Credit rating – signing up for an online site preferred account?
I want to build a little credit, and hopefully not hurt my current credit.
Last I checked, I had a credit score of 787. I pretty much just have 2 credit cards that I keep paid off. I considered buying a house several months ago, and the lender wouldn’t give me much because of my lack of credit history. I’ve paid cash for vehicles and most everything else.
I’m thinking about signing up for a preferred account at Newegg.com and buying a flat panel TV. I have more than enough money to pay cash in full, but I was thinking I’d get 0% financing and just pay it off in a few months, to hopefully build a little credit.
Do you think this would do more harm than good to my credit rating?
I'm looking to spend $500-1000 on a TV. Probably around $750.
you really hurt yourself by paying cash for your vehicles. I know that it seems like it was the smart thing to do, but they stupid way they rate credit you really needed to take out a loan and then paid it off as soon as you could (which in your case could have been a couple months).
Getting store credit will help prove that you are credit worthy, but it will shorten the amount of time you have had open accounts. You can buy the TV on one of your existing accounts and then pay it off in a couple months.
Next time you go to make a large purchase, whether or not you really need it, get a loan so that it will help your credit rating. A television is not really considered a large purchase, so it is not going to help you but it is not going to hurt you either.
Wait a year and then go back for a home loan, by then your open accounts will be older with a good credit history.
You need running credit to be considered for a home loan. The TV or a small credit card would be a good thing. They can also take into consideration phone/cell bills, utility bills, rent, anything you pay monthly.
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you really hurt yourself by paying cash for your vehicles. I know that it seems like it was the smart thing to do, but they stupid way they rate credit you really needed to take out a loan and then paid it off as soon as you could (which in your case could have been a couple months).
Getting store credit will help prove that you are credit worthy, but it will shorten the amount of time you have had open accounts. You can buy the TV on one of your existing accounts and then pay it off in a couple months.
Next time you go to make a large purchase, whether or not you really need it, get a loan so that it will help your credit rating. A television is not really considered a large purchase, so it is not going to help you but it is not going to hurt you either.
Wait a year and then go back for a home loan, by then your open accounts will be older with a good credit history.
References :
That sounds fine to me. My score is 784. I know that to buy a house even with the credit you have you also have to have a credit history and 20% of the value of the house as down payment.
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