After browsing the forums yesterday, I heard that if you get a NewEgg store card that they not only let you pay over 6 months to a year interest free, but also that they don't show up on your credit report as a high utilization that will negatively affect your score. Is this true and can someone explain how that works? If not, can someone let me know of other cards that work similarly? I would love to buy a new computer or something like that and be able to pay it off in 12+ months without my score taking a hit because the balance is high on the card.
Starting Score: 611 (02/28/2014 EQ MyFico) 608 (Barclays TU 03/28/14)
@john398 wrote:Bill Me Later works the same way, does not show up on your CR, allows certain items to be paid intrest free, and you can connect to a paypal account
Thank you. By chance do you know generally what kind of limits they give and even a ball park range of scores that are approved? Also, can you apply for it directly without trying to buy something? I've seen them forever on eBay, but I tried and was denied like last year or maybe even before that and haven't thought about them as a real viable option since then.
@EndlessRoad wrote:I'd suggest a BillMeLater account for this type of spending. I use mine a lot for Ebay purchases and ordering parts for clients (the 6 month 0% is a nice buffer). Plus it dynamically adjusts your CL based on what you're purchasing. Its come in handy more times than I can recall!
What do you mean by dynamically adjusting your CL? can it got both up and down, or does it just keep rising depending on what you get? Also, does the 6 months grace apply to each purchase or to the balance? Such as if I brought something for $200 today and next month something else for $150 do I have 6 months to pay the $350 or is the due date before interest different for each item? Lastly, would it matter if I purchased the 2 items a day apart?
I agree.. used BillMeLater to purchase my mac. I am very happy I did as it was a big purchase that would have definitely affected my utilitization percentage on a monthly basis.
@EndlessRoad wrote:
@MadTechnologist wrote:
@EndlessRoad wrote:I'd suggest a BillMeLater account for this type of spending. I use mine a lot for Ebay purchases and ordering parts for clients (the 6 month 0% is a nice buffer). Plus it dynamically adjusts your CL based on what you're purchasing. Its come in handy more times than I can recall!
What do you mean by dynamically adjusting your CL? can it got both up and down, or does it just keep rising depending on what you get? Also, does the 6 months grace apply to each purchase or to the balance? Such as if I brought something for $200 today and next month something else for $150 do I have 6 months to pay the $350 or is the due date before interest different for each item? Lastly, would it matter if I purchased the 2 items a day apart?
Say you start with a $500 CL, and you want to make a $750 purchase, it will automatically check availablity and grant or deny the purchase. Your CL wont go down, you just wont be able to make that purchase at the time. It also has no affect on your credit report. You get 6 months to pay on each qualifying purchase. I purchased a new Harmony remote for $300 dollars, that started my 6 months from that day, the next week I bought computer parts for a client, that started yet another 6 month pay off period. From what I've seen with my spending any purchase 24 hours after another gets its own 6 month pay off period.
Hope this helps.
Yes, that is exactly what I was looking for. Just basically wanted to see how it works with the CL and the 6 month grace period. Your explantion is thorough and gave me what I needed. I have 2 final questions, 1) do you still have to make monthly payments on the 6 month grace period? Not a problem if you do, just want to know how that works, and 2) the 640 credit score you got approved for, was it with score watch, the monthly my fico product for about $15 a month, or did you get that score from something else? I ask because the score I have in my siggy is from score watch, but I also have a fico score from Barclay which is only showing 587, which is a big difference.
And thanks to everyone for all the great help and advice. Coming to these forums is starting to become a daily routine that I look forward to. I always find something encouraging like people getting CCs with great rates and even better CLs and/or informative like what I've learned here.