Not sure if this has been addressed
Will Discover Card Platimum take BT for Vehicle loans with this offer?
In my case, it will be way below my credit limit
I currently have a $0.00 balance
Thanks

mshen11 said:

<< i tried putting like 10c 4x a month in one drive up at the local gas station for my cnbt card. i got chased away >>

good idea

Just called discover, and they will offer me this deal. Sounds like an outstanding way to finance a car purchase.

So what can this do for my credit rating? I am planing to buy a house in the next year and dont want to hurt my credit score. Here is my scenerio:

$12000 remaining on my car loan at ~8% apr
Could tranfer to discoover fot 0%
Assunimg i make the 2 minimum transaction at pennies per purchase.

How would my existing load be closed out on my credit report? Would it say "closed" or "paid", or does it not matter? I one time I thought I read it was better for your credit to pay it out each month untill then end.

Ok, so say the loan is closed ok, what is it gonna do to my credit having a $12000 balance on a CC. This would put my used credit to available credit ratio near the max. I have read this could be bad too? Would any of this be differeent on a balance transfer.

I am kina hesitant because I dont want to screw myself out of good rates for a house in the near future.

Thanks all!

MoJo said:

<< So what can this do for my credit rating? I am planing to buy a house in the next year and dont want to hurt my credit score. Here is my scenerio:

$12000 remaining on my car loan at ~8% apr
Could tranfer to discoover fot 0%
Assunimg i make the 2 minimum transaction at pennies per purchase.

How would my existing load be closed out on my credit report? Would it say "closed" or "paid", or does it not matter? I one time I thought I read it was better for your credit to pay it out each month untill then end.

Ok, so say the loan is closed ok, what is it gonna do to my credit having a $12000 balance on a CC. This would put my used credit to available credit ratio near the max. I have read this could be bad too? Would any of this be differeent on a balance transfer.

I am kina hesitant because I dont want to screw myself out of good rates for a house in the near future.

Thanks all! >>

Your car loan is an installment loan which is looked at pretty differently from revolving credit. As a result it will likely hurt your credit some to do the above mentioned plan. How much depends on what percentage of your revolving credit this will have you use. EG. Using $1,000 of the $1,000 credit availible to you is viewed a lot worse than using $1,000 of the $5,000 availible to you. If transfering your car loan to CC is going to bring you up above 50% of your credit limit, its likely going to hurt your Beacon score, which is one of the major things they look at for buying a house.

However, to see exactly how it would effect you, you could go to www.equifax.com and sign up for their "free for the first 30 days" credit monitoring system. Its easy to cancel (just a phone call), and they have a utility on there which can mimic what certain actions will do to your beacon score (though they might call it FICO score, which is different, but very similar). Since it lasts 30 days, and you can check your credit I think 5 times in that time period, you can effectively also implement some of these ideas and see how they actually impact it. (BTW, if anyone is wondering, it does not hurt your credit for you to request a copy of your own credit report. They are a different type of inquery).

Right before I bought a house, I signed up and used this free service. Through a few small changes, I was able to improve my score by 60pts (and my credit was already good). BTW, I've discovered that at least with my bank, the line of credit extended for "check protection", does not show up on my credit report. As a result, if I wanted to, I could temporarily "hide" any debt I had long enough to get an even more favorable rating. In my case, it doesn't really matter, since I have a beacon score around 730, but it could for some.

Just called Discover Card


The Good...
Thanks to this Forum I was able to increase my credit limit and additional $1500.00. S/W a Rep named Sarah. It took 20 seconds
The Not so Good...
tried to inquire about this 0% BT offer offer. Denied. Apparently, per the reps comments, this offer is randomly sent out based primarily on spending habits. I rarely use this card.... I will just periodically check back with Discover Card.

How could they do this, legally, if it isn't stated as such in the TOS?

I just called Discover for 0% BT for lifetime deal and they said it's suspended until further notice. Anyone hear about this?

I just got $5,000 @ 1.9% deposited into my checking by Chase. $35 fee but hey.

I just celled discover . They said only apply for new card .