I have a quick question about credit.....

[blurredvision]

I've told my girlfriend that all I want for Christmas is a widescreen TV. Well, being on the low-end of the working class, we would have to finance one. With my semi-bad credit, there's no way I can get one in my name. So that leaves my girlfriend, who has decent credit. I want to apply for a Best Buy card in her name, and utilize their monthly specials of no interest financing for a year. I can easily pay off a TV in a year (only looking to spend around $1200).

She thinks that by applying for credit that it hurts her score. Keep in mind she has never had a credit card in her life, just her car payments and a $3500 loan from the bank she recently paid off. Am I correct in telling her that it keeps record of when you apply for credit, but it doesn't hurt your score in any way? Thanks for the advice.

 

[fumbduck]

what happens if you two break up?

 

[Vic]

To make a very complicated issue simple, in your GF's case the answer is NO, it won't hurt her credit score.

Tell her a loan officer of 9 years said so.

Close and lock the thread.

 

[Yossarian]

You can't apply for a card in her name.

 

[Mill]

Originally posted by: PipBoy
You can't apply for a card in her name.

 

[Yossarian]

Originally posted by: Millennium

Originally posted by: PipBoy
You can't apply for a card in her name.

Got something to say or just being a smartass with smilies?

 

[Mill]

Originally posted by: PipBoy

Originally posted by: Millennium

Originally posted by: PipBoy
You can't apply for a card in her name.

Got something to say or just being a smartass with smilies?

Yeah, I'm being a smartass. You know good and well what he meant. He wants her to buy it for him on HER card, yet he wants to make the payments. He is a credit noob, so you can't expect him to phrase it the correct way. It's just pointless for you to say he can't apply for a card in her name. He worded it wrong and you took it literal.

 

[Vic]

Originally posted by: PipBoy

Originally posted by: Millennium

Originally posted by: PipBoy
You can't apply for a card in her name.

Got something to say or just being a smartass with smilies?

She's going to apply for a card in her own name.

 

[dvdrdiscs]

Applying for too much credit within a small period of time = bad. But in her case, it won't hurt her. Will even help her score more as long as you pay off the card on time.

 

[Vic]

Originally posted by: dvdrdiscs
Applying for too much credit within a small period of time = bad. But in her case, it won't hurt her. Will even help her score more as long as you pay off the card on time.

Correct.

 

[KarenMarie]

Ummm...

I know I am a big fuddydutty... but I would suggest that you do not buy anything on credit while you owe for a car and school loans. Especially not if it is non-essential. If, God Forbid, something goes wrong... she will lose her car, and default on her student loans, which will cause all sorts of problems now and later on, and basically screw up her credit. The adage i raised my kid...if you cannot afford to buy it for cash, then you cannot have it until you can. (sorry for the parental lecture. Force of habit)

Having said that... if I am correct, everytime you apply for a credit card, it is logged on your credit profile along with what the outcome of the application was. And every time you apply for another one, it lists all the ones you previous applied for. When I got a credit report, a few months back, it listed all companies who accessed the infomation in the last two years.

 

[blurredvision]

Originally posted by: Vic

Originally posted by: dvdrdiscs
Applying for too much credit within a small period of time = bad. But in her case, it won't hurt her. Will even help her score more as long as you pay off the card on time.

Correct.

Thank you Vic. And yes, dvdrdiscs, this is the plan. It's a win-win situation for both of us. And if anyone is wondering, I have bad credit because of a few stupid decisions made earlier in life (i.e. 3 or 4 years ago). I now, however, understand the value of money, and can manage it quite well.

 

[blurredvision]

Originally posted by: KarenMarie
Ummm...

I know I am a big fuddydutty... but I would suggest that you do not buy anything on credit while you owe for a car and school loans. Especially not if it is non-essential. If, God Forbid, something goes wrong... she will lose her car, and default on her student loans, which will cause all sorts of problems now and later on, and basically screw up her credit. The adage i raised my kid...if you cannot afford to buy it for cash, then you cannot have it until you can. (sorry for the parental lecture. Force of habit)

Having said that... if I am correct, everytime you apply for a credit card, it is logged on your credit profile along with what the outcome of the application was. And every time you apply for another one, it lists all the ones you previous applied for. When I got a credit report, a few months back, it listed all companies who accessed the infomation in the last two years.

Well, thanks for the advice, but I've learned that almost everyone on Anandtech is crazy about credit and how to use it. Neither of us have student loans, we each have less than a year on our car loans, and that's it. Nothing more, nothing less. Anywho, my plan is paying the TV off when I get my tax return, usually around $1000 every year. Seeing as to how I still have no kids nor am I married, it shouldn't change. I will be fine. Thanks for the advice everyone.

 

[RossMAN]

Josh,

If she were to have numerous inquiries that would have a negative impact on her credit.

But applying for BB financing won't hurt a bit and there is a good chance she will be approved.

Which TV you looking at purchasing?

 

[boyRacer]

Wow your girlfriend must really love you. :Q