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Zero percent APR success story...

Senior Contributor

Zero percent APR success story...

I wasn't a part of myfico when this story begins, but I am now, and thought that I'd share it.

 

Somewhere in mid 2010, our washing machine began making strange noises.  On occassion, it would dump LOTS of water on the floor...not often, but more than twice... the wife and I began discussing replacing our nine year old appliances...

 

We found lots of things that we were interested in, but just couldn't pull the trigger...and the old pair was still working.

 

roughly 01 January 2011, we wandered into our local big box, home furnishings, appliance, electronics store...and noticed two things rather quickly...brand new, top of the line (last years model, maybe?) front loading washers and dryers...normally $899 each, on sale...$999 for BOTH of them!

 

...and 33 month zero percent financing.

 

So, we pulled the trigger.  We bought the extended warranty, paid extra to have the machines made "stackable", which includes reversing the door on the dryer, and delivery...a little under $1500.00.

 

Here we are...18 months later...we owe $83 and some change on the appliances and will pay them off this month.

 

Zero dollars in interest.  Smiley Happy



Zero percent financing is where the devil lives...

10/01/17 Fico8 scores: EX 660, EQ 647, TU 663
Message 1 of 9
8 REPLIES
Valued Contributor

Re: Zero percent success story...

At first I was expecting to read a story about how you have had zero percent success at getting approved for any credit cards haha.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Message 2 of 9
Senior Contributor

Re: Zero percent success story...

LOL!  No, we have the OTHER problem...we got lots and lots of credit cards....including TWO of them with the above mentioned retailer...  Smiley Tongue



Zero percent financing is where the devil lives...

10/01/17 Fico8 scores: EX 660, EQ 647, TU 663
Message 3 of 9
Frequent Contributor

Re: Zero percent success story...

Yeah I thought when I first saw this title that it was going to be a sob story about how the OP can't get approved for anything.

 

Congrats! Buying things with no interest, effectively paying cash, is a great feeling isnt it?

FICO Scores: TU: 768 (Jan 2012), EQ: 755 (Jan 2012 Lender pull)
Message 4 of 9
Regular Contributor

Re: Zero percent success story...

Well done sir!  Glad to know you avoided still yet another dance with the devil Smiley Happy


Starting Score: 600ish in 2007
Highest Score to date: EQ 716 May 2012(lender pull)
Current Score: EQ 685 6-21-12 ; Walmart TU Fico 744 6-05-12
Goal Score: 801
Message 5 of 9
Senior Contributor

Re: Zero percent success story...

Title modified.  Smiley Happy

 

...and yes, it's darn good feeling!



Zero percent financing is where the devil lives...

10/01/17 Fico8 scores: EX 660, EQ 647, TU 663
Message 6 of 9
Established Member

Re: Zero percent success story...

I have the same mindset for a 0% for X amount of months. Knowing how much I get hit for if it's not paid off in time is huge. It's a great feeling to pay it off before the interest would hit Smiley Happy

Message 7 of 9
Frequent Contributor

Re: Zero percent success story...

Nice job, it's amazing at how much money you can save when you get a good deal or just have good credit!


Starting Score: EQ FICO 777
Current Score: EQ FICO 803
Goal Score: EQ FICO 810


Take the FICO Fitness Challenge

Message 8 of 9
Contributor

Re: Zero percent success story...

I, too, got a new appliances, etc. from the "big box" stores @ 0% interest.  What a rush!  First time was for 6 months...paid that off but only saved about $6 in interest.  Then, I waited for the 12, 18 or 24 month promotions, and over the past 2 years, have used them on 4 different occasions.  On my spreadsheet for bills, I added a new column for interest accrued but not paid, and updated it every month when statement arrived.  Over the past 2 years, I've saved over $250 in interest on these promotions!  

Message 9 of 9