Rolling Over $20K of 0% Debt in Three Weeks - Fairly Complicated

[Drchaos]

Summary

I am attempting to roll over roughly $20K of 0% debt due on 11/11/2022.

 

Rather than using cash to repay this balance I would prefer to use a credit card balance transfer or better yet use a larger balance transfer to increase cash

 

Reported Income:

$150,000 - self employed

 

Current Debt:

Car Loan (Penfed 60 month low rate) $17,190.77 

Bank of America (0% until 11/11/2022) $20,007.74 of $38,000 limit - 54% Usage

AMEX (0% until 3/22/2023) $19,508.90 of $25,000 - 79% Usage

In September I paid off a 0% Chase Slate Card with a balance of $14,782.42

Other credit cards are spenders paid off each month.

Total credit card limits $159,200 (roughly 25% useage)

 

Credit Score

 

Credit Score 637

This score is with AMEX at $23,611 - 94% usage I am waiting for a payment that hit my bank on 10/17/22 to show up on my credit report (not sure how much this will move the needle)

I recently paid down the Bank of America card by $5,000 to increase the score from 636.

Before paying off the Chase Slate Card ($14,782.42) the score was 622. 

 

Cash and Tax Considerations

 

While I can take a 30 day loan from my ROTH IRA to pay down credit card balances my top priority would be to put this money back before the 30 days are up.

I already took the required minimum distribution from an inherited IRA in August.

After withdrawing $23,365 on 10/3/22 from an Inherited IRA account ( I could put this money back within 30 days 11/3/22 would be the deadline to do so) there is a remaining balance of roughly $99,000 that is fully invested in stocks.  Any sales would take three business days to clear before funds could be withdrawn.

In 2020 I took roughly $98,000 out of the inherited IRA which I could potentially put back as a Covid emergency loan.

As the IRS would consider this to be a taxable distribution (until the money has been put back into the IRA) I have made estimated payments but refrained from filing my last two federal income tax returns (2020 & 2021).

As of 10/15/22 I am also late in filing for 2022 so getting a traditional loan is not an option right now.

 

My strong preference would be to put back the $23,365 into the Inherited IRA this year (instead of taking even more money out) and to put the $98,000 back next year.  Not sure if this is possible as the last 20K that I used towards paying down credit card debt only served to improve my credit score from 622 to 637.

 

All other cash flows come from my online business and the revenues vary from month to month.  To be conservative I am assuming that the business will not net any positive cash flow over the next month.

 

Strategy

 

If I had to do it I could sell some stocks on 11/7/22 borrow the funds ($20,007.74) from my Roth IRA on 11/10/22 and pay off the Bank of America Card on 11/11/22.

I could then put the money back into the ROTH on 12/9/22 and take any funds necessary from the Traditional IRA.

This would be the worst case scenario as I would then have added $23,365 plus whatever else I need to cover to my taxable income this year and lose the opportunity to continue growing these funds in the tax deferred Inherited IRA account.

 

While rolling the Bank of America debt directly into a new 0% credit card would be the most simple solution my credit score would need to be high enough to not only get approval but to get a high enough balance on the new card or cards to cover the entire $20,007.74.

 

A better strategy might be to transfer a balance to a credit card that has no balance and obtain a refund check for the negative balance.  This would add to my cash position instead of simply rolling over the debt without increasing my cash.  If I knew of one or more of my existing credit card companies that would go for this I could use the 30 day loan from my ROTH IRA to further pay down balances (improving my credit score) and put the money back once I receive the refund check.  I did this years ago but I could see this going wrong and could use more information about which companies would be cool with this.

 

Ace in the Hole

 

Bank of America would almost certainly give me a credit card if I applied for it even if approving the new card meant stealing part of the limit from my existing card.

Once I pay off the Bank of America card in November they will let me move the limit from that card to the new one allowing me to get 0% on my purchases over the next 12-18 months

Of course this does not help me with the immediate problem of paying off the debt in November

 

My business involves selling collectibles online.  I recently made arrangements to transfer the contents of my ebay store to a company on consignment.

This negatively impacted my cash flow when I closed my ebay store in June but the entire inventory will go up over the next six months which should allow me to easily pay back the credit cards a year from now.

 

Failure

 

Before paying down the AMEX card from $23,611 (94%) to $19,508 (79%) I asked for a credit line increase to $35,000.

AMEX rejected my request and left my limit at $25,000 as they did not like the fact that I only made minimum payments the card prior to the request.

They did not do a hard inquiry (I only have one currently) as they rejected me outright.

I was thinking of calling customer service to see if I could get more information on the formula so that I could figure out how to get an increase in the future without paying off the card completely. 

 

Cards I Plan to Apply for

 

	Rate	Purchases	BT	BT Fee
Navy Federal Credit Union Platinum Credit Card	0.99%	N/A	12 Mo	0%
Union Bank® Platinum™ Credit Card	0%	15 Mo	15 Mo	0%
Edward Jones Business Credit Card	0%	N/A	12 Mo	0%
Wells Fargo Reflect® Card	0%	21 Mo	21 Mo	3%
Bank of America® Unlimited Cash Rewards	0%	18 Mo	18 Mo	3%
Chase Freedom Unlimited	0%	15 Mo	15 Mo	???
Discover IT	0%	15 Mo	15 Mo	3%
AMEX Blue Cash Everyday® Card	0%	15 Mo	15 Mo	3%
U.S. BANK VISA®  PLATINUM CARD	0%	18 Mo	18 Mo	3%

 

I do not necessarily need to get a $20,000 limit on one of these cards as I could spread the balance over multiple cards.

 

I was hoping I could get these cards while carrying about $40K in debt but my attempts to pay down the debt seem to yield very small increased in my credit score.

 

Any advice concerning the credit score I would need to obtain these cards and if it will be necessary to make any further payments towards the BOA or AMEX cards to get my score up would be appreciated.

 

Other Considerations

 

Currently my Penfed card is the only one without a foreign transaction fee, I would like to get another card without the fee as part of this apporama.

In  addition to the balance transfers, getting cards with 0% on purchase is important because some of my business expenses and personal spending could be deferred which would alleviate my current liquidity problem

 

 

 

 

 

 

 

[centex]

At those utilization levels, you may find challenges in the current climate.  It seems you are at or near the same potential risk as those who were engaged in balance transfer arbitrage circa 2007/2008...the music stops and there are no more chairs.  At that point, the ~20% APR piper comes calling...and also remember that banks will also not want to be left holding an empty bag related to a can kicked down the curb. 

 

This is not to say that banks are not still lending, BUT the content of the reports is going to matter a whole lot more than even just a few years ago.  $20K+ lines on a less than stellar report are not the norm as a nation enters a recession...

 

You don't indicate what model the score was produced from or whether all of the outstanding balances are reporting (I know some AXP products haven't reported for me even after several years).  Unless you are looking at a Fair Isaac model, it is useless and, even if it IS a Fair Isaac model, it may not be the same one that factors in at some point in the underwriting processes.  Applications are not score-driven.  The automated systems will also look at the number of accounts with a balance...utilization is more than just one global number. 

 

As to AXP, they have historically (even back in the 90's when they began offering a credit product to go along with the charge product) wanted meaningful payment.  Minimum payments, even on a 0% deal, are not looked upon favorably. 

 

You have a lot of complications and variables that limit the options in the present fiscal environment.  I wish you luck...

[Drchaos]

The difference here is that I did not spend the money but put it into my business and retirement account contributions.

 

The is an issue of liquidity and tax avoidance, not one of solvency.

 

The painful decisions involve how much I must pay down the two zero percent cards to get the credit score that the card issuers will be comfortable with.

 

Paying over $14K to Chase and $5K to Bank of America and only moving up from 622 to 637 was a rude awakening.

 

Initially I thought I could do all of this with $40K in debt but now I might have to pay another $10-20K before pulling the trigger on the apporama.

 

I am hoping some board members have a better idea of how these credit score calculations and approvals work.

 

Also, any input on turning balance transfers into cash (through negative credit card account refunds and which issuers allow it) would be helpful.

[hegemony]

welcome to CB but holy fork! why the complications for 20k the hard way?

[Drchaos]

Thanks for the welcome.

 

Initially the number wasn't $20K but $42K I already figured out how to pay off the first $22K.

 

The last $20K is the hard part so I could use more data to thread the needle between paying the debt down too much and not paying it down enough before I pull the trigger in the next two weeks.

 

Every dollar that I take from the Inherited IRA this year for window dressing has tax consequences now and opportunity costs going forward.

 

On the other hand failure to get approval on the new cards would mean using the IRA to pay off the debt.

 

Edited October 20, 2022 by Drchaos

[shifter]

7 minutes ago, Drchaos said:

I am hoping some board members have a better idea of how these credit score calculations and approvals work.

Credit scores don't really matter for credit card approvals. What matters is the content of the report. High util is a big turnoff. That Amex is considered maxed out over 89.5% util. Paying that down will give you an immediate boost. Ideally you would want no cards above 69.5% util. Even better would be below 49.5%.

 

But then you also have total util and total balances that come into play. So those are a lot more complex to consider, but safe to say the bigger the overall balances, the more skittish issuers will be of approving new credit. 

[hdporter]

< Reconsidering post .... >

Edited October 20, 2022 by hdporter

[Drchaos]

19 minutes ago, shifter said:

Credit scores don't really matter for credit card approvals. What matters is the content of the report. High util is a big turnoff. That Amex is considered maxed out over 89.5% util. Paying that down will give you an immediate boost. Ideally you would want no cards above 69.5% util. Even better would be below 49.5%.

 

But then you also have total util and total balances that come into play. So those are a lot more complex to consider, but safe to say the bigger the overall balances, the more skittish issuers will be of approving new credit. 

AMEX has been paid down from 94% to 79% it has not been reported by AMEX to the rating agencies yet.

 

Due to the high limits on several cards overall utilization will be at 25% when the latest AMEX payments are recorded.

 

Debt is currently around $40K though.

Edited October 20, 2022 by Drchaos

[centex]

You still have not indicated the source of the score and what specific model the score was derived from.  You ALSO elected to ignore the reality that utilization is not just an overall computation but is card-by-card AND also looks at the ratio of cards to cards with a balance.  You are also leaving us with an impression that you are looking for pre-'rona underwriting practices, and that is not happening when bank executives are discussing recession and where they intend to scale back certain operations.  

 

The saving grace here is that you are at least trying to address this with three weeks to go instead of coming in during the first week of November... 

[Drchaos]

2 minutes ago, centex said:

You still have not indicated the source of the score and what specific model the score was derived from.  You ALSO elected to ignore the reality that utilization is not just an overall computation but is card-by-card AND also looks at the ratio of cards to cards with a balance.  You are also leaving us with an impression that you are looking for pre-'rona underwriting practices, and that is not happening when bank executives are discussing recession and where they intend to scale back certain operations.  

 

The saving grace here is that you are at least trying to address this with three weeks to go instead of coming in during the first week of November... 

I am simply reporting the data from my credit reports (through credit karma).

 

My score was 622 and is now 637.

 

I do not know how much it will go up when AMEX reports my current payments and balance.

 

I do not have any model to forecast my future credit scores.

 

Clearly the more I pay down the two big cards (BOA and AMEX) the higher my score goes.

 

As I have expressed I initially believed that I could do the apporama with 40K in debt and have opened this thread to get advice and better data regarding how much pain I need to endure (in terms of paying these balances down further before pulling the trigger).

 

I am hoping those with more recent experiences will offer more insight.

[hdporter]

I'm having a very difficult time finding a desirable tack from which to comment.  I would prefer to suggest a feasible course for you to pursue, but there are a few too many red flags thrown up by your post.  Among those "flags":

 

-- Managing personal liquidity through temporary/permanent withdrawals from retirement savings/long-term assets.

-- A history of minimum payments on outstanding balance transfers (I recommend paying at least 3% of the original balance each month to avoid a perception of liquidity problems).

-- Inadequate credit limits in place to reasonably manage outstanding revolving debt.

-- Failure to have a secure "rolllover" strategy in place for promotional balance transfers well in advance of rate expiration.

 

Look, I'm not busting on you; just pointing out the variables that are likely to hem you in more than should be the case, all factors considered.  And, I very much grasp that whatever course you chart, you have the resources to remain solvent.  Unfortunately, the options by which to most efficiently service your debt and manage your assets are slipping away.

 

I'm going to suggest that you open yourself to a $20k 3- to 5-year installment loan as one way to address your liquidity situation.  I find that far superior to liquidating equities and/or retirement funds.  In your shoes, I would consider a rate of 6% to 10% to be quite attractive.  Such a loan would take a lot of pressure off your revolving utilization stats, not to mention accelerating payment of deferred tax liabilities.

 

Longer term, I might recommend the revolving metric goals that I've adopted in routinely carrying debt from short-term to medium-term "consumption" purchases via promo rate bt's (typically $15k-$25k outstanding at any one time):

 

--  Build revolving credit lines that permit tapping promo rate bt's while keeping utilization on any line below 30% (35% at the outside as an exception)  e.g. maxing a $35k line at $10k.

--  Build overall revolving credit lines so the overall utilization is capped at 5%  (10% at the extreme ... preferred target 3%).

-- Set a minimum repayment amount on any new bt to 3% and hold it there until full repayment.  If you bt again due to rate expiration, push to keep the payment amount against this debt intact on the new line.

(Note, if 3% payments aren't feasible under your current liquidity constraints, consider that it might be more appropriate to take a term loan over 5 years instead.)

 

I remain hopeful that you will be successful in your pursuit of new revolving credit lines by which to roll your debt.  I hope this gives you some food for thought on alternate options, just in case.

[centex]

Credit Karma, unless things have changed, is giving you a useless score.  Vantage sKores are what we used to commonly refer to as a FAKO. 

 

Saddle up and purchase real scores from Fair Isaac if you don't have scores available through any of the current credit cards which are Fair Isaac...although since you list AXP and BofA, that is at least two potential sources of REAL scores using a FICO model...both were typically FICO8, with AXP often using EXP to calculate a score and BofA using TU.

[hdporter]

13 minutes ago, centex said:

Credit Karma, unless things have changed, is giving you a useless score.  Vantage sKores are what we used to commonly refer to as a FAKO. 

 

Saddle up and purchase real scores from Fair Isaac if you don't have scores available through any of the current credit cards which are Fair Isaac...although since you list AXP and BofA, that is at least two potential sources of REAL scores using a FICO model...both were typically FICO8, with AXP often using EXP to calculate a score and BofA using TU.

 

Adding on to @centex's wisdom here:

 

FICO 8 scores are typically what creditors typically consider when reviewing a credit card app.  (As has been pointed out, that's a starting point, at best ... banks typically apply their own metrics re outstanding debt, utilization, new accounts, etc.)  That said, if your FICO 8 isn't at least 680, then it's likely your credit runs afoul of the bank's lending standards as determined by these metrics.

 

In the last year, or so, a new source of a current FICO 8 score has appeared on the horizon:  Experian.  Experian now provides an updated EXP credit report and EXP FICO 8 credit score, free of charge, at each login for registered members.  It's a particularly outstanding resource from a credit reporting agency (CRA). 

 

There is one modest downside:  At each and every login they prompt you with an opportunity to upgrade your account for expanded score access (TU/EQ) and additional analysis at $25/mo (where, of course, the "order" button is highlighted and subconsciously invites a click to continue. 

 

I wish the other two CRA's would consider such a free feature, largely liberating us from myFICO fees.

 

 

[Drchaos]

I appreciate the feedback so far but upgrading the quality of my credit reporting tools is not going to change the facts that determine my credit score or the chances of getting approved for a credit card with a high limit that will allow me to do a balance transfer at 0-0.99% for a year or longer.

 

I have already shared the facts (my debt and available credit in total and for each of the two credit cards with high balances).

 

The only two levers that I can pull before applying for new cards are to pay down either or both of these two cards before I apply for new cards.

 

I really could use help in clarifying just how much I should be paying down.

 

I have provided a list of credit cards that I plan to apply to and have not heard anything about cards I should add (or subtract) or which cards I should prioritize.

 

I have also asked about which credit card companies (if any) will currently allow me to overpay them via balance transfer from another card to get a negative balance and have them issue a refund check (this would really make life a lot easier).

 

I will look into upgrading my credit reporting tools but if it is all academic we should be able to predict what the scores will be without these tools by calculating this ourselves beforehand.

 

Otherwise I lose 3-4 days each time I pay things down waiting for the companies to report the new balances before I can see the new score each time.

[centex]

Just now, Drchaos said:

I appreciate the feedback so far but upgrading the quality of my credit reporting tools is not going to change the facts that determine my credit score or the chances of getting approved for a credit card with a high limit that will allow me to do a balance transfer at 0-0.99% for a year or longer.

 

I have already shared the facts (my debt and available credit in total and for each of the two credit cards with high balances).

 

The only two levers that I can pull before applying for new cards are to pay down either or both of these two cards before I apply for new cards.

 

I really could use help in clarifying just how much I should be paying down.

 

I have provided a list of credit cards that I plan to apply to and have not heard anything about cards I should add (or subtract) or which cards I should prioritize.

 

I have also asked about which credit card companies (if any) will currently allow me to overpay them via balance transfer from another card to get a negative balance and have them issue a refund check (this would really make life a lot easier).

 

I will look into upgrading my credit reporting tools but if it is all academic we should be able to predict what the scores will be without these tools by calculating this ourselves beforehand.

 

Otherwise I lose 3-4 days each time I pay things down waiting for the companies to report the new balances before I can see the new score each time.

You are trying to make decisions based on sKores that are not even giving a good picture of where you stand.  Until you know what your score is using a model that banks actually USE, you are a summer-league player trying to stand in against Justin Verlander on a bad day.  Without YOU knowing where your score stands, nobody here can even potentially point you to someone that MIGHT overlook the potential issues depressing your score. 

 

The above ALSO applies to being able to comment about which of your potential banks might realistically be in play on a new application, especially in the present climate. 

 

Overpayment via BT could prove to be more harmful and result in BOTH accounts being closed.  That would be a red flag for some lenders. 

 

The prudent consumer does not go off half-cocked...the prudent consumer will put everything on the table and formulate a plan using ALL information. 

[hdporter]

26 minutes ago, Drchaos said:

I appreciate the feedback so far but upgrading the quality of my credit reporting tools is not going to change the facts that determine my credit score or the chances of getting approved for a credit card with a high limit that will allow me to do a balance transfer at 0-0.99% for a year or longer.

 

You cited your source as Credit Karma.  That's going to get some push back, as a courtesy.  It's a very unreliable benchmark of you likely success in obtaining new credit at attractive terms.  (And having such a metric at hand is very useful.)  FICO 8 scores, on the other hand, are a much more reliable "rough" measure of such success (including qualification for higher limits ... although that's far more related to reported income).

 

26 minutes ago, Drchaos said:

 

I have already shared the facts (my debt and available credit in total and for each of the two credit cards with high balances).

 

The only two levers that I can pull before applying for new cards are to pay down either or both of these two cards before I apply for new cards.

 

I really could use help in clarifying just how much I should be paying down.

 

I have provided a list of credit cards that I plan to apply to and have not heard anything about cards I should add (or subtract) or which cards I should prioritize.

 

I have also asked about which credit card companies (if any) will currently allow me to overpay them via balance transfer from another card to get a negative balance and have them issue a refund check (this would really make life a lot easier).

 

I have provided the insight to which I'm privy; I assume others have done so as well. 

 

I've suggested a desirable utilization cap for any single card of 30%.  If you bring your lines into compliance with that, you'll likely receive a better app reception.  Still, they're likely going to factor trending over at least a 6 mo period rather than a single snapshot.  (Just something that has to be acknowledged).

 

It's quite possible that getting under the 50% cap (which is most often cited as the maximum target to adhere to, for the sake of credit scoring) that you may find a reasonable app acceptance rate.  I can't speak to that from experience; just saying that it's quite conceivable.  However, you current utilization of your bt lines is most likely going to be a deterrent to approvals.

 

I have no suggestion as to which card to prioritize in your applications.  Generally speaking, credit card issuers are averse to high utilization (now more than before).  I don't have any experience with what issuer might be more accepting of high utilization.

 

Likewise, I have no experience with the tactic of overpaying a balance through bt, with the aim to extract cash from the bt.  However, a number of my current issuers provide me with the option to deposit promo rate cash to my checking account.  I'm currently unfamiliar with whether there are issuers who provide that option on a  new account.

 

I will suggest that you add Barclays to your list of potential apps.  Of all of my issuers, they've been the most aggressive in soliciting new bt's in the last month, largely with an attractive 3% fee.

 

 

26 minutes ago, Drchaos said:

 

I will look into upgrading my credit reporting tools but if it is all academic we should be able to predict what the scores will be without these tools by calculating this ourselves beforehand.

 

Otherwise I lose 3-4 days each time I pay things down waiting for the companies to report the new balances before I can see the new score each time.

 

My experience is that FICO 8 scores are not "academic", but do provide useful insight into my credit prospects.  The thing I would stress is that you can't assume that because your score is > 720 (or some other threshold), your apps will be approved.  As discussed, lenders apply specific metrics to their apps, aside from credit scores.  Nonetheless, a FICO 8 score is a good "finger in the wind" for gauging where you generally stand.

 

I regret I don't have input that's more targeted to what you desire.  But I believe this should give you a good working knowledge from which to proceed.

 

Edited October 20, 2022 by hdporter

[hegemony]

you can get FREE FREE FREE FICO scores from issuers like BOA.

 

I hate to ask such a *Admin prohibits insults that reference an individual's intelligence.* question by why are you carrying this debt? You mention biz expenses; shouldn't a biz cover its expenses? Again, I am a simple person when it comes to finances but this seems a cumbersome means to carry a small amount of debt.

 

FWIW, a lot of people have had success with discovery card for BTs.

[shifter]

4 hours ago, Drchaos said:

Paying over $14K to Chase and $5K to Bank of America and only moving up from 622 to 637 was a rude awakening.

Since this was a CK skore, it's meaningless. Your FICO might have gone up 150 points or 0 points or anything in between. Also your FICO might have already been 100 points higher. Based on the info you provided, I already suspected those skores were lower than your actual FICO and your FICO will definitely go up once the Amex posts the payment.

 

Sadly that can take 30-90 days depending on how Amex feels at the time. I might call their credit bureau department and ask them to push an update. They might do it. But you will need the 12 digit credit card number from your actual reports to talk to them. It's a completely different number from your actual credit card number. 

[shifter]

Navy Federal Credit Union Platinum Credit Card - are you already a member and/or do you qualify? 

 

Union Bank® Platinum™ Credit Card - no idea 

 

Edward Jones Business Credit Card - do you have an EJ account and advisor? 

 

Wells Fargo Reflect® Card - known for stingy underwriting and limits 

 

Bank of America® Unlimited Cash Rewards - won't be easiest to find a way to pay off the existing BofA card with this one. 

 

Chase Freedom Unlimited - Chase may not like your profile of existing debt. 

 

Discover IT - good idea as @hegemonyindicated 

 

AMEX Blue Cash Everyday® Card - might be hard since they already denied you a CLI 

 

U.S. BANK VISA® PLATINUM CARD - unlikely to get more than a $5-10k starting limit at best. 

[Drchaos]

Thanks for the feedback.

 

I used my Bank of America card to check my FICO score and according to Transunion my score is 728.

 

Is this result more accurate than the Credit Karma scores I posted earlier?

 

The following language came from the FAQ section below the score:

 

The FICO^® Score Online Banking provides is a FICO^® Score 8 based on TransUnion Data. 

[centex]

2 hours ago, Drchaos said:

Thanks for the feedback.

 

I used my Bank of America card to check my FICO score and according to Transunion my score is 728.

 

Is this result more accurate than the Credit Karma scores I posted earlier?

 

The following language came from the FAQ section below the score:

 

The FICO^® Score Online Banking provides is a FICO^® Score 8 based on TransUnion Data. 

It is a real Fair Isaac model.  FICO8 is one of the scores actually used by a number of lenders, which is not something the purveyors of the Vantage sKore can say.  As such, that makes it infinitely more accurate than a fako...

 

Whether a lender you are looking at uses simple 8 or a Bankcard Enhanced 8 or some other model is not something that can be answered, but NO underwriting is done based solely upon a score.  I've had denials when I was literally a point or two away from perfect on the model in use.  It happens.  It sucks, but it happens.  And that was in the good times, not the current rolling ball of butter knives foisted on us by poor policy responses to a number of events. 

[shifter]

7 hours ago, Drchaos said:

Is this result more accurate than the Credit Karma scores I posted earlier?

It's not about accuracy; it's about use. Nobody uses the Vantage skore provided by CK so it's meaningless. FICO 8 on the other hand is used by many issuers and the various flavors such as Bankcard or FICO 9 are decently close in many aspects. 728 makes more sense and should increase above 750 after the pay down on the Amex. Then you just have to spray and pray. 

[Drchaos]

Today I enrolled in Navy Federal Credit Union so I can apply for the credit card later.

 

According to their pre-qualification tool (no hard pull) I am eligible for any of their credit card products.

 

On Monday I will get my free credit report from all three agencies.

[shifter]

3 minutes ago, Drchaos said:

Today I enrolled in Navy Federal Credit Union so I can apply for the credit card later.

Congrats. You'll want to have your documentation of eligibility handy because they are known to lock down your account out of the blue and you have to go through their eligibility team to get it unlocked. It's especially common if you join and then immediately apply for a credit product.

[Drchaos]

If I do not have any accounts with Edward Jones would applying for one of their cards be a waste of a hard inquiry?