Credit Card Center Advertiser Disclosure†
10-19-2009 05:41 PM
buy a car in December. Get bonus EOY, prolly the last day of the year, could be a little sooner.. Need car Dec 12th or thereabout. Got a new Visa with 4K limit. have not used it yet, very new, not even reporting yet.
Since I will get the l bonus which should far exceed my down payment, why not throw the down payment on the card (don't even know if they accept a CC as a down payment, but anything is possible) , PIF before it hits billing statement? that way at least it will appear that I can "handle" that credit limit. Maybe I'll even get more, a cl increase!!...
i don't know.
I do know I would never carry a stupid balance on that card at a higher interest rate, I think it's like twenty percent.
this is a target visa btw.
thanks for any advice/input....
10-19-2009 05:48 PM
10-19-2009 05:58 PM
10-19-2009 07:01 PM
10-19-2009 07:16 PM - edited 10-19-2009 07:24 PM
Merchant fees are why dealers will limit the amount they will accept for a downpayment. However I have never seen a limitation for a repair bill so the 2 are 'at odds'.
Even though the visa/mc says no minimum and would prefer no maximum - when the merchant submits an application they can set the parameters of their sales/charges - and as long as this was done there is no breach of the merchant's agreement with mastercard/visa - so technically there is no foul on the merchant's part.
10-19-2009 07:21 PM
Thanks Hauling, I will search that USAA article...interesting.
I put a call into the guy at the dealership, bascially once my bonus money gets despoited, run to the store with a four thousand dollar check in hand...pif!! pif!! would never want 100 percent posting, but after I get the car, i can't say that I will be all that "fixated" on my score. I'll always care, but this is a true fixation and the clock is ticking....i need the score for the auto loan.
since i have not gone through one billing statement yet or even the addition of the tl, it's hard for me to determine when the report to the bureaus. although I could ask. Sometiems when I ask these types of questions to the person that picks up the phone, they don't know....
10-20-2009 06:05 AM
10-20-2009 07:42 AM - edited 10-20-2009 07:42 AM
"Merchant fees are why dealers will limit the amount they will accept for a downpayment. However I have never seen a limitation for a repair bill so the 2 are 'at odds'."
Think commisions... They probably take it directly out of commisions.
10-20-2009 10:57 AM
10-20-2009 11:00 AM
Negotiate your purchase fully first - then reveal the source of your down payment. Any dealer worth his salt is going to adjust his numbers to compensate for the merchant fees if you give him a chance to do so.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.