Guitar Center Credit

['JC']

Can anyone tell em about this?
Would I be signing my soul over to the devil?

What are the pros/cons here?

I have a good credit history since 2001, one missed (late) payment this month actually, and took out a home loan last August yet was rejected for a 500.00 credit app at Brook Mays about a month after the home loan.

I'm looking for a 3K line of credit at a reasonable rate.
Anything else I should know?

[Finger Blister]

The trap is in the late fee's.

I'd sent a payment off a week before due.
I'd be charged a late fee.
***!
I called and they said that they didn't post the payment until after the due date.
I mentioned the Post Mark as payment in a timely manner.
They said they don't go by the post mark.
If you get 2 or 3 late charges, suddenly your really getting screwed.

If you have a poor credit rating, this type of account can
actually degrade your credit even further.

Plus the rate is way too high.

If you don't have a credit card or can take out a Bank or Credit Union loan, fergetit.

If your a first time home owner, you'll be able to get plenty of credit
after about a year of on time mortgage payments.

[Indi86]

Generally these store credit cards tend to have REDONKULOUS late fees and the terms are absurd all around- miss one payment and ye be cooked.

[Bryan R. Tyler]

I've got one-just don't miss any payments (I haven't). The rate is far from reasonable as well-it's like 22% or something like that-just pay your bill in full when it's due and you don't have to pay any of it.

[Craigle]

Also, watch out for the "12 months no interest" promotions. The deal with this is that you DO have 12 months to pay the ENTIRE balance. The problem comes in if you don't pay off the balance in full within the twelve month period. At that point, regardless of what your current balance is, ALL of the interest payments from the past twelve months are lumped on at once.

Needless to say, I absolutely don't recomend getting a GC card unless you know you can make all your payments early, and pay off your balance quickly.

And as was said earlier, the interest rate is like 22%.

[WillPlay4Food]

Originally Posted by Finger Blister

The trap is in the late fee's.

I'd sent a payment off a week before due.
I'd be charged a late fee.
***!
I called and they said that they didn't post the payment until after the due date.

I use the internet to pay my bills. Now I don't have to worry about slow/late/non delivery of my check. My bank doesn't offer free internet payment but just about every company I use allows me to initiate a payment from their site without any charge.

Look into it so you don't have to worry about late payments ever again. Besides costing you extra cash they will bring down your credit score.

[WillPlay4Food]

Originally Posted by Bryan R. Tyler

I've got one-just don't miss any payments (I haven't). The rate is far from reasonable as well-it's like 22% or something like that-just pay your bill in full when it's due and you don't have to pay any of it.

22%?!?! Holy crap! Vinny on the corner gives better rates! Of course his late fees are more like a bat to the knee...

[Bryan R. Tyler]

Originally Posted by WillPlay4Food

22%?!?! Holy crap! Vinny on the corner gives better rates! Of course his late fees are more like a bat to the knee...

Yup. It's handy for larger purchases though-if you talk to the guys, they'll usually give you 3 months free financing for stuff around $100 and up, and 6 months to a year for stuff over $400.

I also recommend paying your bill online through the Guitar Center website, as it's not something you want to trust will get there on time through the mail.