Discount Tire CarCareONE card, help credit or hurt credit, or dont mean a difference?

[Anonymous]

I'm going to purchase some tires from Discount Tire. Very credit conscious of me, thinking whether I should apply for it to build some more different type of credit. I was going to pay it with my AMEX card, but thinking it might be a good idea to apply for it to add into my credit mix, but of course I'm not sure hence I am here asking for advice. Once I'm done paying, would it consider as $0 revolving balance that would hurt my credit or what?

Thanks for any advice here!

[BungalowMo]

Depends...where are your scores from?  You're showing recent EX scores & you can't buy those.  But you can buy  TU FICO's but yours say FAKO ??

Either way...scores in the 7's are good.  Do you need another TL??

[Anonymous]

I probably wont need another credit line, as I have a few credit cards already. but thats my question, what kind of credit would it show up in my credit profile. If I use this credit, pay it off completely on time in 12 months, would it help me? Would it continue as a revolving credit? If I dont use it (since I dont think I can use it as a credit card, but its a credit), what would it do to my credit profile?

[creditwherecreditisdue]

This is a GEMB product and pretty much only usable at Discount Tire from what I can tell. If you are going to PIF I would say don't bother - the 12 month intro offers are pretty much crap. However, if you are going to carry a balance and can make sure use of the CC is not going to effect the price you are going to pay (get a price before you mention "credit" ) then you get the below and that may be very useful:

Pay Zero Interest if Paid Within 90 Days, 6, or 12 Months

Minimum Monthly Payments Required

   90 Days - Purchases between $0 - $499.99
   6 Months - Purchases between $500.00 - $999.99
   12 months - Purchases over $1000.00

* Applies to purchases made on a Discount Tire/America's Tire CarCareONE credit account. Under the promotion, no finance charges will be assessed on the promotional purchase as long as: (1) pay the promo purchase amount in full within 90 days ($0-$499.99), 6 months ($500.00-$999.99) or 12 Months (Over $1,000) (the "promo period" ) and (2) pay, when due, the minimum monthly payment on the account, which includes a required minimum monthly payment on promo purchase. If you fail to satisfy either of the above conditions, or account balance exceeds credit limit, all special promo terms may be terminated and finance charges may be assessed on the promo purchase amount from the date of purchase. On promotions requiring a minimum payment, payments over the minimum will usually be applied to those promo balances before non-promo and other balances. If you have a non-promo balance, this may reduce the benefit from the promo. If you want to change this allocation, please call customer service at 866.396.8254. Offer is subject to credit approval by GE Money. Standard card agreement terms apply to non-promo purchase and existing accounts. As of 04/01/09 variable APR is 21.98% and variable delinquency APR of 29.99% applies if the minimum payment is not made by payment due date, payment not honored or credit line exceeded. Minimum finance charge is $2.00. Subject to credit approval by GE Money.

For any questions regarding your account contact GE Money at 866.396.8254.

Payments can be made online for free at www.geonlineservice.com or remit payment directly to GE Money Bank, P.O. Box 960061, Orlando, FL 32896-0061.

Payments cannot be made at a store location.

Of course if you don't pay your purchase off in time you have shot yourself in the foot badly as you will then be billed interest from day one at 21.98%. That you do not want to do!

I suspect this credit is relatively easy to get.

Message Edited by creditwherecreditisdue on 07-20-2009 09:47 PM