Credit Experts, Please Read My Question?
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Hi,
I'm Alex, and have a serious question for you all. One of my biggest dream is to buy a Kramer Paul Dean Signature guitar. There is one person who is selling me his model, however he wants $800.00 for it. Some things to know are the following, I do have a Capital One card, Macy's, JC Penney as well. My Capital One card does not cover that amount. Also I've already applied for two personal loans at Banner Bank & Bank of America and both declined my request. They said I didn't have enough credit history, I honestly don't know why since I always make my payments on time and never miss any payments. So I get an offer from Visa Platinum that has a $1,000 credit limit, should I accept it just to purchase my dream guitar?
It does have high interest rates, but I have a feeling once the guitar is paid off, it will be worth it all.
My question is this - Should I apply for that Visa Platinum to make the purchase of the guitar?
Also, how much would the payments be each month?
Credit Experts, Please Read My Question?Alex,,
Here's the deal, if you get the credit card and borrow $800 on it, it will hurt your credit score.
Your minimum monthly payment will be about $25 or $30
(You can ask the credit card company what your payment will be)
If you pay $30 a month, that is $360 a year. You will be paying that for about 25 or 30 years. So the $800 Guitar will cost you about $9,000.00 to $10,000.00 over time.
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