About to apply for Gateway financing

[Anonymous]

I asked and they pull Equifax which is my best score (670). 3 good 2 yo to 10 year old accounts, 2 new accounts, 1 paid collection.

IF I get approved for $3k, is that going to hurt my chances of getting Credit-Cards, i.e. does that hurt my utilization or scores? There are no payments or interest for 6 months...

[Anonymous]

Will the Loan be an Installment loan or set up like a Credit Card?

If it is an installment loan then the Utilization won't matter, but if they set it up like a credit card it could hurt while you are close to the limit.

[Anonymous]

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@Anonymous wrote:

Will the Loan be an Installment loan or set up like a Credit Card?

If it is an installment loan then the Utilization won't matter, but if they set it up like a credit card it could hurt while you are close to the limit.

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I'll ask, I think it is set up like financing, although your payments are variable ('as low as'), so I'd gather you get a statement and can pay min or more.

[Anonymous]

Ok it turns out it is through HSBC, which might or might not be good since I already have an HSBC card and only got a $2k limit from them.

The other neg is it IS a credit-card account.

I will wait until I get some other lines so that I can get my total credit-line up.

Maybe the thing to do is to get it, then transfer part of the balance.

[creditninja9000]

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@Anonymous wrote:
I asked and they pull Equifax which is my best score (670). 3 good 2 yo to 10 year old accounts, 2 new accounts, 1 paid collection.

IF I get approved for $3k, is that going to hurt my chances of getting Credit-Cards, i.e. does that hurt my utilization or scores? There are no payments or interest for 6 months...

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Do you have the room on your current cards to make the purchase? How are the interest rates on these in comparison to the revolving account with Gateway you're about to open? I did this with dell, applied for it and found out that I didn't even qualify getting the 0% interest for 6 months and that my rate would be 22%. I had a Cap1 card with $2000 available credit and 12% interest, made no sense to keep the account with Dell but the damage was done already, I closed it anyway.

Unless you plan to fully pay it off in 6 months and I mean really do that (in which case sitll might not be worth it), it's probably not even worth it in the long run versus just putting it on a card you already have. It's revolving credit that will be useless after you've made your purchase......

[Anonymous]

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@ejbeasley wrote:

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@Anonymous wrote:
I asked and they pull Equifax which is my best score (670). 3 good 2 yo to 10 year old accounts, 2 new accounts, 1 paid collection.

IF I get approved for $3k, is that going to hurt my chances of getting Credit-Cards, i.e. does that hurt my utilization or scores? There are no payments or interest for 6 months...

---

Do you have the room on your current cards to make the purchase? How are the interest rates on these in comparison to the revolving account with Gateway you're about to open? I did this with dell, applied for it and found out that I didn't even qualify getting the 0% interest for 6 months and that my rate would be 22%. I had a Cap1 card with $2000 available credit and 12% interest, made no sense to keep the account with Dell but the damage was done already, I closed it anyway.

Unless you plan to fully pay it off in 6 months and I mean really do that (in which case sitll might not be worth it), it's probably not even worth it in the long run versus just putting it on a card you already have. It's revolving credit that will be useless after you've made your purchase......

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Yeah, as I research this it makes no sense. I just end up with a 100% utilization card on my reports for 6 months and then a 24% $3,000 loan.

[Anonymous]

I think GW bought ACER-

Get an Acer- if you can- 

I still think Dell is better than GW- 

and [DELTED] is even better-  dang I can't even plug my own company- 

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nyccc2 wrote:
I asked and they pull Equifax which is my best score (670). 3 good 2 yo to 10 year old accounts, 2 new accounts, 1 paid collection.

IF I get approved for $3k, is that going to hurt my chances of getting Credit-Cards, i.e. does that hurt my utilization or scores? There are no payments or interest for 6 months...

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[Anonymous]

Get a Gateway.

Acer bought Gateway last year.

I hate Dell. I've sent them GW letters and called numerous times and begged them to remove a 60 day late and my pleas are always ignored and phone requests declined.

I always end up telling them on the phone "I will tell my friends not to buy a Dell."  - and I am doing just that!