cancel
Showing results for 
Search instead for 
Did you mean: 

balance history on credit report?

tag
FabulousDtheBruin
New Contributor

balance history on credit report?

ok so Discover gave me 12 months no interst on my 17K card acct.  I want to use the cash-over feature (since it is applied as purchase zero percent) APR to open a 12-month 1.20% CD for 12,000.  I want to buy a car a new car in 3 years.  Will this look bad that I carried a balance of 12K for 12 months?  The pay-out amount after 12 months maturity is $144.  I see it as easy free money.  But I'm worried this will look bad on my report.  I have 210K available credit. 

AmEx BCE - 2K, Clear from AmEx - 2K, Bank of America Travel Rewards - 10K, Chase Freedom - 4.3K, U.S. Bank College Visa - $600, Discover More Card - 7K, Citi Dividend Card for Students - 2.1K, Barclay Rewards MC-2.5K, Macys Red Card-1.8K, Bank of America AmEx-15K, Banana Republic Visa-2.5K, Chase CSP-10K, Chase Saphire-5K,
Message 1 of 2
1 REPLY 1
flan
Regular Contributor

Re: balance history on credit report?

Discover is likely to AA the heck out of you if you withdraw 12000 in cash and only make minimum payments.  Also, there's a pretty low daily limit (~100) on cash over, so it'll take you a long time to get 12k out. 

Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.