Ikea's Customer Service sucks!

Dharma1521

Soooo do I look as young as I look?
Apr 5, 2006
15,273
995
548
Falls Church, VA
No, it doesn't. Seriously. High utilization effects it, but carrying a small balance has little, if any, effect...

Its not just about the balance. I find it hard to believe that if you actually feel that a no interest loan doesn't mean anything that it will end at just one.
 

APRIL

Feel Free to Pee on Me
Sep 30, 2004
103,202
37,895
1,823
Houston
Its not just about the balance. I find it hard to believe that if you actually feel that a no interest loan doesn't mean anything that it will end at just one.

It is more beneficial to keep "2k" in cash in a high-interest savings account than spend it instead of using the interest free loan and paying it off within the time frame.

With the right discipline anyone can "use" credit companies to their advantage... but since most people are credit dumb thats where credit card companies make their money.
 

Dharma1521

Soooo do I look as young as I look?
Apr 5, 2006
15,273
995
548
Falls Church, VA
It is more beneficial to keep "2k" in cash in a high-interest savings account than spend it instead of using the interest free loan and paying it off within the time frame.

With the right discipline anyone can "use" credit companies to their advantage... but since most people are credit dumb thats where credit card companies make their money.

High interest these days being 4%/5%. So what happens when you pay it off? Do you keep the card open?
 

APRIL

Feel Free to Pee on Me
Sep 30, 2004
103,202
37,895
1,823
Houston
High interest these days being 4%/5%. So what happens when you pay it off? Do you keep the card open?

Yeah I think we are getting about 4% in our online savings.

From what I understand you don't want to close credit cards...

Plus those credit cards with points are heaven... if there are zero fees along with it which is hard to find. If you throw every single purchase on there and pay it off each month you can rack up a LOAD of miles or prizes or cash back or whatever.
 

ZRH

(retired?) Google-F.U.
Mar 5, 2005
21,043
642
548
<3
Its not just about the balance. I find it hard to believe that if you actually feel that a no interest loan doesn't mean anything that it will end at just one.

I agree with dharma in this case. >.>

Though, it's still only 10% when counting just the type and number. About 30%? of the score is based on the ratio of current debt to available credit.
 

Jonny_B

Erect Member
Oct 14, 2004
9,162
26
41
you do take a hit for the credit inquiry required when you apply for a card. you have to figure whether the relative benefit of interest gained over free loan period is worth the credit score hit.
 

eileenbunny

Druish Princess
May 25, 2005
13,349
2,299
573
46
Columbia, Maryland, United States
you do take a hit for the credit inquiry required when you apply for a card. you have to figure whether the relative benefit of interest gained over free loan period is worth the credit score hit.

Consider the fact that you wouldn't have a credit score at all if you never apply for credit. As long as you aren't doing it all the time I don't see it as a big issue.
 

APRIL

Feel Free to Pee on Me
Sep 30, 2004
103,202
37,895
1,823
Houston
Screw the credit card merits/detractors - this is what is important people!!!!!


WE DO NOT DO STUFF AT CHECKOUT THAT WILL MAKE IT TAKE LONGER FOR EVERYONE ELSE

Dude ... nothing drives me more crazy then people who STILL write checks. GET A FUCKING CHECK CARD.

Are there any of you on here? Even writing them for bills to mail in? There is bill pay!! Welcome to the year 2k.
 

fly

Osharts 11
Oct 1, 2004
72,381
23,940
1,073
Steam
mattressfish
you do take a hit for the credit inquiry required when you apply for a card. you have to figure whether the relative benefit of interest gained over free loan period is worth the credit score hit.

Yes, you do take a hit for the hard pull of applying. Normally those hard pulls stay on your credit for 24 months (but have little effect after about 6 months). However, if you're a true FICO whore, you can get that hard pull off in about a month through a process called 'bumping'. Basically, you sign up for 3+ credit monitoring sites and have each of them pull your credit every day. This is called a soft pull and has no effect on your credit. However, after some magical number of soft pulls (sometimes 100+) the hard pulls fall right off. You can also dispute hard pulls and they will sometimes remove them.

The App-O-Rama link I posted earlier talks about all this stuff and more. Although its a little unconventional, it certainly works very well with no long term effect on your credit. Some of you should stop listening to lesbians who try to talk about money. :fly:
 

plot

Morning Boehner
Oct 16, 2006
20,031
4,165
323
kansas city
If I had a 1,000 twelve month interest free loan, by the time I paid it off, I'd have at least $1,050 from investing (bare minimum crappy investing mind you) leaving me with $50 profit. If I had 100k interest free loan for 12 months... oh damn, I'd definitely cash in, probably in real estate.

That being said, some people don't have the know-how or desire to invest money properly and tend to rack up CC bills without ever paying them off, which ends up hurting credit scores, etc. so they play it super safe and never want to owe money.

Those who take the risks become rich, and when you don't have your own money to make money with... you use others.

NOW, for hifi's situation where it's a money strapped situation and not an investment situation... yea, opening up CC's might not be the best idea in the world. You can only take out so much credit. Mortgage + Car loan + every CC adds up.



..... UF investing club anyone?
 

plot

Morning Boehner
Oct 16, 2006
20,031
4,165
323
kansas city
You can also dispute hard pulls and they will sometimes remove them.

If you have shit credit you're supposed to fill out a dispute form for everything negative on your credit reports. The company you dispute had 30 days to respond, if they don't, the big 3 automatically remove it from your credit report.

So if you have crappy credit, every 30-40 days, go fill out the dispute forms and eventually companies will quit responding and it clears your credit up.

Those adds that garuntee to fix your credit... that's all they do.
 

fly

Osharts 11
Oct 1, 2004
72,381
23,940
1,073
Steam
mattressfish
..... UF investing club anyone?
Finance club and I'm in. :D
If you have shit credit you're supposed to fill out a dispute form for everything negative on your credit reports. The company you dispute had 30 days to respond, if they don't, the big 3 automatically remove it from your credit report.

So if you have crappy credit, every 30-40 days, go fill out the dispute forms and eventually companies will quit responding and it clears your credit up.

Those adds that garuntee to fix your credit... that's all they do.
Good point. Although I've tried that a couple of times with my bankruptcy and it didn't work. :hs: