GC Financing

[Visirale]

I was just wondering if anyone here had done it. Do you know if you do it in store if you get to take it home that day? The online thing says it takes 7-10 days for the card to get to you.

I have a week long gig coming up and I really want to have my new bass for it. I only get paid once a month though, but as soon as I get my next paycheck I can pay it off in full.

Their policy says:
Same as Cash offer on Guitar Center Preferred Player Credit Card purchases. No Finance Charges if purchase paid in full in 3 months. If purchase not paid in full or Account not kept current, Finance Charges assessed from purchase date and Minimum Monthly Payments required. Variable APRs as of 04/30/08: Standard Rate: 21.9%; Default Rate: 24.9%. Minimum Finance Charge: $2.00. Certain rules apply to the allocation of payments and Finance Charges on your promotional purchase if you make more than one purchase on your Guitar Center Preferred Player Credit Card. Call 1-888-367-4310 or review your cardholder agreement for information. Returns and/or exchanges shall not extend or change the 15 months promotional period and all purchases are subject to Guitar Center's return policy (posted in-store).

I realize that those interest rates are ridiculous, but if I pay it all off in the first month I should avoid all that, right?

[jambassist]

You can use the account the same day. Get the application from sales, fill it out, they take it in the back and transmit the data, and get an answer back in a couple minutes. Keep in mind you need strong credit to get that card. Probably more so now that most financial institutions have tightened up their credit requirements. Try it and see what happens. HSBC will stipulate your credit limit if you're approved which may or may not be the credit limit you need/want

They were offering 15 months no payment/interest all the month of May. Far as I know, there's no promo financing right now, but I'm not in the market for anything right now so I don't know for sure. Do not, do not, do not forget that if you don't pay off any promo financed purchased by the anniversary date, all that interest is retroactive from day one.

[fourstringdrums]

I'd say don't do it. If you will have the money soon, just be patient. Credit cards aren't anything to screw around with if you don't need them. If something happens and you don't get to pay off the card when you thought you would due to some financial situation that takes away that money, you could be in some trouble.
Don't mess around with your credit just for a bass.

[Visirale]

Originally Posted by fourstringdrums

I'd say don't do it. If you will have the money soon, just be patient. Credit cards aren't anything to screw around with if you don't need them. If something happens and you don't get to pay off the card when you thought you would due to some financial situation that takes away that money, you could be in some trouble.
Don't mess around with your credit just for a bass.

I have solid credit so far (around a 710 or 720).

I really want the bass for the gig, and the gig will pretty much pay for the bass not to mention my job. I will pay for this in full when I get my next pay check. I am in a stable financial situation (parents pay for everything besides my bass stuff) so anything crazy that could possibly come up would be footed by them (which I am very grateful for).

I'll go and see what I can do later on today...

[fourstringdrums]

Originally Posted by Visirale

I have solid credit so far (around a 710 or 720).

I really want the bass for the gig, and the gig will pretty much pay for the bass not to mention my job. I will pay for this in full when I get my next pay check. I am in a stable financial situation (parents pay for everything besides my bass stuff) so anything crazy that could possibly come up would be footed by them (which I am very grateful for).

I'll go and see what I can do later on today...

I'm just curious, how do you already have solid credit at 19? I had zero until I bought my first new car.

[Visirale]

Originally Posted by fourstringdrums

I'm just curious, how do you already have solid credit at 19? I had zero until I bought my first new car.

Well "solid" as it can be. I've had a credit card (co-signed by my mom, who has real solid credit) for over a year now and I've been using it regularly and never missed a payment, almost never held a balance. I know it's not as good as a credit established over time, but it's something. I'll be interested to see how much credit they give me.

[fourstringdrums]

Originally Posted by Visirale

Well "solid" as it can be. I've had a credit card (co-signed by my mom, who has real solid credit) for over a year now and I've been using it regularly and never missed a payment, almost never held a balance. I know it's not as good as a credit established over time, but it's something. I'll be interested to see how much credit they give me.

Oh alright. I didn't mean to pry, just curious. Well that's good that you are responsible, I am as well, but I just don't like the idea of buying anything on the assumption that I'll have the money just in case something happens. I'd hate to be in debt over a $700 bass you know?

[Visirale]

Originally Posted by fourstringdrums

Oh alright. I didn't mean to pry, just curious. Well that's good that you are responsible, I am as well, but I just don't like the idea of buying anything on the assumption that I'll have the money just in case something happens. I'd hate to be in debt over a $700 bass you know?

Haha, no worries. I know how a lot of people my age use credit cards... My parents taught me to use it as cash and never spend it on something you can't pay back immediately. And yeah, I'm deviating from that advice a little bit, but this gig would really benefit from having that bass, haha. It's the biggest PA system I usually get to play out of all year, so it's just a really fun gig.

But yeah, I definitely understand where you're coming from. I'm also probably gonna sell a bass too... I really don't need THAT many basses lying around, haha.

[bluestarbass]

Do you know for a fact thats what your credit score is? Not talking ****, but when I worked in a credit related industry, you had to have 3 trade lines to even establish a score. I'm 25 and I dont even have a score. I have one credit card I use in emergencies and my bank card. No car loan or anything like that. Usually if you are young and you dont use credit all the time the highest your credit can be is in the 6's which is still good. To have a really good credit score you have to have used alot of credit and show a lengthy payment history typically. I worked at sam ash for a few years when I was younger and used to run the credit apps. I would say 1 in 4 people got approved. That was before the credit crunch.

[m0nst3r]

You know, if you don't have the money right now, you really shouldn't do it. On the other hand, if you know 1000% that you're going to be able to pay it off next paycheck, I don't see what the problem is. Just remember that if you don't pay it off in 3 months (Really? 3 months? They usually do 12, no?) you're going to have to pay all of the deferred interest AND get charged that 21.9% of the balance carried over.

Good luck!

[Visirale]

Well guys my better sense got the best of me. I think it was more the bass than the better sense. They only had it in maple and I really wanted in rosewood. I would have been ok with it, but the PG was mint green which really wasn't my thing. I decided it really wasn't worth doing it for a bass I wasn't absolutely in love with. Between that and my special order not coming in at bass central on time, I just decided to live with what I have until after the gig... then I'll be able to get it in whatever color I want.

I did get approved for the card though with an $800 line of credit. About what I was expecting since my card they checked had a $1500 limit. Not bad for being 19 and not having my mom cosign with me this time, haha.

[m0nst3r]

You made the right choice.