American Muscle Bill me later question... - Ford Mustang Forum
 
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post #1 of 9 (permalink) Old 01-25-2011 Thread Starter
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American Muscle Bill me later question...

I was planning on buying a s/c with my tax returns but paying it off with no interest in the next 6 months seems a lot better IMO. I was wondering if there is some sort of credit check(No worry I have a 720 and I am only 20!) Or is everyone guaranteed? How does the system work exactly does it require a down payment? Has anyone here used it before?

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post #2 of 9 (permalink) Old 01-25-2011
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I used it once a long time ago. If i remember right, they do look at your credit and give you a certain amount to start with. No downpayment but I don't think your limit will be that much to buy a SC with. Best to just save up and buy it.

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post #3 of 9 (permalink) Old 01-25-2011
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I would just buy it right up front. The only thing that would suck more than having to pay my car note is having to pay a note for my supercharger as well. But, if you're still interested, follow this link: https://www.securecheckout.billmelat...rollingiw.html
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post #4 of 9 (permalink) Old 01-25-2011 Thread Starter
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Yeah I doubt I will get enough for a s/c then. I have two cards now one is a 4,000 max and the other is a 2,000. I think I will wait. I don't want to try to use bill me later and only get a 500 dollar credit.

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post #5 of 9 (permalink) Old 01-25-2011
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Danger Will Robinson!

Although looking at this particular buying event as a stand-alone thing it might be a good deal, I saw my credit score slip a tad because of three of those no-interest accounts opened over the last year and a half plus a re-activation of a dormant store card account I wanted to use to take advantage of a sale. One I didn't even really use because I returned the item and the other two were paid off way-early. The reactivated store card gets paid off as soon as the statement arrives.

My credit score is still great but when you are working your a-- off to keep it up in the stratosphere it really pi--es you off when it goes the other way, even if just a bit. If you don't have alot of credit activity one of those no-interest accounts won't hurt but if you go to the well too many times look out.

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post #6 of 9 (permalink) Old 01-29-2011
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The Bill-Me-Later option accepts or declines you right on the spot, and it will take your credit history into consideration like any other credit card, etc. Like any other "loan", it can hurt your credit score if you default. Bill Me Later is definitely a great option on larger purchases as long as you follow through!

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post #7 of 9 (permalink) Old 02-07-2011
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BML is fine but you have to watch your account if you use it more than once.

They won't pay off items in your best interest (pardon the pun). In my case I have one purchase that the 6mos-no-int expires on 3/1 and another that expires on 5/1.

I send in a $600 payment and find out that instead of paying off the $350 charge for 3/1 and $250 towrds the purchase that expires on 5/1, they pay just $100 on the 3/1 purchase. This way I can never pay off the balance for the 3/1 promo and will have to pay interest for the entire period.

BML customer service was friendly and helpful, but said it will take 11 (ELEVEN!!!!) business days to correct this, WTF?. I'm still waiting...
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post #8 of 9 (permalink) Old 02-07-2011
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Bill me later does check you credit score. Watch out if you have a Jr. at the end of your name, because there is no place to put it. I tried using BML and it declined me becasue it was using my social number, but was checking my dads credit because he's not a junior and i do.
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post #9 of 9 (permalink) Old 02-08-2011
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BML does a "hard" pull on your credit. Much better to save up and buy it in full.
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