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87sooner
7/22/2011, 05:21 PM
my wife wanted a new fridge that was on sale at sears over the july 4th weekend....
it was a pretty good deal and if you opened a sears cc account...you got another 5% off which i thought was worth it on a $1600 fridge.....and it was interest free for 6 months...
we got the bill yesterday and the interest rate on "purchases" is 25.24%..
that is freakin insane and should be against the law....
that's loan shark type rates..
i told my wife to write out a check and send it off immediately so we don't forget about paying it off..
(i'm not even sure if it's one of those deals where it's interest free as long as you pay it off before the 6 months is up or they charge you interest retroactively)

soonerprices
7/22/2011, 06:06 PM
my wife wanted a new fridge that was on sale at sears over the july 4th weekend....
it was a pretty good deal and if you opened a sears cc account...you got another 5% off which i thought was worth it on a $1600 fridge.....and it was interest free for 6 months...
we got the bill yesterday and the interest rate on "purchases" is 25.24%..
that is freakin insane and should be against the law....
that's loan shark type rates..
i told my wife to write out a check and send it off immediately so we don't forget about paying it off..
(i'm not even sure if it's one of those deals where it's interest free as long as you pay it off before the 6 months is up or they charge you interest retroactively)

Was the $80 worth the hit your credit took for having your credit pulled plus having another cc. No deal that a cc company gives is a good deal.

87sooner
7/22/2011, 07:02 PM
Was the $80 worth the hit your credit took for having your credit pulled plus having another cc. No deal that a cc company gives is a good deal.

yeah...it was worth it...
since i could gas if my credit took a hit...
not something that concerns me....

sooner ngintunr
7/22/2011, 07:57 PM
Having more credit cards helps your credit rating as long as they are paid off. Larger credit to debt ratio is a good thing for your credit score.

It's asinine to say that CC companies don't give certain consumers good deals.

pphilfran
7/22/2011, 08:21 PM
Having more credit cards helps your credit rating as long as they are paid off. Larger credit to debt ratio is a good thing for your credit score.

It's asinine to say that CC companies don't give certain consumers good deals.

Yes, but a whole bunch of credit checks over a short period of time can be a red flag to the credit rating agencies...

But 87 isn't in the group that is in risk...

sooner ngintunr
7/22/2011, 08:34 PM
Yes, but a whole bunch of credit checks over a short period of time can be a red flag to the credit rating agencies...

But 87 isn't in the group that is in risk...

Only someone with bad credit would have a bunch of checks in a short period of time.;)

I've gotten some insane deals using my Sears card over the years, it never cost me a dime but has saved me thousands.

pphilfran
7/22/2011, 08:45 PM
Only someone with bad credit would have a bunch of checks in a short period of time.;)

I've gotten some insane deals using my Sears card over the years, it never cost me a dime but has saved me thousands.

That is what you should do...just saying if you apply for a bunch of cards over a short period of time you could get hurt...applying for one card to save a bunch of money is smart...

87 has posted enough over the years that I am reasonably sure that he is not one of those people...

Sounds like you are in the same position as 87....

87sooner
7/22/2011, 09:50 PM
i just can't imagine someone carrying a balance on a sears card at 25%+.....that is just outrageous...

soonerprices
7/22/2011, 10:06 PM
Responsible people don't have problems with cc's. It's people who have no idea what they ate getting into that get sucked in and dig huge holes. I had a buddy in college that racked up $22,000 on cc's in just a few months. He was using new cc's to pay older cc's and I'm not sure he ever thought it would be a problem until he couldn't get a newer cc to make payments anymore.

XingTheRubicon
7/22/2011, 10:07 PM
don't forget to cancel the Sears card if it has an annual fee

XingTheRubicon
7/22/2011, 10:11 PM
That is what you should do...just saying if you apply for a bunch of cards over a short period of time you could get hurt...applying for one card to save a bunch of money is smart...

87 has posted enough over the years that I am reasonably sure that he is not one of those people...

Sounds like you are in the same position as 87....

hard inquiries cycle off every 2 years, so if you space them out, like you just said it'll be fine.

87sooner
7/22/2011, 10:18 PM
don't forget to cancel the Sears card if it has an annual fee

good point....thanks...

AlboSooner
7/22/2011, 10:21 PM
this sound like an anti-jorbcreator thread. y u no like capitalism sire?