Using lines of credit to purchase cards

[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.