Using lines of credit to purchase cards

[HOF Auto Rookies]

I do not have a personal line of credit, no need for one. I feel I am doing very well with my spendings and limitations, and as much as I hate it, I'm trying to sell more cards to help upgrade or add new pieces to my collection. Got hit hard get a very nice signed 1940 PB of Ted Williams and Mays, Aaron and Koufax signed rookies.

If something comes up that I HAVE to get for my collection, I will consider a line, or borrow from someone. But can't imagine using thousands and thousands of dollars. The thought is too scary that it'll get out of hand into something worse.

[Ronnie73]

I've never used a line of credit for collectibles. I'm neither for or against it. If it's used on the right purchases, a profit could be made along with paying the loan off. I tend to ask if a layaway plan is available if its a high priced card or large lot. You would be suprised at how many of the larger sellers offer it. Some at no interest if paid within three months, others that have interest around the same rate as a line of credit. It never hurts to ask if a layaway plan is offered. Worst thing that could happen is they tell you no. Another nice thing is that it does not mess with your credit score.

[Gradedcardman]

I have aline of credit should it become necessary. This hobby is also a part time business for me. I love the hobby side but I use it to make money as well, just ask paypal !! Haven't used the LOC as I haven't found that "big deal" where the extra was needed. But I won't hesitate if I need it.

[cubsguy1969]

Would you mind sharing how you set it up? Is it a business line of credit? My accountant mentioned the possibility to me once but I have yet to pursue it. It's on my (long) list of things to do.
From the sounds of it, it wouldn't be difficult. My credit's pretty good, so I don't think there are any worries there.

[iwantitiwinit]

If you don't have the money to buy it now you don't "have to have it". In all but the rarest of cases the card(s) you are looking to buy will be available in the future. Buy it then when you have the money. If you are collecting the rarest of the rare you probably don't need a line of credit to begin with. A line of credit to buy something with no true intrinsic value is a very bad idea.

[steve B]

I've sort of used credit a couple times.

About 2 years ago there was a batch of cards from a really tough non-sport set that I really went after. That put a bit of a pinch in the budget as it came during winter when we run about 1K a month for oil.

So the credit line was used to cover the extra expense.

I hated doing it, but it really was a "once in a lifetime" sort of deal. And those almost never come along anywhere near my price range.

In the end, I wound up completing the set. And I've heard that it's the first complete set. (Something like 4 of the cards were uncataloged out of only 20)

Most other stuff will come along again, so I just won't use credit of any kind for it.

Steve B

[rdixon1208]

I'd never buy cards with a credit card. I'd end up using the money that I was supposed to pay the card bill with to buy more cards.

[HOF Auto Rookies]

Originally Posted by cubsguy1969

Would you mind sharing how you set it up? Is it a business line of credit? My accountant mentioned the possibility to me once but I have yet to pursue it. It's on my (long) list of things to do.
From the sounds of it, it wouldn't be difficult. My credit's pretty good, so I don't think there are any worries there.

It literally takes a couple minutes. You just put in an application at your bank via Wells Fargo, US Bank and it generally lets you know if you get approved or not. I do not have one, but have thought about it.