (maybe I'm wrong, that's just the impression). But I'm pretty impressed that it's possible in the first place. But in the end it still wouldn't help me. Cashback's method is dependent on the fact that you actually have the cash lying around to pay Uncle Sam, so who not go through some hoops to keep some of it for yourself. In this case, I don't really have this budgeted (since not having a refund was a big surprise to me and my wife (I've had a refund 20 years running).

Parking the debt on a long term 0% card seemed to be a good idea since I had the offer in hand anyway. It was either that or a payment plan to the IRS (I lose control of how fast and when I want to pay the money) or write a check from the line of credit at our credit union (14% interest...I'm going to try to get that number down). I can deal with the credit card fee for the luxury of having this out of sight/mind for awhile. (though it will adversely affect my credit utilization and my scores may dip a little)

If my wife's business takes off like we hope, we should have the debt paid well before it's time to think about an 11.99% interest rate.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)


cashback
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Postby cashback » Wed Apr 24, 2013 9:18 pm

It was merely a suggestion and I respect the fact that you made the choice that is best for you. I just got a little worked up when I was told what I said wouldn't work, even though I am currently doing it.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

Sevenfeet
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Postby Sevenfeet » Thu Apr 25, 2013 2:02 pm

One more bit of news about this app. Citibank pulled both Equifax and Experian on me. I know Capitol One has a reputation of pulling multiple credit agencies but I hadn't heard of Citi doing it.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

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Z06Biker
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Location: Los Angeles

Postby Z06Biker » Thu Apr 25, 2013 3:46 pm

cashback wrote:I just got a little worked up when I was told what I said wouldn't work, even though I am currently doing it.


I've been known to get worked up from a lot less!
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard

Sevenfeet
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Postby Sevenfeet » Fri May 03, 2013 10:19 am

One bit of epilogue to this: I now have the Citi TYPreferred card. But at the same time, I also pulled the trigger on a Discover IT card app that had come in the mail after I had already applied for the card back in March. The terms of the mailed offer were much better than the one I got just coming in off the website and Discover customer support said there would be no problem apping for the card again since it was possible to have more than one.

Well I apped, and was turned down. Why? Because the idiot at Discover didn't tell me that Discover would automatically reject any second app for a Discover IT within six months of getting the first one. As I said before, he had encouraged me to app again. Needless to say, I was not happy with Discover and I'm probably the least happy with them of any of my credit card vendors right now.

Of course, when I got the rejection letter in the mail, it gave a bogus boilerplate reason for the denial which wasn't the real one, but I had to smile at my credit score: EQ FICO 745.

So my question is...what's the highest FICO score you've ever been turned down for a card? I'd say this is pretty up there.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

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Z06Biker
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Postby Z06Biker » Fri May 03, 2013 2:31 pm

Did you call back Discover and at least have them remove the hard inquiry as a result of false information given to you by their own reps?

I've been turned down by Barclays (which pulls TU) with a 765, but it was because I have had (and cancelled) 3 of their cards in the past within rapid succession -- I was young, dumb, full of...chum; had no idea how the system worked back then.

The only reason I applied this time around was to grab the 40,000 miles for their Arrival WMC. Had to do a lot of pillow talk over the phone with representative Vanessa to get them to approve me.
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard

Okie21
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Postby Okie21 » Sat May 04, 2013 9:43 am

I got turned down for an AMEX blue cash with an EQ FICO of 747 last October. However, I only have one card (Cabela's Visa), and I had only had it just under two years at that time. I was still surprised though, b/c I'm single and making 60k/yr and have a pretty good score



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