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Forums - Sony - "Get a new PlayStation 3 Slim for $199.99"

Scoobes on 04 September 2009
Vetteman94 said:
Scoobes said:
Vetteman94 said:
Khuutra said:
Vetteman94 said:
Khuutra said:
Vetteman94 said:
Bad Idea, getting credit cards in exchange for cheaper products are a quick way to get you in trouble financially

Eh, if you're fiscally responsible it's not a bad idea. Set aside three hundred bucks, make the purchase, pay off the entire bill immediately. Then just wait for your credit, maybe buy some games cheap.

It relies on you already having the money necessary, though.

Exactly, but there arent alot of those people that are responsible.   Plus you still take a hit on the credit rating which in todays world is proving to be really important.  

I thought that using a credit card and paying it off promptly improved your credit score.

It can, but applying for a credit card is what gives you the initial hit.  Then it can take up to 6 months to get it back to where it was before you applied.  Anytime someone checks your credit rating you take a hit in your credit rating, it sucks but thats the way it goes.

This is a common misconception. Applying for credit cards and getting them actually improves your credit rating. When I checked my credit rating a while back, the most negative factor was that I hadn't applied for enough credit cards (I rarely use them anyway). I know, wtf?!

Its not a common misconception, it correct.

http://www.privacyrights.org/fs/fs6c-CreditScores.htm#4

5. Do Credit Report Inquiries Lower Your Score?

Your credit report includes more than your record of paying bills. One section of the report lists inquiries. These are records showing who has accessed your credit report. There are various purposes allowed for companies to look at your credit report.

  • Your credit card company may monitor your report to review your account with them. This type of inquiry appears on your credit report, but does not affect your credit score.
  • Creditors and insurers review your report to see if you qualify for an offer. These "preapproved" or "prescreened" offer reviews do not affect your credit score. (For information on how to stop preapproved reviews, see www.privacyrights.org/fs/fs1a-basics.htm.)
  • You apply for a job and the employer orders your report. This inquiry does not affect your credit score.
  • You check your own credit report. This will not lower your credit score.

The only credit report inquires that can lower your credit score are applications for new credit.

 

I bolded the important part for you,  and that is part of FICO guidelines

Could it be different in the UK? (serious question)




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twesterm on 04 September 2009
Vetteman94 said:
Khuutra said:
Vetteman94 said:
Khuutra said:
Vetteman94 said:
Bad Idea, getting credit cards in exchange for cheaper products are a quick way to get you in trouble financially

Eh, if you're fiscally responsible it's not a bad idea. Set aside three hundred bucks, make the purchase, pay off the entire bill immediately. Then just wait for your credit, maybe buy some games cheap.

It relies on you already having the money necessary, though.

Exactly, but there arent alot of those people that are responsible.   Plus you still take a hit on the credit rating which in todays world is proving to be really important.  

I thought that using a credit card and paying it off promptly improved your credit score.

It can, but applying for a credit card is what gives you the initial hit.  Then it can take up to 6 months to get it back to where it was before you applied.  Anytime someone checks your credit rating you take a hit in your credit rating, it sucks but thats the way it goes.

Exactly.  Opening and closing credit cards screws with your rating.

I hate that people keep spreading this deal because it really just isn't a deal.  There do exist such people that can have a credit card and be responsible but lets be honest, people in general aren't responsible.

Also, this deal is a lot more like $60 off with interest and you can probably find just as good or close enough that won't hurt your credit at Best Buy, Gamestop, Wal-Mart, ect.



 

twesterm on 04 September 2009
Euphoria14 said:

I always found the best way to build up my credit was to apply for a credit card, buy something for around $300, then pay around $50/month for the next 6 months+ (interest).

I am fairly certain that a 1-time payoff doesn't help your credit as much as a 6+ month period of consistent payment equal to or above the minimum required.

I know I did it like this when I was 18 and when I was 21 I bought my first car on my own and my credit was very high (Around 750+) and my interest rate on my loan was only like 5.5%.

I still get pre-approved credit card applications in the mail regularly.

This is what I did with a car loan.  I had enough to pay for the car outright but I just got a small loan that took about a year to pay off (actually just finished paying it off last month).  My credit rating use to be not good (I was *really* bad about remembering to pay bills in college) but now it's actually pretty good.

A 1-time doesn't do a lot but show that you just opened and closed a credit card and gives you a small bump.  It might not actually hurt your score but that still shows up on your credit report and that is something that is actually looked at.



 

Seraphic_Sixaxis on 04 September 2009

Gotta tell my dad about this. thanks.



theprof00 on 04 September 2009

Why is there so much hate towards CCs?

I would kill for a credit card. If you are going to buy something with cash, or your debit card, you simply put it on your CC and then pay it off when you get home, thereby accruing bonuses and miles.

Just because people get into debt because they don't want to pay for what they buy doesn't mean that CCs are bad. It means that people are stupid.
I personally have bad credit because my parents never cosigned for me to have a CC.
You guys act like having a CC hurts you but it doesn't. It only temporarily lowers it by a very small amount.



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Grimes on 04 September 2009

Did anyone actually read the fine print in this offer? The default APR is up to 29.9%. That's insanely high, no wonder they can make this offer. Anyone who keeps a balance will get reamed up the ass.

You can get credit cards with half the interest rate with cash back rewards.



Anyone can guess. It takes no effort to throw out lots of predictions and have some of them be correct. You are not and wiser or better for having your guesses be right. Even a blind man can hit the bullseye.

Grimes on 04 September 2009

Take a look a the terms page. They try to trick you into thinking the interest rate is 13.24 varible. But that rate is for balance transfers. The actual default APR is prime plus 26.99% up to 29.9%. The gracee period for purchases is 20 days.



Anyone can guess. It takes no effort to throw out lots of predictions and have some of them be correct. You are not and wiser or better for having your guesses be right. Even a blind man can hit the bullseye.

theprof00 on 04 September 2009

This ps3 is 199$ not free. You don't go in there and get a card not expecting to pay it.

You pay it and you get a 199$ ps3. Done and done.

This is such a joke, even if you didn't pay it for an entire year, it would end up as a 299 ps3 slim after interest.



twesterm on 04 September 2009
Grimes said:
Take a look a the terms page. They try to trick you into thinking the interest rate is 13.24 varible. But that rate is for balance transfers. The actual default APR is prime plus 26.99% up to 29.9%. The gracee period for purchases is 20 days.

Whoops, I read that wrong, I thought the 26-29% interest was if you missed payments, yeah, that makes it worse.

Also the proff00, the PS3 is still $299 and you still pay $299, you just get $100 some months later.



 

theprof00 on 04 September 2009

@Mr West

what is wrong with a rebate? You don't need to go on a shopping spree when you get it. You just buy the ps3, then pay for it at the end of the month and get 100$ 2 months later. Such a simple concept.