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mrvip29

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whats best for purchaseing a tv ? personal loan or store card like h.h gregg
im trying to buy a tv and not sure if i should try for a personal loan or a store charged card like best buy or h.h.Gregg ? the tv is $2800 dollars my credit score is only 662

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Don't do it.

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Do you need the tv or want it.  If you want it wait till you can pay cash, because if you can save the money then great.  If you need it figure out which way is the lowest interest rate and be absolutely sure that you can make the payments.

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The only TV's these days that cost $2,800 are the latest and greatest, basically above 70 inches and/or 4K TVs. Those TVs will be a lot cheaper in a few years as technology improves. You can get incredible TV's in the 50-60 inch range for less than $1,000, and I'd honstly recommend going that way (or cheaper). If you take a personal loan to buy a TV with likely 8% or higher interest, you are a fool. If you pay $2,800 on a credit card for a TV with interest in the 15-25% range, you are also a fool.

If buying a new TV is a must, I'd lower my budget to at most 1/2 ($1,400) of what your budget is, get a store card (Best Buy or Walmart) that has 18-24 month no interest, or a regular credit card with a 0% intro APR, if you can qualify, and ONLY use the credit if you KNOW you can pay off before the grace period is over...if you can't, then you pay all the interest that would have accumilated. Also, try not to use more than 60-70% of your credit, say you are approved for a $2,000 Best Buy or Visa credit limit, try to keep your balance under $1,200 so your account utilization isn't too high (which can hurt credit)

Avoid H.H. Gregg except maybe for Black Friday, at least for TVs, there are better deals to be had elsewhere.

All of the major electronics in my house were purchased with store cards on 0% interest for 18 month programs or on new cards with 0% APR, they are like free loans (if you can pay off in time). I set up auto-payements on these accounts so I pay off the balance a few months before the 0% period is over. Also, if the card is meant for 1 big purchase, I don't carry it around, I make that purchase and put it away.

The wife and I got a stunning 42-inch LG a few weeks ago for $375, and honestly, if you don't need a huge TV, that might be better. Also, I've gotten one of my best cards through the Credit Karma site, so use the tools they provide. Best of luck!

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Skip the Purchase

Do not make this purchase until all other financial obligations such as emergency fund; retirement account. Then, and only then, should you consider the purchase AND IN CASH!

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Do Not Buy

If you need your card for the purchase do not make the purchase. There is a responsible way to use a credit card, but you are not ready for that. Save the cash for your purchase, if you must. But do not charge the TV.

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