New here, looking for a little advice...

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New here, looking for a little advice...

Postby improving » Wed Nov 21, 2012 7:45 am

ok, im 22 years old, inc 30k/yr, 3.5 yrs of credit history, current credit score of 744, i have never been late or missed a payment,

i was recently approved for the chase freedom card, and i was planning on using it to purchase a laptop, but after some research i am thinking i should ditch that idea and just use it as my main means of purchasing everyday items? and pay it off in full each time i get a statement?, does utilization matter if its going to be paid in full each month?

also for the laptop i need to order, should i just use dells financing, or apply to a different card for it, if so what card do u reccomend? total price will probably be 1.5-2k and it will be paid off in 12 months


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Postby randeman » Fri Nov 23, 2012 7:04 am

Your thought process is good. Use the card for odds and ends and pay it off every month. I believe your utilization will be a minor concern if you pay it off every month, but I am not certain of that.

Sidebar: beware that Dell charges a ridiculous interest rate even if your credit rating is high. My niece applied for DFS (that's what they call their in-house credit) and she had a score in the high 700s. They still hit her with a 29% interest rate. However, it should be noted that if you do go with their credit line and your purchase is at least $500 (I think) and you pay it off in six months you won't incur any interest charges.
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

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Postby MemberSince99 » Fri Nov 23, 2012 8:09 am

I would use the Freedom for every day items and pay in full as you were thinking.

You could get an Amazon store card (issued by GE) and if you pay in 6 or 12 months in full pay no interest and do it that way for the laptop.

IF YOU DO, do NOT and I mean NOT fail to pay well before the money is due, or you will be hit with the interest from day one and it will hurt like hell. Too many people fall into that trap and pay 50% more for the item because of it and that's honestly what they count on.

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