Credit Card to pay for an LCD TV?

Question

Tough question here really...I'm a college student, receiving a fairly consistant flow of revenue weekly/monthly, but essentially with an unestablished credit score. I have and will be saving for a 32" -42" LCD or plasma TV, but it really has been a hassle planning day-to-day mealplans to conserve money to save when I could easily save just as much casually on a monthly basis (meaning set some aside at my leisure each week, roughly $100 a week) to pay the TV off.

Is it more intelligent to simply wait it out and save up $1300 or so for the TV and have to plan each day's meal to do so? Or to get a credit card, purchase the set with 700 dollars I already have and casually pay it off monthly ($300-400 a month)? I know...credit cards are satan, but a) Can I even really get one with a nonexistant credit score, b) Will I have the kind of limit to afford charging $600 on the card) and c) Is it worth it?
Best Buy has a no interest 'till 2010 thing going is why I ask.

Thanks all.

Thanks to everyone for great answers, you've all been very helpful. I'd like to see a few more opinions and then I'll mark a best! Thanks again for taking time to fill me in; credit cards are risky business so I wanted to get a little info.

Answer 1

I got a credit card through my college alumni association in order to build up credit. So I only bought things I could pay for and paid them off the next month. Some credit better than no credit. Then later for this Christmas my boyfriend had saved up money for a 42" Projection tv at circuit city which we had to buy at memphis because it was out of stock everywhere else. It was stolen out of the back seat of our extended cab truck (broke window and hit truck while leaving) while we were in toys r us for 15 minutes picking up a Wii for his daughter. So I decided since he bought the last tv, I will buy this one. Put it on the card and now it feels like a huge weight around my neck. (Just think- $1100 with a minimum payment of $15 per month would take forever to pay off!). A new semester started and I was only able to pay the minimum last month. I plan on pouring money into it like crazy and have it paid off before may with my little 15 hour a week job. Save up the money, wait, purchase tv last if you are shopping and go home immediately (carry a gun in vehicle even!) Sorry, but I am almost paranoid now.

1. Yes you can get a card. I got one, and only have a cell phone and local phone on my credit history. Couldn't even get an old navy card.

2. My limit was 1500 and because I paid off quickly, they raised the limit without me asking to 2000.

3. Worth it- No. Finance through best buy if you can instead. It will reduce temptation to use card elsewhere, and as Dave Ramsey/ with a waterboy twist says- It's the devil!

Answer 2

Many credit cards will only let you have a secured credit card (you have to have the credit limit in the bank... kind of like a debit card and worthless if you ask me). Others will initially make you pay a small fee to get one. Therefore, the Best Buy route is a good way to get your credit started. I strongly advise to make sure that you make your payments on time or you will be screwed.

Also realize that not having credit for long enough isn't really that great either. Your credit score actually drops for having open credit accounts for less than three years.

Either way, you have a perfect opportunity to get your credit rolling. Check out Capital One if you want a credit card. Just look at the annual fees (should not have one), introductory APR, and APR after introductory period expires. Having a 20% APR IS NOT GOOD!! However, since you're establishing credit you won't get the best APR right away. You have to earn it.

Best Buy is a good route to go.

Good luck.

Answer 3

When I got my first credit card, a best buy card, I had virtually no credit score. I had only made one payment on my new car, just moved out of my parents house so I had no score from utilities and I got a $750 limit from best buy. That was 4 years ago and have already paid that card off long ago and now have a $5,000 limit on that card. Best buy is your best bet

Answer 4

I seriously doubt you'll receive a balance of 600.00 with a "non-existant" credit score. generally, companies start you out with a set 200.00 limit for the first couple of months. I wouldn't get a credit card for that reason anyways. you're looking for trouble.

Answer 5

I'd wait it out. You don't want to have bad credit down the road.

Answer 6

This is the exact reason for credit honey....do it...Super Bowl is coming....Do it!!

Answer 7

Give it a shot....the worst they can do is say no