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Question By
JoeMcDePaw

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1 Person Helped
Opening a 0% card
I am looking to make a significant purchase for approximately $10,000. I have approximately $6,000 in funds available for this purchase and I am considering opening another credit card to finance the remaining $4,000 of the purchase a paying it off over the next ~12 months.

I currently have:
- ~$140,000 mortgage balance
- ~2 credit cards and 2 additional store credit cards (which I utilized for 0% financing)
- ~$10,000 in student loans (I have one more semester of grad school)

Would opening another card with a 12-18 month 0% financing offer be okay for my credit? Also, should I close the card after I've paid it off? I am certain I have or will have the financial resources available to pay this over that time.

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Top Contributor
5038 Contributions
1136 People Helped

Another credit card should not hurt your credit too much, lowering the "average age of accounts" and the "hard inquiry" will cause a temporary dip as well as the amount you utilize on the card, but there shouldn't be any huge issues as long as you can get a high enough credit line to cover what you need. If it were me, I would not be worried about it.

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