Does borrowing a line of credit hurt my credit score?
October 3, 2008 - I have perfect credit currently and no debt. I also have plenty of money in the bank. My credit card company has an offer to borrow against my credit line for a 1% apr and a startup fee not to exceed $75. The offer just seems too good to be true and I am wondering what the implications will be if I go through with this offer. I am planning on putting the money in a high yield savings account and then paying back prior to the end of the promo 1% apr period.
I'm looking for some advice.
- I don't think it's the borrowing that hurts you, it's the paying back that hurts if you miss ANYTHING.
- Don't borrow to invest, never a good idea. Use your credit when you actually need it! Shred it like all the other offers.
- http://creditcard.creditinspector.info has excellent info related to dealing with credit cards. Check it out!
I have a line of credit and from what I understand, as long as I pay the monthly amount, it won't affect my credit score. Since I am paying the monthly amount or more and doing what I agreed to in the contract, I can't see it doing anything other than help my credit score. Showing that I pay my bills on time and regularly.
Mostly your credit score is about to things: Ability to pay Time to pay. Be very careful about playing the credit to improve credit score game. There are usually traps which will have you paying too much too soon. The regs regarding APR and what make it go up are very tricky. check out www.suze.com
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