BEST BUY STORE CARD/UTILIZATION

[cazz]

HEY GUYS I RECENTLY GOT APPROVED FOR A BEST BUY STORE CARD ON JULY 10TH WHEN I WAS LOOKING FOR A CELL PHONE I GOT APPROVED FOR A $500 CL WITH THEIR 18 MONTH FINANCING...WELL IT JUST HIT ME THAT I BOUGHT A CELL PHONE AND TABLET WITH IT WHICH CAME CLOSE TO THAT 500 LIMIT BUT SINCE ITS THE 18MONTH O% FINANCING WILL IT REPORT THAT I MAXED OUT MY LIMIT OR WILL IT REPORT THAT IM PAYING THE 30 BUCKS A MONTH ONTIME???? I NEED HELP IM LOSING IT OVER HERE BECUSE IVE BEEN KEEPING MY OTHER 2 CC AT 9% UTILIZATION ...ANY ADVICE WOULD BE HELPFUL

[eagles08]

It will report the balance and that you're paying.  I mean IMO if you're taking advantage on 0% interest and you don't plan to app for anything until that balance is paid down, I dont't see any issue with it.

[cazz]

Thanks the only thing im worried about is that ive just started cleaning up my credit in February 2013 and i was in the mid 400's and now im in thehigh 600's and i dont want it to report 93% util and drop my score 50 points. Should i try to pay it off or will i be ok as long as i pay the bill on time every month

[eagles08]

Well maybe others can chime in but if I were in your situation I'd have no worries. That util may drop your score but who cares if you don't plan to app now? If you want to app for a car or home or another card in the near future by all means yes pay it off. If not, just do what you're doing and when you finally pay it off your score should recover just the same.

[09Lexie]

As eagles08 stated, if you are not apping for anything your util should not worry you. There are some lenders that look unfavorable on maxed cards but unless you have cc's with them- again don't worry. I have a couple of 0% financing cc's and I'm paying a little more just because I'm uncomfortable with debt.

[cazz]

Well im actually trying to buy a house in march 2014 so maybe i should just pay it down to 10% util just to be safe... i havent even received te card yet so im not sure when theyre going to report... im all over the place

[09Lexie]

If you are trying to buy a hose, then pay it down to 39% or less. You could add $20 to each pyt or whatever makes you comfortable.

[cazz]

Ok thank you.. the only thing is they havent reported yet or sent me a bill and i dont even have my card yet lol but i guess i am going to have to pay it down. I was planning on paying it off in september anyway but depending on when they report i might have to pay it off in early August.. there goes my paycheck lol

[eagles08]

If you aren't planning on home shopping until 2014 you should be fine to pay it off closer to the end of this year IMO.  Don't stress.