I have a credit score of about 726. I have a credit card with a 20000 limit that’s mostly empty; I want to make a large purchase I’ve been planning for awhile (about $9000).
I also want to apply for financing for buying something else at another store, they have their own ‘six month no interest’ financing credit card application.
Question: if I make the $9000 purchase on my old card, will it affect my chances of getting financing? (If I do it just a few days afterwards, before my credit card’s statement date is done).
I wonder if the credit report has my immediate daily balance of credit, or whether it is just updated every month with my latest statements.
Probably not, unless your credit card happens to report your balance between the time you make the purchase and the time you apply to the store for the other purchase.
Even then your score might take a small hit but probably not enough to make the other store decline you. Beware though those “same as cash” deals typically have very punitive interest rates - which are retroactive - if you’re even a day late on a single payment, so you need to be VERY careful not to screw that up.
If it’s not with the same bank, the odds are 99% + against a balance increase on that card being visible to the computer systems and staff that will be reviewing your application.
Frankly, I’d wait, just in case you get unlucky; hate to pay extra interest because you ‘gotta have it now’ unless that first purchase is cancer medicine.
Kudos to Mama Zapps’ second paragraph, which raises an important point.