Big Purchase

Discussion in 'Credit Talk' started by R., Apr 25, 2001.

  1. R.

    R. Well-Known Member

    Suppose I have a large purchase coming up -- $10K+, possibly way +++. I want to put it on a card for all the protection the major cards offer consumers. (Which isn't much, but is slightly more than anything else in town like writing a check.) I don't have a single card with the limit I need. I do have the cash ready to go. (I've just gotten out of debt and I'm not going back, thank you.) How can I work this?

    I have:

    Providian: 6500, secured with 500 on deposit
    Discover: 6200
    a 2000 MC and a 1400 Visa

    I'm not going to get the line increase I'd need on my luckiest day. What are the group's thoughts on the following?

    1. Deposit a large amount with Providian. Confirm the corresponding line increase, make the purchase, ask to have the recent deposit withdrawn and applied to Visa balance. (Will it be that easy?)

    2. Make a large payment to Discover, resulting in a large negative balance and a temporarily large credit line. Make purchase. Done -- account is back to $0. (Will Discover do this?)

    3. The above with Providian, or one of my other cards. (Will anyone?)

    4. Use my MasterCard ATM card. (Do I have any of the usual protections when I use a debit card, even through MasterCard's network?)

    5. See if the bank where I have the money on deposit will open a credit card with a large enough line considering that I have the money. I could close it if I wanted after I'm done. (Like a two month tradeline is just what my credit report needs.)

    None of my cards have a non-trivial balance, so they're all ready for action. My BEACON score is 668 with a recent 30-day late and some inquiries in the last 12 months, so I'm not going to get a brand new Platinum card with a 20K limit. I'm looking to move soon, so avoiding inquiries is a plus.

    I guess this is why Amex talks up "no preset limit" ... too bad I don't have one. BTW, I have a negative history with Amex via a failed business (although no balance), so I don't think I'm getting a green card anytime soon.
  2. Reshod

    Reshod Well-Known Member

    Apply for a Citibank AA card, you may get a limit of 10k.

    Even though you dont want to use the inquiry.


    Call Discover and tell them that you are considering closing your account and tell them the reason why is your limit is not large enough to cover a major purchase that you are about to make.

    May work for Providian as well.


    split the major purchase between the two cards
    and pay off the balance at your earliest convenience.

  3. R.

    R. Well-Known Member

    I might get 10K on a new card, or as an increase on one of those two. But I'm actually looking at a much higher amount (10K+++ -- I'm trying to avoid giving too many details) for this purchase, which is why I know I won't get enough from any retention office. Pretend it was 50K; I should have been more straightforward in my ambiguity.

    I don't know how I would split it -- when I was a merchant they wouldn't let me do that. I guess it's an option, thanks.
  4. dave

    dave Well-Known Member

    Get a no preset spending limit card like american express or citibank world.
  5. Chris B

    Chris B Guest

    Problem is this. A big purchase ($10K++++) possibly is something that the place that's selling this to you, probably won't want it to go on credit cards. They have to pay a percentage fee, and they can't legally charge that fee to you, so they would have to eat it. So I guess my advice is first to contact the place you're planning on making this big purchase and make sure that for the purchase you're planning, that they even would take credit cards, which one(s) they would accept, then go from there to figure out what to do. If they take the MC or Visa that you have as Providian, call Providian and tell them you're about to make a big purchase that exceeds your credit limit, but you want to send them a cashier's check or however it has to be, to give a huge credit on your card so that the available limit. Because the bank that has your credit card (Providian) gets something like 4% from the merchant I'm sure that they would probably be more than happy to accomodate.

    Hope I was of some help.

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