Pay Over Time Credit Cards

[PlasticOrPlastic]

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@MadTechnologist wrote:

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@EndlessRoad wrote:

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@MadTechnologist wrote:

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@EndlessRoad wrote:

I'd suggest a BillMeLater account for this type of spending.  I use mine a lot for Ebay purchases and ordering parts for clients (the 6 month 0% is a nice buffer).  Plus it dynamically adjusts your CL based on what you're purchasing.  Its come in handy more times than I can recall!

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What do you mean by dynamically adjusting your CL? can it got both up and down, or does it just keep rising depending on what you get? Also, does the 6 months grace apply to each purchase or to the balance? Such as if I brought something for $200 today and next month something else for $150 do I have 6 months to pay the $350 or is the due date before interest different for each item? Lastly, would it matter if I purchased the 2 items a day apart?

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Say you start with a $500 CL, and you want to make a $750 purchase, it will automatically check availablity and grant or deny the purchase.  Your CL wont go down, you just wont be able to make that purchase at the time.  It also has no affect on your credit report.  You get 6 months to pay on each qualifying purchase.  I purchased a new Harmony remote for $300 dollars, that started my 6 months from that day, the next week I bought computer parts for a client, that started yet another 6 month pay off period.  From what I've seen with my spending any purchase 24 hours after another gets its own 6 month pay off period.

Hope this helps.

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Yes, that is exactly what I was looking for. Just basically wanted to see how it works with the CL and the 6 month grace period. Your explantion is thorough and gave me what I needed. I have 2 final questions, 1) do you still have to make monthly payments on the 6 month grace period? Not a problem if you do, just want to know how that works, and 2) the 640 credit score you got approved for, was it with score watch, the monthly my fico product for about $15 a month, or did you get that score from something else? I ask because the score I have in my siggy is from score watch, but I also have a fico score from Barclay which is only showing 587, which is a big difference.

And thanks to everyone for all the great help and advice. Coming to these forums is starting to become a daily routine that I look forward to. I always find something encouraging like people getting CCs with great rates and even better CLs and/or informative like what I've learned here.

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Glad to help.  I do not have to make monthly payments, but it seems to be hit and miss?  Its also kind of cool because it calculates what you need to pay to avoid paying the interest.  For the most part though I'd have to say monthly payments are not required.  My 640 credit score was a FICO from this site, I never knew what FICO was until I found this site.  Like I said it literally took a 5 point jump to get me approved, however I can't say for certain something else didnt fall off or age in that time...causing them to approve me.  Honestly with a 587 FICO it might be hard but thats a TU score...not sure who BML pulls?  Somebody here can probably answer that better than me just guessing. 

[MadTechnologist]

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@EndlessRoad wrote:

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@MadTechnologist wrote:

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@EndlessRoad wrote:

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@MadTechnologist wrote:

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@EndlessRoad wrote:

I'd suggest a BillMeLater account for this type of spending.  I use mine a lot for Ebay purchases and ordering parts for clients (the 6 month 0% is a nice buffer).  Plus it dynamically adjusts your CL based on what you're purchasing.  Its come in handy more times than I can recall!

---

What do you mean by dynamically adjusting your CL? can it got both up and down, or does it just keep rising depending on what you get? Also, does the 6 months grace apply to each purchase or to the balance? Such as if I brought something for $200 today and next month something else for $150 do I have 6 months to pay the $350 or is the due date before interest different for each item? Lastly, would it matter if I purchased the 2 items a day apart?

---

Say you start with a $500 CL, and you want to make a $750 purchase, it will automatically check availablity and grant or deny the purchase.  Your CL wont go down, you just wont be able to make that purchase at the time.  It also has no affect on your credit report.  You get 6 months to pay on each qualifying purchase.  I purchased a new Harmony remote for $300 dollars, that started my 6 months from that day, the next week I bought computer parts for a client, that started yet another 6 month pay off period.  From what I've seen with my spending any purchase 24 hours after another gets its own 6 month pay off period.

Hope this helps.

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Yes, that is exactly what I was looking for. Just basically wanted to see how it works with the CL and the 6 month grace period. Your explantion is thorough and gave me what I needed. I have 2 final questions, 1) do you still have to make monthly payments on the 6 month grace period? Not a problem if you do, just want to know how that works, and 2) the 640 credit score you got approved for, was it with score watch, the monthly my fico product for about $15 a month, or did you get that score from something else? I ask because the score I have in my siggy is from score watch, but I also have a fico score from Barclay which is only showing 587, which is a big difference.

And thanks to everyone for all the great help and advice. Coming to these forums is starting to become a daily routine that I look forward to. I always find something encouraging like people getting CCs with great rates and even better CLs and/or informative like what I've learned here.

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Glad to help.  I do not have to make monthly payments, but it seems to be hit and miss?  Its also kind of cool because it calculates what you need to pay to avoid paying the interest.  For the most part though I'd have to say monthly payments are not required.  My 640 credit score was a FICO from this site, I never knew what FICO was until I found this site.  Like I said it literally took a 5 point jump to get me approved, however I can't say for certain something else didnt fall off or age in that time...causing them to approve me.  Honestly with a 587 FICO it might be hard but thats a TU score...not sure who BML pulls?  Somebody here can probably answer that better than me just guessing. 

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Well, I asked another question about getting another credit card in another post and the best answer was to bring down the uti on the CCs I have and wait until my scores rise before applying for anything else, and that seems to be the best thing to do right now. I really wanted to get a new laptop as my last 1 died on me about a couple months ago, but the 1 I REALLY want in the top of the line gaming laptop from ASUS. NewEgg has it for about $2300, so it's a pretty penny, but the reviews all pretty much say it's the best bang for your buck. Hopefully if I wait another 6 months or so, my scores will have improved dramatically and I can apply for the NewEgg card and BML and get really great CLs on both.

Thanks again for the advice. Now, I play the waiting game!

[PlasticOrPlastic]

Well good luck, thats a game I'm terrible at lol!  It will be worth it for you though, let those scores come up and I'm sure BML will give you a great starting limit.  Enjoy the new ASUS

[MadTechnologist]

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@EndlessRoad wrote:

Well good luck, thats a game I'm terrible at lol!  It will be worth it for you though, let those scores come up and I'm sure BML will give you a great starting limit.  Enjoy the new ASUS

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Lol, thanks  but I don't have it just yet. Hoping I can do it in 6 months or so. And maybe by then, the price would have dropped as well...