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Well, I caved in today and maxed out my best buy visa for three purchases! The latest MacBook, a brand new keyboard for my Surface Pro and a brand new gaming computer for someone special to me. I do feel guilty for maxing it out but I couldn't be any happier! This will be payed off in 4 months and yes, I have enough in my bank account to cover it. I know my score will temporarily take a hit but I'm hoping best buy will increase my credit limit drastically after this is paid off
If the purchase is under $0% and the purchase makes you happy the hell with the scores and since UTL has no memory it will recover just as fast as you pay it off
Be it 4 or 6 months
myjourney wrote:
If the purchase is under $0% and the purchase makes you happy the hell with the scores and since UTL has no memory it will recover just as fast as you pay it off
Be it 4 or 6 months
Yes! Zero interest financing for 12 months
I'm not sure what your credit scores are, nor do I know anything about your file but depending on how it looks you should be cautious when considering maxing out a card. If you have a thinner, less aged file and you have only a couple of credit cards, maxing one out can be a much bigger deal than someone with an aged, thick file with a bunch of cards and higher credit limits. Maxing out a card could cost someone 5 points or it could cost them 80 points depending on their file.
Say you have a very thin, young file and you only have 1 credit card, for example and you possess average credit scores of 660. If you max out that 1 credit card, your overall utilization maxes out as well and on a thin/young file this could result in a huge loss in points. You could end up with a 580-600 score which of course would immediately return to 660 once utilization was brought back down. The problem however is that if you drop to 580-600 there's a chance that your creditor could take AA against you and decrease your credit limit or even worse, close your account. This is usually only a worry for those with fair credit scores (600's) and thinner/younger files, but you never know. I'm just throwing this out there as food for thought.
@Anonymous wrote:@myjourney wrote:
If the purchase is under $0% and the purchase makes you happy the hell with the scores and since UTL has no memory it will recover just as fast as you pay it off
Be it 4 or 6 months
Yes! Zero interest financing for 12 months
This is the primary reason everyone wants good credit and what people strive for
When you want something and even tho you already have the money in the bank
In essence you just took out a free loan for something that makes you happy and the end result is you won't pay any interest
Enjoy the new toys. Use em if you got em that's what credit cards are there for.
Never fear the hype of utilization, the most important thing is paying on time and no interest.
I didn't strive for good credit so I could get interest free financing on a credit card....
I get the interest free loan part. But the potential AA would concern me.
Interesting train of thought
Just what is your reason to have good credit
House, car. air conditioner/ heating unit goes out, lost your job and need temporary funding to carry you over?
Just curious?
For general purpose financing on large ticket items and for premium insurance rates. No where did I even think of 0% interest credit cards.