blueranger Posted August 2, 2006 Report Share Posted August 2, 2006 we bought furniture at furniture liquidators and we have a citi accountthere for 4500 dollars.... they say 12 mos same as cash...and I dont think i have to make a payment for 12 months....crazy...anyway will this show up on my credit report if i pay it off during the 12 months.. Link to comment Share on other sites More sharing options...
Raysway Posted August 2, 2006 Report Share Posted August 2, 2006 If I'm not mistaken...This usually means that if you pay it off in the first 12 months, there will be no finance nor interest charges. It would be as if you walked in and gave them the balance in cash. I imagine it would show up on the reports. Link to comment Share on other sites More sharing options...
hinky Posted August 2, 2006 Report Share Posted August 2, 2006 Here's a link... watch out for "debt cancellation" fees.http://redtape.msnbc.com/2006/02/sameascash_read.html Link to comment Share on other sites More sharing options...
Aerovette Posted August 3, 2006 Report Share Posted August 3, 2006 If I'm not mistaken...This usually means that if you pay it off in the first 12 months, there will be no finance nor interest charges. It would be as if you walked in and gave them the balance in cash. I imagine it would show up on the reports.True and if you DON'T pay it off in 12 months the interest that accrued will be added. You are going to be in for a BIG surprise.It will show on your report, but not as a negative unless of course you continue not to pay. Link to comment Share on other sites More sharing options...
blueranger Posted August 3, 2006 Author Report Share Posted August 3, 2006 so if i make monthly payments will they show up during the 12 mos Link to comment Share on other sites More sharing options...
Aerovette Posted August 4, 2006 Report Share Posted August 4, 2006 I think I am not sure what you are asking. The IDEA is to make payments during the 12 months to a)have the amount paid off over a 1 years span as opposed to cash up front, and to NOT have to pay interest as you would have to do if you charged this purchase on a different acount. I suspect that when your 13th bill comes, you will be surprised at the balance due. It will be very high. Link to comment Share on other sites More sharing options...
blueranger Posted August 5, 2006 Author Report Share Posted August 5, 2006 the sales lady said that if i pay it off before the interest gets applied then they would not put it on my credit report at all...its financed with citi...i want it to go on as a trade line. Link to comment Share on other sites More sharing options...
jq26 Posted August 7, 2006 Report Share Posted August 7, 2006 Usually, in this circumstance, if you don't pay IN FULL by the 12 month anniversary of your purchase, then ALL of the back interest for the entire previous year is tacked on. Assuming your purchase was $2000 at 18% apr WITH 12 MONTHS SAME AS CASH, if you paid in full by the 364th day post-purchase, you would pay $2000. On the 365th day after your purchase, your payment due now becomes $2360. I suggest acquiring a tradeline elesewhere if that is the case. Its not worth the hundreds of dollars they will charge you. Link to comment Share on other sites More sharing options...
sevastras Posted August 7, 2006 Report Share Posted August 7, 2006 I think that your sales person is a bit confused on this. You are most likely going through citifinancial, which is not exactly the same as the citi you are familiar with. Your interest rate will be somewhere in the 24% apr, if you go 1 second past your 12 months. You will receive a monthly statement that shows your balance and zero due as a minimium monthly payment. I suggest you make payments so you dont get bamboozled at the end of 12 months. You will have all of the back interest if you do go beyond 12months as well. This isnt a bad deal unless you default. This account will report to your credit report. It is an open ended account. Any questions? Link to comment Share on other sites More sharing options...
jq26 Posted August 10, 2006 Report Share Posted August 10, 2006 If the original poster is still reading this thread, 12 months same as cash is a GREAT DEAL if you make the monthly minimum payment, but then set aside CASH in an interest bearing savings account every month too- allocated for the item you purchased. Then on the 11th month, you take the cash from the account and pay the item off in full BEFORE the 12 months are up. Then you're left with the interest and the itwem is paid. If you let it go past 12 months, the purchase was no different than walking in and just putting it on a credit card from day one because they beat you over the head with back interest from day one. Bad idea. Link to comment Share on other sites More sharing options...
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