Posts by Scott Kim7

Kimberly Nguyen said:Look, if you’ve got a $12,000 limit and you’ve already burned through $11,000, you technically have $1,000 left in the tank if you're just running it on your revolving credit line...

But honestly, if you're looking at installment plans, the whole game changes. If you want to break those payments down into monthly installments, you don't just do it through the app; you have to go directly to the retailer offering the financing, and you actually have to tell the cashier at the register what you're trying to do.
That way, the bank isn't hitting you with interest charges, whereas with the revolving credit, they'll absolutely bleed you dry.

I know exactly how much talking you have to do when you want to pay in installments. I tried to pick up something else on a payment plan recently, but my card just wouldn't clear—probably because the total was north of a thousand bucks. That’s just how it went for me.

Kimberly Nguyen said:Look, this isn't some standard loan repayment setup where you just follow a rigid amortization schedule whenever you feel like throwing extra cash at it...
I mean, you could theoretically knock out 13 monthly payments all at once or even $333 ...
Then, when next month rolls around, that minimum required amount stays exactly the same—unless, of course, you’ve been running up the balance again—and it just keeps ticking along like that until the whole thing is cleared...

If I've managed to butcher the details here, please just let 🙂
know.

I think that’s a bit off. If you actually want a specific amount to be spread out over installments, you really ought to clarify that at the register, though most places just assume they're processing it as an installment plan.

The whole thing was about my credit limit and whether they’d charge the full total against it even if I was paying in installments. I honestly thought they wouldn't hit my card with the entire purchase price all at once, but boy, was I wrong. 😢 The total bill ended up being over $1,700 when my limit was only $1,500. I went to pick up a few more things at another shop, and the cashier told me my card was being declined, and that's when it finally clicked why I was maxed out.😠