What credit card to get? (engagement ring)?

Question

What card should I try and apply for? Don't know my credit score but I just graduated college and started working.. Making 42k. I have paid off a car in my name, and have a best buy credit card. I have some cash upfront for a ring but I need to put around 5 or 6k on a credit card. I am looking for a card with a long intro period of 0% apr and I am going to pay it off before I have to pay any interest. Could anyone help me?

Answer 1

There is a very good forum that I go to for all my credit questions - myfico.com.  They also provide you with true FICO scores, not FACO. There is also another site-whogavemecredit.com-that can give you an idea as to who may give you the best Credit line.

It sounds like you could have btwn 700-850 credit score.  You don't want to ruin that. I would say, that if your score is high enough to take a hit and still come out on top and she is worth it go for it and use the entire balance of whatever card you may apply for, I suggest American Express charge card, or thier credit card.  If you get approved for either one you would be better equipped to make an informed decision.  Just keep in mind not to have too many inquiries on your report when applying for credit or loans, not to use more than 30% of your available credit (otherwise companies will turn you down) and you need to show that you can juggle more than 2 lines.  As for the 0% finance, if you think you can pay it off before the interest kicks in, go for it. Just make sure you read the fine print.  

Paying off Best Buy would increase your score too, but like i said, if it is already high and your comfortable with the hit, go for it.

Answer 2

Instead of getting a credit card, why don't you check with a local jewelry store. Most have in-house credit cards and you are bills by them, now I'm not sure about 0% financing, depends on what you qualify for, but...some have the interest rates deferred for either 12 or 24 months....that's how my hubby got mine ;)

Good Luck!

We can't tell you what to do about best buy...you know how much money you bring home, and how much you're planning on buying a ring for. You can do like some other posters stated and check for some better rate cards...The credit card companies are getting tighter with the economy and some aren't offering the deals they used to. Some are even decreasing limits are they are tightening up on things. So..do some researching and see what you can come up with. Now, even though you check the jewelry store....if you pay it off early, you wouldn't be paying much in interest. These are some of the ideas we've come up with to help you...Good Luck!

Answer 3

Good luck getting a credit limit that high with your first credit card..i would postpone it and just make regular payments through a jeweler..less interest in the long run and much less of a hassle..

Answer 4

Why not just delay the proposal for six months or a year or however long it would take you to pay off the credit card for the ring, and instead just throw that same amount of cash into a savings account, and pay for the ring up front at the end of that time period? To me, that would show a whole lot more financial savvy (and overall maturity) than starting off your married/engaged life by jumping into debt.

Answer 5

This is a really hard question to answer,

Someone had send me this website and you'll come to a site that has all the info you need .

Hope this helps out some way :)

sources :

http://the-credit-score.blogspot.com

http://secured-credit--cards.blogspot.co...

http://the--credit-cards.blogspot.com

http://pay-pal-merchant.blogspot.com

http://the-national-grants.blogspot.com

Answer 6

Oh my... that will not help your credit at all. Making a large purchase as soon as you get the card? That is not wise (financially speaking, not refering to you personally)

Credit card balances are becoming more important each and every day in our credit reports. Years ago, balances were almost meaningless, so long you paid on time. But now, high balances can literally make or break your credit.

My personal advice, make payments on the ring w/o a credit card. When you get married, the last thing you want is credit card debt.