re: Financing a purchase via 0 interest credit cards

The balance reported is as of the Statement Close date, not the Payment due date. The time between the close date and due date is called the grace period. If you pay before payment due date, you don't pay any interest on the balance. What you want to do is make sure that on statement close date your balance is being reported close to 1-2%. This will help your score a lot. If you pay in the grace period - it won't adversely affect your score but it won't help it much either.

From what it sounds like you don't have a very thick file. Apart from 1 CC, do you have any other loans? How old is your CC? How old are your loans?

If you don't have any other loans, and only have this 1 CC, then assume your score will drop to the lower end of the estimate. See where your wife stands with this.

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Let's say I have a 775 and my wife is at 820. Would it be better for us to retain her high score and do this in my name, or do it in her name to keep us both as high as possible? Or would it impact us both since we are married?

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Will not affect you because you're married. You each have your own scores and separate "files" regardless of whether or not you're married. If however, you are an authorized user on her account for ex, and you were to do something on that account, that would have an adverse on her account. Because technically you are just a user of her account and she is the one with the responsibility. However, it is possible to "piggyback" on someone else's credit score to better your own.


Again - it is a cost/benefit analysis. I would strongly suggest against doing it unless you are well aware of how to make use of basically a free loan to justify the hit to your score.
I can say that your wife's score will drop lesser than yours, but she has immaculate credit. You don't want to touch that. You yourself are pretty much right up there too, so if I would do it, I would do it on yours.

All said and done - at 740+ credit, you are getting access to the best rates and credit offers anyway. It is all the same past 740. 760+ to be safe.

Those 3 inquiries will hit your score in the short term. 20-30 points. But this will go back up in 3-5 months.

Yeah sounds like you have enough history. You should be good if you've thought this through. Like I said - the drop in score will be temporary until you pay off the whole balance.

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Most of my questions at this point are just for learning purposes. Your answers have actually pushed me more towards doing it, despite your general advice not to.

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Every time

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My wife may need a car before then

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Another reason to do it on yours and not hers. When she goes to get a car, this will have no effect on that.

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Doesn't a group of inquires within a day or two have a smaller impact to not hurt those shopping for credit for homes?

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Inquiries regarding fixed principal/term loans are treated differently than inquiries for rotating LOC.

Btw - which card gives 21 month into rate? Which other cards are you looking to get?

Citi Simplicity and Citi Diamond Preferred are 21 months. A few chase cards are 15-18 months. Those are the only ones I'm looking at right now.

Another thing to consider: Do you have an emergency fund good for 1-2 years? If not - 0% financing cards can come to your rescue in those times of need.

If El Nino has its way, it might be pool weather in Houston come mid-March...

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We have the cash to do it now, but the idea of interest free financing intrigued me, just to not have that large cash outlay.

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This is key. If you can pay for it anyway but choose not to since it is after all an interest-free loan, there's nothing wrong with this.

I've done this myself a couple of times. I've not found a reason to regret it but it probably only helped me slightly.