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re: Financing a purchase via 0 interest credit cards
Posted on 1/31/16 at 1:44 pm to Big Saint
Posted on 1/31/16 at 1:44 pm to Big Saint
quote:
if he plans on buying a house soon.
No
quote:
he already has a 700+ score of course.
Yes
My utilization rate is usually anywhere from 0-15%, depending on when the report is run, and I've never carried a balance. Don't they aggregate all credit limits and utilization to determine your rate? So if for example I am currently utilizing $5k of $65k, my UR is 7.7%. If I were to get a CC with a $25k limit and put $20k on it, that would bring me up to 25/85, or 29.4%.
1
Posted on 1/31/16 at 5:33 pm to GRTiger
You want to maintain your utilization under 8-9%. Ideally between 1-2%. Also only let one of your credit cards report a balance every month around 1-2% utilization.
You're looking a 20-40 point hit on your credit score if you go from 10-11% to repeatedly showing a ~30% utilization.
You said you're not buying a house anytime soon, so may be that could work for you. You need to do the cost/benefit analysis of the worst case scenario - which would be a 30-40 point hit depending on other factors. That said - after you do pay off the card though, your credit score will steadily rise back up. Probably not immediately but 4-8 months.
You're looking a 20-40 point hit on your credit score if you go from 10-11% to repeatedly showing a ~30% utilization.
You said you're not buying a house anytime soon, so may be that could work for you. You need to do the cost/benefit analysis of the worst case scenario - which would be a 30-40 point hit depending on other factors. That said - after you do pay off the card though, your credit score will steadily rise back up. Probably not immediately but 4-8 months.
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