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Unread 05-27-2011, 09:50 PM   #31 (permalink)
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Re: Guitar Center financing?

If you don't pay it off within the time period, you'll be hit for ALL accrued interest from day 1. And, at 29% or thereabouts, it will be a VERY expensive Studio. If you have the discipline to pay it off timely, then fine. But, if you suspect it may be a problem, then don't do it. BTW, if you miss even one monthly payment, they're likely to hit you with a penalty fee for that month which could be costly. Be very careful and good luck.
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Unread 05-27-2011, 10:01 PM   #32 (permalink)
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Re: Guitar Center financing?

Quote:
Do you see the word "most" anywhere in my quote?
Did I quote "Most"........

I'm saying "Most"............

And asking you.............is it some folks or most folks?

I believe I said............Where I live its most........
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Unread 05-27-2011, 10:09 PM   #33 (permalink)
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Re: Guitar Center financing?

Quote:
Originally Posted by SG_Lefty View Post
Try Welcome to Sweetwater.com | Call Us @ 800 222 4700

I use them all the time and use there money for free....
Yup, that's how I procured my PRS, 1 year 0% interest. Set up auto pay, and paid a hundred a month. It's due at the beginning of July. I have the balance, but I found a card from Citibank that offers 0% for 21 months. That's February of 2013, I transferred the balance. There was a $55 fee. I set them up on autopay about 3 days before their due. 0% is free money, use it. I use Amex for
as many monthly bills I can, cable, cell, insurance, gas and groceries.
You have to pay the bill anyway, why not make one payment, once a month without the cost of a stamp.
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Unread 05-27-2011, 10:35 PM   #34 (permalink)
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Re: Guitar Center financing?

Quote:
Originally Posted by ThunderDump
This is not true, so be careful. Lending firms not only look at your credit/payment history, but also your debt ceiling. That is, how quickly and how much debt you could get into. Let's say you have two credit cards, each with a $25,000 limit, but one has a zero balance and one usually has a $1000 balance and you've always paid on time and your income allows you to handle that $1000 balance each month without issue. You would think that would be good for your credit score but actually it's not. A lender sees it as you have the potential to go $49,000 into debt in an instant and your current income level may not support that. Most people would never do that, but because you *could* do it, it's a credit risk and it negatively affects your credit score. If you have a card with a high limit and never go near that limit, you should think about calling them company and having the reduce the amount for you (they will do it).
This is true.
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Unread 05-27-2011, 11:27 PM   #35 (permalink)
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Re: Guitar Center financing?

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Originally Posted by zungle View Post
And asking you.............is it some folks or most folks?
You clearly know I said some folks, so I really don't understand why you feel a need to ask me for clarification.

I trust we can agree its not true of ALL Americans.
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Unread 05-27-2011, 11:31 PM   #36 (permalink)
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Re: Guitar Center financing?

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Originally Posted by SG_Lefty View Post
Try Welcome to Sweetwater.com | Call Us @ 800 222 4700

I use them all the time and use there money for free....
Sweetwater.com is great. Personal tech and free shipping.
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Unread 05-28-2011, 11:12 PM   #37 (permalink)
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Re: Guitar Center financing?

Quote:
I trust we can agree its not true of ALL Americans.
All or Most?

Just kidding.......

Yes I agree with you
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Unread 05-28-2011, 11:21 PM   #38 (permalink)
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Re: Guitar Center financing?

The zero interest no payment for a year thing is the shits, I've bought a handfull of guitars from them and paid them off before the interest kicked in
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Unread 05-29-2011, 10:36 AM   #39 (permalink)
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Re: Guitar Center financing?

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This is true.
I would love for you guys to come up with the percentage of Americans that this particular scenario affects. You are talking about a group that is so small in number that it is hardly worth mentioning. IN general, not the same group that is looking to buy a $1000 guitar from Guitar Center on the GC credit card. I still think the GC card, like any card is a good idea if treated responsibly. Telling a credit card company to lower your limit....I just don't get it. I've literally seen the finances and credit reports of tens of thousands of people and never saw anyone make any sort of significant change in their FICO score by doing this.

Coming from a man with an 809, a wife with an 817 and 17 years of finance background. The only reason I even mention this is because everyone can become an expert on the internet by reading items found in Google searches but that doesn't mean that it is correct real world information.

Last edited by onvacation; 05-29-2011 at 12:33 PM.
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Unread 05-29-2011, 11:37 AM   #40 (permalink)
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Re: Guitar Center financing?

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I use their card all the time and never paid a dime of interest. Borrowing someone else's money is better than tying up my own when I don't have to. HOWEVER, you need to be disciplined to make at least the minimum payments on time every time, and pay it in full before the end of the finance period or you get socked with some serious interest back to day 1.

If you can do it and be responsible for it, it's worth getting a 12-month interest-free loan.
There's nothing wrong with GC loans (credit card) as long as it's paid off before the end of the term. It's a great way to build some good credit before you have to beg someone to loan you 40,000 for a car or 300,000 for a home. Just be smart about it. Pay it in full. Good luck.
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Unread 05-29-2011, 07:22 PM   #41 (permalink)
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Re: Guitar Center financing?

I've purchased a few things using 0% credit card promotions for a year, most recently my ES-335. I always feel a sigh of relief when I pay it off. I also hate debt!
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Unread 05-29-2011, 08:01 PM   #42 (permalink)
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Re: Guitar Center financing?

Save up. Pay cash.

Cash will get you a lot further than any credit deal - plus you get to watch salesmen drool. The chance of putting a big roll of the old crinkly paper in the till makes them all excited and vulnerable...to your advantage.

Don't forget that music shops are one of the last places in the world where you can haggle over price - and a big wad of cash is like Rohypnol to store owners.
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Unread 05-29-2011, 08:16 PM   #43 (permalink)
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Re: Guitar Center financing?

american musical is now doing 12 equal payments on your credit card or debit card on orders over 1000 dollars. no interest if you use your debit card.
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Unread 05-29-2011, 08:59 PM   #44 (permalink)
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Re: Guitar Center financing?

I know I wont make any friends here but I work for a major regional bank where I live for their collections department. I know, I know it's not my dream job and I'm sure some people would love to have me terminated with extreme prejudice but that said....Save your damn money. Unless you are absolutely sure you can pay off your instrument within the allotted time given in the credit agreement then I wouldn't do it. Unless you buy something reasonably priced or make enough to make the minimum payment every month then it can get dicey. Late fees, very high interest and a blemish on your credit history aren't good. However you can build credit and you get the instrument now. But you save up, buy used and shop smart, you don't have that debt hanging over your head. Just my two cents.
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Unread 05-30-2011, 09:15 AM   #45 (permalink)
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Re: Guitar Center financing?

I think you can do both. Save the money AND build credit. Once you have the money, buy it on credit, and use the money to pay off the guitar.
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Unread 05-30-2011, 06:14 PM   #46 (permalink)
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Re: Guitar Center financing?

Quote:
Originally Posted by bufbills View Post
american musical is now doing 12 equal payments on your credit card or debit card on orders over 1000 dollars. no interest if you use your debit card.
Just on "select" items and they do a credit check for the 5 and 12 pament deals. I ordered a LP Traditional Wednesday.. Thursday morning they called me and did a credit check over the phone. They contacted my bank (that the Visa debit card is with) and had a conference call to approve the payments.

Amazon does a 6 month no interest under $500, and 12 months 0 interest for 12 months too. So does Dell, and I've got a running 0% for 12 months from paypal for the last 3 years. Theyt're good deals as long as you don't over extend yourself on paying it off before the interest hits.

I don't have a problem with deal like that because I've got the $$ in my checking account to cover whatever items I purchase. If they sent me a letter and called the loan tomorrow, I could pay it. However, th AMS deal does nOT go on your credit report for payments.. just that they've checked your credit.

I do have a bankruptcy on my report (8 yrs old this July), BUT I have a Chase card with a $8500 limit with 6.9% interest thats locked. I use it when I go out of town or buy tools for the shop. I actually built my credit back up with 0% interest loans through Amazon, Paypal and Capital 1 so I don't knock the offers when they come and make damn sure I can pay the loan off if something happens to me or if they "call" it. I agree cash is king when you're wheeling and dealing, but I'd rather go ahead and pay full price on certain things than haggle with a twit over 5-10% on a new guitar.
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Unread 05-31-2011, 06:19 AM   #47 (permalink)
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Re: Guitar Center financing?

This isn't a "be sure to pay it off on time" post. That's been covered. I bought my GT with GC credit. They were offering 6 months interest free on everything except Fender and Boss products. The way it works is, as long as I buy something with Fender or Boss on it, I get 12 mo. So, I bought my Gibson and a pack of Fender picks. Ask for a discount too. You can easily get at least 10% but they won't offer it. You have to ask. I got 15% off my GT.
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Unread 05-31-2011, 08:47 AM   #48 (permalink)
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Re: Guitar Center financing?

Quote:
Originally Posted by onvacation View Post
I would love for you guys to come up with the percentage of Americans that this particular scenario affects. You are talking about a group that is so small in number that it is hardly worth mentioning. IN general, not the same group that is looking to buy a $1000 guitar from Guitar Center on the GC credit card. I still think the GC card, like any card is a good idea if treated responsibly. Telling a credit card company to lower your limit....I just don't get it. I've literally seen the finances and credit reports of tens of thousands of people and never saw anyone make any sort of significant change in their FICO score by doing this.

Coming from a man with an 809, a wife with an 817 and 17 years of finance background. The only reason I even mention this is because everyone can become an expert on the internet by reading items found in Google searches but that doesn't mean that it is correct real world information.
And coming from someone who has an 800+ credit score and has a mortgage and two separate refis (for lower rates), I can assure you that debt ceiling is real and does affect everyone's credit rating.
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Unread 05-31-2011, 11:02 AM   #49 (permalink)
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Re: Guitar Center financing?

Quote:
Originally Posted by Thunder Dump View Post
And coming from someone who has an 800+ credit score and has a mortgage and two separate refis (for lower rates), I can assure you that debt ceiling is real and does affect everyone's credit rating.
I'm confused about your terminology. I am not talking about debt at all. I am talking about available credit limits. (Keep in mind, cards with no limit are looked at differently depending on how they are reported)

So in order to qualify for your mortage and two refis, you determined that the best course of action was to call your credit card companies and lower your credit limit? How much did this improve your credit score? In your experience, since I assume you did a before and after check of your FICO score, did it have as much of an effect as paying on time, limiting your debt to credit ratio, opening new accounts or was it a minimal change? Did you lower the credit limit on one card or all of your cards? How long after voluntarily lowering your credit card limits did it take to show a difference in your FICO score?

With the difficulty of keeping and gaining new credit in today's economy, your answers could help a lot of us.
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Unread 05-31-2011, 12:06 PM   #50 (permalink)
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Re: Guitar Center financing?

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With the difficulty of keeping and gaining new credit in today's economy, your answers could help a lot of us.
Obtaining credit is difficult? My mailbox gets stuffed to the gills every month with credit card offers I don't need or want. Seems to me banks and other institutions are falling over themselves to give me credit. Who, exactly, is having difficulty, except perhaps folks with a history of questionable financial management behavior?
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Unread 05-31-2011, 12:24 PM   #51 (permalink)
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Re: Guitar Center financing?

zslane, I'm going to need your address please. Appearantly, Capital One, American Express and Discover need me so bad as a customer that they are willing to send me mail on a weekly basis. I figure maybe we could do some kind of referal program for a toaster oven.

Offers for credit and obtaining the credit are two different things. Its not a hidden secret that the banks have tightened up their lending practices over the past few years. The mortgage debacle had a lot to do with that. Credit that could be obtained with a FICO in the low 700s a few years back isn't available now without being in the mid to high 700s.
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Unread 05-31-2011, 12:35 PM   #52 (permalink)
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Re: Guitar Center financing?

Quote:
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I'm confused about your terminology. I am not talking about debt at all. I am talking about available credit limits. (Keep in mind, cards with no limit are looked at differently depending on how they are reported)
I didn't need to do any of this. But I've used three separate lending companies/banks for my mortgage, my refis and my HELOC and in the process all advised against having a large debt ceiling (amount of potential debt, not actual). I only have two credit cards (well, four if you count the GC/MF cards) and the limits aren't astronomical.
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Unread 05-31-2011, 12:40 PM   #53 (permalink)
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Re: Guitar Center financing?

you can do the 12 month thing if you want & is a good way of building credit if you need to do that. Just pay off the balance as soon as you can. In my opinion, don't take all 12 months to pay it off, plan on paying it off within 8 or 9 months at the most. That way you can verify that everything is payed off, you have a statement showing a ZERO balance, etc.

If you already have a few credit cards, then I'd say use one of those or save up. Too many credit cards will hurt your credit scores. Especially if you have money to pay off on each of them.
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Unread 05-31-2011, 05:02 PM   #54 (permalink)
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Re: Guitar Center financing?

The payment plans at American Musical are excellent. Depending on the cost of your purchase the total is split into 3, 5, or 12 equal payments and charged to your credit card once a month.

There is no credit check, no interest rate, and no catch.

I've been using it for years now, I love it.
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Unread 05-31-2011, 05:12 PM   #55 (permalink)
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Re: Guitar Center financing?

GC credit is insane. Go figure out how long it will take you to pay off and what you're final payment will be for that guitar IF you don't pay it off. Economy sucks right now... I wouldn't bet on anything 12 months from now. Get something cheap, used, or just save up.... unless you are 100% certain you can pay it before its due. Good luck to you man.... not something I would do.
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Unread 06-01-2011, 08:37 AM   #56 (permalink)
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Re: Guitar Center financing?

The only thing I'll add is...ignore the "minimum" payment. Do the math. If you are making the minimum payment every month, there is no way you will have the loan paid off in the allotted time period. Which is what HSBC wants, of course. The people who get dinged for the 29% interest pay the light bill for HSBC's call center! I'm joking, but not really...

In the last few years, I've financed a new refigerator, a flat-screen TV, and my Egnater Rebel 30. All through different retailers, but the financing was handled by HSBC in each case. My wife and I figured out what we could afford, and worked out a payment plan we could handle. We paid the fridge and TV off in 9 months. I'm aiming for the same schedule with the Egnater.

Yes, it's best to save up and pay cash. But when your fridge craps out, your TV blows up, and your Fender HRD starts making farting noises (all of which happened to me), you need to replace those things. You can't always plan for that.
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Unread 06-01-2011, 09:53 AM   #57 (permalink)
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Re: Guitar Center financing?

Credit is a tool. It can be used wisely, responsibly. Or stupidly, with bad consequences. Credit companies know there are people who will take advantage of a 0% interest promotion, make payments on time, payoff in time, and close the account, and the credit company actually loses money on those people. But the flips side is there are enough people doing the opposite, so they come out with a profit in the end.

There's nothing wrong with taking advantage of the syetm as long as you can do it without getting screwed.
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Unread 06-01-2011, 11:00 AM   #58 (permalink)
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Re: Guitar Center financing?

Quote:
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Credit is a tool. It can be used wisely, responsibly. Or stupidly, with bad consequences.
Loaning institutions may or may not like the fools who use credit stupidly, but I don't mind them at all. They have become a useful source of mint condition guitars, sold on eBay, at "gotta sell for financial reasons" prices. They are a large part of the reason why the used guitar market has been so vibrant these last few years.
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Unread 04-10-2014, 01:58 AM   #59 (permalink)
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Re: Guitar Center financing?

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As has been voiced, never miss a minimum payment and never let any part of the balance exceed the end date.

There's more, however. If you buy other things at other dates, you need to be VERY aware how the credit card company is *apportioning* the payments you make, particularly if you're paying the minimum. You may find yourself having only about twenty cents per payment credited to an item you bought 11 months ago. Screw up and the credit card company they use (some firm in Nevada) will present you with several reams of user agreement and a bill for 29% interest on an item you thought you'd paid off.
This is exactly what I discovered has been happening to me. I have two separate purchases on my GC Card that have the 18 month interest free financing. I discovered today that they have been apply the majority of my payment to only one of my purchases, leaving a very high remaining balance on one of my purchases.

I'll put it this way, after paying on a purchase of $348.01 for four months, I still have a remaining balance of $337.68! My monthly payment for both of my purchases is $47, which would have them both paid off before the 18 month promo financing. So what they have done is take the $77.32 I have paid on this purchase, and only applied $10.33! The rest has gone to pay off the other purchase, which because of how they have been applying my payments, will be paid off 5 months before the 18 months I had to pay it off. I am LIVID! I was never warned or told that this was how they apply your monthly payment if you make two separate purchases with a promotional period. It's a total scam.

As a matter of fact, I called them about the balance on my second purchase not lowering as it should and was told to ignore my statement because it was reflecting what my balance would be if I was accruing interest. So I was lied to and deceived into thinking as long as I paid the amount of $47 a month that everything would be paid off in succession and in their 18 month periods.

So today I spoke with a supervisor who told me that he can go back and re apply my payments the way in which I was expecting them to be applied. Problem is, he has to go pack all the way to June of 2013 to do so. He said that he may not be able to do this because it will take "a lot of math" and "several hours". Then he went on to say that he can now apply my monthly payments the way in which I originally thought they were being applied and how I was told they were being applied.

Because as it stands now with how they're applying my monthly payments, my first purchase will be paid off 5 months early which will leave me with a higher balance on my second purchase that I will now have to pay in a shorter period of time. It's a total scam.

If you are going to get a GC Card, make sure you only use it for one purchase at a time and make sure you actually get the interest free financing they are offering at the time of your purchase.

I have other horror stories about them not honoring their promo financing and having them fix that.
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Unread 04-10-2014, 05:00 AM   #60 (permalink)
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Re: Guitar Center financing?

I use ZZounds interest free 12 payment plan. They automatically take the payment out the day it is due. No payments to make, no problems, no interest, and you get the guitar now. Good deal in my mind.
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