interest free is good stuff with me, i hate debt and i usually pay it off as soon as possible

 

i hear ya.

 

thats a load of crap. so instead of financing your car you saved up and paid cash. great for you but I didn't want to wait 4 years to save up for a car. I can afford and make my monthly payments, sometimes more. the point is to get the money now instead of waiting and if you do finance and build good credit you can get a really low interest rate like I did on my car 3.6%. because I've financed everything I own over 2000 dollars and paid my bills.

not everyone has a rich little momy and daddy that spoil them, I'm not accusing you of this either so don't get offended. you could have a good job or are just really good with money. but I have a crap job but can afford the car and insurance and a little to myself. If I financed I could have the kit now and still be able to afford it. If I get a raise I can double payments and increase my credit score.

If I offended you or made false ossumptions let me know. and thanks for explaining but I disagree.

 

I know my spelling sucks so stfu!

(this qoute was in agreeance to "whocares05050")

 

Not to threadjack but...
Just out of curiousity. I had my first late payment on a card the other day (late by a day--less than 24 hours) and was curious if it would hurt my score or not...i know it won't help but will it hurt quite a bit?

 

^^^ depending on your credit card company, they will only make a report to a credit agency after a set amount of days after your due date. Since yours was only a day or less, you shouldn't worry about it

 

A lot of CC companies have a 15 day grace period. Stay below 30% of your available balance and your score will be ok. Pay off the debts at the end of the month whenever possible. CC's are dangerous and the interest rates now a days are just plain rediculous.

 

jus outta curiosity, when you financed your turbo, what did u tell the financing company you were goin to do with the money? lol did u tell them the truth or did u tell them something else to get them to give u the loan? im currently thinking about financing my turbo seein as how i have no probs makin payments jus dont feel like waitin the however many months to save the money for the turbo kit. also, who do u all go thorough, a financing company or a bank? any info would be of great help.

 

Hows ur credit score, if you don't mind me asking :-p. If you can, apply for a no interest CC like I did. So much better than financing. Also, to check your credit score, go to freecreditreport.com and find out. Trust me, DO NOT get a loan for this purchase.

 

eh, its alrite lol, i jus started building credit recently lol. its a 689. i only have 1 open account though, and thats my car loan lol. ive got about 1500 dollars saved up so far.

 

CC companies do not post anything adverse about your record to the credit bureaus until your payment is greater than 30 days late. However, that dosen't mean that your CC co. hasn't raised your interest rate. In the "terms and conditions" section of you agreement, they state that they may reserve the right to raise your intrest rate if you are 1 day or more late. For example, SOME American Express cards are such that the complete balance is due at the end of each month. If the full balance isn't paid they will either rais the intrest rate or quite possibly post a deliquency to your account (just as an example). If you have any specific questions about credit, let me know, i used to be a loan officer and of course i deal with credit and real estate/law all day long

 

if you go through a shop, apparently ZPI has their own finance co., the finance co. will know what the money is for. I would def. not suggest going through a bank to finance a purchase like this because personal loans from just about any bank will have an extremely high intrest rate. Furthermore, they will want to see that you have some type of collateral.

Contrary to what some of you are saying, in the world of credit, creditors don't mind seeing debt on you credit report. You have to start somewhere, however on the flip side, that does not mean a turbo should be the first thing you use to build credit. Another member on here said that he raised is score just by purchasing gas and paying the bill on time. I did the same thing and had almost an 800 credit score when i was 22. Overall, it would be ideal if you are in the situation where you have both, the desire to build credit and the money to spend. You can pay cash for a portion and finance the rest...and then when you feel you've done enough credit building, pay the creditor off. Its strategies like these that are used so that the rich get richer... wow...long post...lol

 

i don't know how credit works exactely, but i pay mine off every month and use it all the time becauce unlike my debit card, it had rewards points and cash back on purchases made from places like supermarkets and gas stations. i keep getting offers for one that gives me "gm" dollars, but i don't think i'll be buying from them ever.

anyway, paying off your debt as fast as you can is a great habit. example, say you have a $700k home, you pay 100k down, and have a $600k mortgage. if you make one extra payment every year, you save in the long run an extra $50,000 dollars.

strangely enough, my dad overpays his credit card bill every month, he rounds up to the nearest hundred, and he is like a finacial freak with money.

 

anyway, my logic is to pay it off rather than finance it because you either pay full price, or you pay more than what the kit is even worth which is stupid because it is like a tax for being stupid and impatiant. the only things you should finance are major purchases like cars, houses and cosmetic surgury. paying several grand for a kit is hard enough already without spending another grand to finance it.

 

yea, credit can be a great thing and in this world good credit is needed for just about everything (cell phone, apartment, house, etc..)

i'm rolling with a 780 FICA score and i wouldn't hesitate to buy a turbo on a cc cause i know I have the funding to back it up. credit can be a great thing or it can destroy you (kinda of like forced induction). it's all how you handle it