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Does buying things with a credit card effect your credit?

I was thinking about buying my wife some earrings for christmas. I planned on using a store credit card that I already have ( saying I already have a line of credit at with this store) to purchase them. The problem is, we have a pre approval for a home loan and I don’t want to do anything to jeopardize it. Is putting the earrings on the card a bad idea?

This entry was posted on Wednesday, September 1st, 2010 at 5:27 pm and is filed under Business Ian. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

6 Responses to “Does buying things with a credit card effect your credit?”

  1. your credit card will be not affected if you buy from a genuine site and try to pay the due in time in order to get rid of the interest
    and be honest and don’t postpone the payment
    that’s it!
    you can use it without any worries
    best of luck !
    its good to buy in online from genuine sites
    i buy most of the gifts from this site
    i hope it might be of some use!

  2. As long as you actually pay the card, there is no damage to your credit for using the card. You ONLY damage your credit score by misusing your card.

  3. No, it won’t affect your credit profile unless it is a very, very expensive set of earrings. Generally, opening a NEW line of credit will jeopardize your mortgage. Otherwise, wait until after you close on the mortgage and surprise your wife a second time (the first time is when she didn’t get a Xmas present).

    Talk with your lender about this. They have the final say as to whether you get the mortgage or not.

  4. Yes, you can use your pre-authorized line of credit with the store, and it will not effect you pre-approval for a home loan. Only if you decided to purchase a large item – like a new car – would your pre-approved home loan suffer. After you buy your home, you can use your good credit to get new furniture, and a new car if you so desire.

  5. only effects it if you do not pay or or go over the limit (or too much debt to credit ratio)

    YOUR SAFE AS long as you pay more then the minimum payment

    paying the minimum payment means it will take a lot of years to pay it off upto 200 years in some cases

    put a down payment of let’s say $50 to $75
    if it’s $200 or $300

    then PAY 50$ to 75$ per month (tell payed off)

  6. I wouldn’t do it unless you can completely pay off those earrings when the bill comes in January.

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