Just in case you've forgotten every person has a dream, my dream is to own a Kramer Paul Dean Signature Model guitar. Recently one person offered to sell me his, for $600.00 and my question is the following. It's difficult to save that kind of money, so I was thinking of getting a card who can cover that amount. I just got an offering by mail from Visa Platinum for a credit line of $1,000. If I apply for this card just to purchse this guitar, then cancel it later on will that affect my score. I know I will ONLY use it for this purchase only. I make my payments on time. Is this is bad move, or what because I also don't want to mess up my credit score. What would you suggest? Thanks for your answers, no smart remarks please.
2007-07-07 19:48:55 · 7 answers · asked by money mike 3 in Business & Finance ➔ Personal Finance
Basically my question is this. If I get that card and buy it, pay the guitar off, and THEN cancel it later on will that hurt my score. I only want this card to purchase the guitar only?
2007-07-07 19:59:32 · update #1
Well, actually opening the account will initially hurt your score a little, but if you're good with it (like you've said you will be) it will eventually help you. Closing it later on is up to you. You only run into problems when you have way too many open credit card accounts.
I would just advise you to make certain that you'll always be able to make the payments. Sure, you might be able to right now, but are there any "what ifs" in your life that could prevent you from doing so in the future? Not talking down to you, just wanting to make sure you've thought it through! :-)
2007-07-07 20:08:40 · answer #1 · answered by Kristine 3 · 0⤊ 1⤋
If you open the account and make the payments on time, it will improve your credit score. Like others said, you should leave the account open though. One of things that credit agencies look at is length of time that accounts have been open.
Loverboy fan???
2007-07-08 10:39:34 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋
Keeping the card in good standing will improve your score. Even if you never use it. Besides, credit cards come in handy. What if you spot a Peavey Wolfgang you can't live without?
2007-07-08 06:25:29 · answer #3 · answered by Big R 6 · 0⤊ 0⤋
Well, I see that you have a choice between the "Guitar" and "your SCORE" ...
Just try to see what's more important to u and decide .. otherwise we know not much about your financial incomes and outcomes .. so we can't give a good advice.
Good Luck..
2007-07-08 02:59:13 · answer #4 · answered by twerex 2 · 0⤊ 0⤋
if you apply for this card, i think you should just keep it after you buy your guitar. keep it with you at all times and use it for emergencys.
2007-07-08 02:57:05 · answer #5 · answered by ? 1 · 1⤊ 0⤋
first of all, that wouldnt affect your credit score. second thing is, try buying it with cash so you dont have to pay interest.
2007-07-08 03:26:52 · answer #6 · answered by soran 1 · 0⤊ 1⤋
Do it - pay it off - it will help your score
2007-07-08 02:56:30 · answer #7 · answered by Mike Frisbee 6 · 0⤊ 0⤋