How does your credit score get affected by opening multiple lines of credit for "no payment no interest" deals

Question

I currently have a credit score of 794.  I have never been late on any payment of anything.  I carry 0 revolving debt (12 open lines), installment loans are paid (3 open lines), my only debt being a mortgage that I owe around $87,000 for.

I however, am soon going to be making several purchases.  I will probably be opening about 5-6 revolving accounts in order to take advantage of "No payment no interest for X years" deals.  The plan, as with what I've done in the past, is to pay off the balance in a lump sum a month before it is due, while investing the money the previous months.

Will this negatively affect my credit with all of these open credit lines at once?  Would I be better off just paying cash outright?  The last purchase I made was $4,000 in landscaping that only cost me about $3,000 because I had invested the $4,000 elsewhere for over a year until the bill became due.

I would like to continue this practice, but not in a way that would affect my credit score too much.

SPIFIMAN1 · Accepted Answer

The number of accounts you have is not important, what is, is how you manager them and you are doing a great job.

Your credit score will continue to be in the top 10%.

caton · Answer

in many circumstances maximum credit playing cards can help omit one fee in a 12 - 18 month era and it won't adversly influence your value or credit. hit upon is a robust card and in case you have constantly made money on time they probable won't do it. in the event that they do advance your value i'd call them and with a bit of luck in the experience that your stability is low and you have been a good shopper interior the previous i'd ask them no longer take action against you or in the event that they do trasnfer to a pair different card. they gained't desire to lose your business enterprise in case you have been constantly paying in a well timed way.

stevemorris1 · Answer

Applying for new credit will lower your score a little bit , but it is only a temporary blip.  If you pay off the balances as you say, then the net effect will be negligible over time.

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How does your credit score get affected by opening multiple lines of credit for "no payment no interest" deals

3 Answers