Comparing 3 Cards- Main Obj. is Cash Advance

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Arobtthc
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Comparing 3 Cards- Main Obj. is Cash Advance

Postby Arobtthc » Mon Jan 27, 2014 12:32 pm

Hey all, new to the forum and in search of any and all advice/suggestions. I'm looking to apply for a new card. My score is 740ish. I currently have 2 (1 Amex blue and 1 HSBC). I used capital one's site to see any offers I would be qualified for and 3 came up. 1. Quicksilver. 2. Cap one plat prestige. 3. Venture one. My main objective for applying is to get a card with a CL higher than I have (3k and 2k). Due to a unfortunate personal situation I am looking to get a cash advance from a new card and figured getting a new card would allow me to do this faster than a personal bank loan or other options. I'm sure I'm leaving out some info that may help anyone who's willing to reply but I guess I just need to get some feed back on the 3 aforementioned cards. Is one better than the other regarding higher limits offered, cash advance options, or anything regarding things of that nature. And of course I do understand cash advance rates are healthy but time is of the essence and thought this would be the quickest solution. While reading through the forum I see credit unions being discussed but Don't know much about credit unions vs bank loans. Anyway, thanks for reading.


MemberSince99
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Postby MemberSince99 » Mon Jan 27, 2014 4:50 pm

In general Cap One isn't known for huge limits even on their prime cards, though of course there are a few people who have big limits, but they are the exception not the rule.


But then since your high limit is 3k on your Amex, it will be hit or miss to find someone to give you a huge limit anyway. It's really hard to say who might do that, but you seem to have the score and history to get better than you have now. So I guess give that a whirl and let us know what kind of limit you get if approved. Since you got pre-approval the odds favor you to get approved, but nothing is guaranteed of course.

daniel2304
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Postby daniel2304 » Mon Jan 27, 2014 5:05 pm

Why don't you try some peer-lending such as lendingclub.com or prosper.com? Applying new credit card still drags the time since they process your application, send you the card and I think cash advance limit usually different and much lower than credit limit.
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.

Arobtthc
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Postby Arobtthc » Mon Jan 27, 2014 6:49 pm

Thanks for the thoughts 99. I was kind of assuming a huge limit wouldn't come my way but was hoping for one of those cap cards to be better than the others. But if they generally aren't known for higher limits overall then maybe I'll hold off on applying. If i do I will be sure to report back with results.

Daniel, appreciate the info as well. Good point on advance limit being much lower than CL. Even if I get a higher balance than I currently have, I wonder if advance limit would even be sizable. Never heard of those types of lenders you mentioned. I'll have to look into them to see what I'm up against and the time frame etc. No need to go into detail but is your recommendation of them due to experience with them or just suggestion? Either way, much appreciated. Also, I see they ask what the loan is for on their site. Is one answer better than another?

BirthdayBoy
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Postby BirthdayBoy » Mon Jan 27, 2014 7:12 pm

Some lenders might look unfavorably on cash advances on credit cards. I would be terrified to use a cash advance on my Amex card for instance.

If I were you, I would consider something more like the personal line of credit from Wells Fargo. I've never had one myself, but I've heard it's a better option.

If you're really dead set on a cash advance on a credit card, I would probably advise looking into credit unions. A credit union will usually give you a much higher limit as well.
Ficos:
Ex- 705 AMEX pull (5/13), Tu: 753, Eq:685

Cards:
First Premier Pimpcard 0.7k (01/10), Capital Bank (secured) 1.0k (02/11), Amex Delta 2.0k (5/13), Chase Freedom 1.5k (5/13), Discover It 5.0k (5/13), Capital One Cash Rewards 2.5k (5/13), DCU Platinum Visa 7k (12/13), Barclaycard Arrival World Mastercard 5.0k (01/14)

Arobtthc
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Postby Arobtthc » Mon Jan 27, 2014 8:45 pm

Thanks birthday. I'm definitely not set on cash advance. As a matter of fact, I'm not too thrilled about the idea but like I said earlier im just looking for the fastest solution. Wells Fargo line of credit will be on my immediate list of things to check out. Thanks for the tip

MemberSince99
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Postby MemberSince99 » Mon Jan 27, 2014 10:40 pm

Good points. You might look into the OCCU Duck or Beaver cards as they tend to be generous to people with decent scores and clean history.


And yeah I'm not saying a cash advance is a great idea, but if it's his best option....and he knows what he's doing and is willing to take the risk, more power to him. If lenders didn't want you to take cash advances they wouldn't be trying to get you to sign up for a PIN and sending you those checks in the mail all the time - those checks should you use them are cash advances. Personally, I don't have PINs on my credit cards I refuse to get one for them, and I haven't taken a cash advance since the bad old days before my credit was destroyed. It's just not something I will personally accept doing anymore. But everyone's case is different.

flan
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Postby flan » Tue Jan 28, 2014 10:37 pm

BirthdayBoy wrote:Some lenders might look unfavorably on cash advances on credit cards. I would be terrified to use a cash advance on my Amex card for instance.

If I were you, I would consider something more like the personal line of credit from Wells Fargo. I've never had one myself, but I've heard it's a better option.

If you're really dead set on a cash advance on a credit card, I would probably advise looking into credit unions. A credit union will usually give you a much higher limit as well.


credit card companies make money by lending people money, and collecting fees and interest when people borrow it. They offer you a loan, they're not going to hold it against you if you take it. They'll hold how fast you pay them back against you, but not the initial loan.

That said, it's an awfully expensive way of borrowing money. an unsecured personal loan from a bank or credit union will be cheaper. (And it may well be faster; I got a line of credit from a commercial bank, by walking in and talking to a banker. I left with a set of starter checks, one of which I deposited in my regular checking account, and had cash available immediately.) If you have a good banking relationship, talk to them.

takeshi
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Postby takeshi » Wed Jan 29, 2014 8:26 am

Arobtthc wrote:Is one better than the other regarding higher limits offered, cash advance options, or anything regarding things of that nature.

Limits are never just about the card but your credit as well. As MemberSince99 pointed out, since you currently have 3K and 2K limits I wouldn't expect much more unless your credit has improved since applying for those cards. As for cash advance options, terms are provided for you to review prior to applying.

BirthdayBoy wrote:If you're really dead set on a cash advance on a credit card, I would probably advise looking into credit unions. A credit union will usually give you a much higher limit as well.

+1. Cash APR on my PenFed card is the same as it is with purchases. While USAA isn't a credit union they also have the same APR for purchases and cash.

However, I'd also +1 the recommendation to check on alternatives first.

Arobtthc wrote:Due to a unfortunate personal situation I am looking to get a cash advance from a new card and figured getting a new card would allow me to do this faster than a personal bank loan or other options.

Don't just assume that.

Arobtthc
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Postby Arobtthc » Wed Jan 29, 2014 5:45 pm

Great stuff everyone. I really appreciate it all. I think I'm going to try the credit union route as my first possible solution. Due to my lack of knowledge in all of this, I could have made rushed random decisions that most likely wouldn't have been the best idea. I'm really glad I took the time to join and post for help in my hurried state.



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