Putting engagment ring on credit card?
My fiance & I found a perfect engagement ring at Friedmans the other day. It's partially off because they are going out of business. However, we won't have the money until two months from presently. We need to go ahead and draw from it, because by that time, they will already be out of business. I just applied for a credit card the other day and should be getting it soon. This will be my first credit card & I don't know much just about credit. We were thinking of just putting the ring on the credit card and paying partly of it off of the first month, and the second half the subsequent month. We're positive we will have the money to pay it adjectives of in the next two months. So, is this an okay impression or will it hurt my credit?
Answers: It wont hurt your credit at all so long as you pay the minimum amount due (around 2%) that first month.
But dont consent to that dissuade you from doing what you described. The better thing is to pay it past its sell-by date ASAP in the two months. That's not because it will hurt your credit or anything. It's just that A) your plan is the smart one and will keep hold of you out of debt and B) the absolute last entity you want is debt problems associated with an engagement ring. Just being practical here. If you and your fiancee break up you dont want this to be an issue at adjectives.
Moreover, it's often a rule of thumb not to finance diamonds. They are best as bread purchases but your situation is unique so I think it's fine. Like I said though, in recent times pay that thing rotten ASAP--definitely keep that two month plan intact.
I wouldn't use thier credit account, I would use a MC or Visa. It will facilitate your credit, more so if you pay it off within a reasonable amount of time.
As long as you both know it's being charged. Many couples don't work out the others finances. Review your credit with each other and see what what requests to be paid or consolidated.
Don't worry going on for charging the ring though. Most people do this or something similar.
One final tip, I worked in a jewelry store while surrounded by college. Every store offers 50% off when things are on mart. So, I don't see this as a special price. 60-75% off is where I would aim for if your plan is to seize a deal. 50% off is only normal. The appraised price is probably going to be what you pay, not the retail price.
If your sure you can do it that process, go ahead. It won't hurt your credit and will in certainty help it if you pay it stale in 2 months. go for it as long as you can reimburse it,
but check the interest first cc are coming out with way illustrious interests now because of the economy
It won't hurt your crdit it will in reality help it since this is your first card. Just make sure you money it off in the time frame you already own set :)
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Answers: It wont hurt your credit at all so long as you pay the minimum amount due (around 2%) that first month.
But dont consent to that dissuade you from doing what you described. The better thing is to pay it past its sell-by date ASAP in the two months. That's not because it will hurt your credit or anything. It's just that A) your plan is the smart one and will keep hold of you out of debt and B) the absolute last entity you want is debt problems associated with an engagement ring. Just being practical here. If you and your fiancee break up you dont want this to be an issue at adjectives.
Moreover, it's often a rule of thumb not to finance diamonds. They are best as bread purchases but your situation is unique so I think it's fine. Like I said though, in recent times pay that thing rotten ASAP--definitely keep that two month plan intact.
I wouldn't use thier credit account, I would use a MC or Visa. It will facilitate your credit, more so if you pay it off within a reasonable amount of time.
As long as you both know it's being charged. Many couples don't work out the others finances. Review your credit with each other and see what what requests to be paid or consolidated.
Don't worry going on for charging the ring though. Most people do this or something similar.
One final tip, I worked in a jewelry store while surrounded by college. Every store offers 50% off when things are on mart. So, I don't see this as a special price. 60-75% off is where I would aim for if your plan is to seize a deal. 50% off is only normal. The appraised price is probably going to be what you pay, not the retail price.
If your sure you can do it that process, go ahead. It won't hurt your credit and will in certainty help it if you pay it stale in 2 months. go for it as long as you can reimburse it,
but check the interest first cc are coming out with way illustrious interests now because of the economy
It won't hurt your crdit it will in reality help it since this is your first card. Just make sure you money it off in the time frame you already own set :)