Hello everyone. I could use some advice. I am looking at engagement rings with the plan of proposing to my girlfriend in December. My situation is that I have some money put aside to put towards a down payment for a house I plan to buy beginning of next year. If possible, I would like to keep that money aside and not use it towards the ring. My only choice to do that would be to put the ring on credit. I have a few jewelers who are offering 1 year same as cash, which would be perfect. The question is, how bad will it affect my scores and will it hurt my chances at getting financing for a house? All 3 of my scores are above 740. Thanks for the feedback.
There are a couple factors that you need to keep in mind. If you're utilizing more credit, and your total balances are raised significantly, then yes, your credit score might be affected.
The bigger question is whether you'll be able to afford the house payment and all the expenses that go along with it in addition to having the monthly ring payment. If you'll be squeezed, then you should do one thing at a time. I'd suggest getting engaged, paying cash for the ring, then shop for a home with your fiancee together -- the two of you will probably pick out something different than if you were shopping for a home solo. Plus, you can also pool your resources together at that time so you have a bigger down payment.