Argos Card Credit Question

passerbywriter

Hi, I recently bought something big with my Argos card (2k roughly) it's interest free payments for the next 6 months, of course I plan to pay this off but my question is that if I decide not to pay for a couple of months, despite it being interest free would that affect my credit score? 

I was thinking of paying it all off in one go 3 months later since due to other bills I need to priorities that first. 

Hope someone can help me with this one! I'm still learning things in regards to how credit works so apologies if this is a silly question!

molerat

As long as you make payments in accordance with the terms of the card then there is no effect on your credit file.  Your "score" is a made up number that only you can see.  The fact that you have taken on £2K of credit has likely affected the mythical number anyway.

[Deleted User]

Lenders will see your revolving debt and factor that in, but will also see that it is at a promotional rate.

passerbywriter

molerat said:

As long as you make payments in accordance with the terms of the card then there is no effect on your credit file.  Your "score" is a made up number that only you can see.  The fact that you have taken on £2K of credit has likely affected the mythical number anyway.

Ah yes! checking now and my credit score did drop by 10 since I last checked so that explains the cause, but it's reassuring to know that as long as I make those payments within the terms I should be okay going forward it seems?

Deleted_User said:

Lenders will see your revolving debt and factor that in, but will also see that it is at a promotional rate.

Ohh okay that helps a bit, if they can see that then I don't have to worry too much hopefully!

sourcrates

passerbywriter said:

Hi, I recently bought something big with my Argos card (2k roughly) it's interest free payments for the next 6 months, of course I plan to pay this off but my question is that if I decide not to pay for a couple of months, despite it being interest free would that affect my credit score? 

Then you risk getting a late payment charge, and a late payment mark on your credit file.

If they require monthly payments, interest free or not, you must make them on time, when they ask for payment, you cannot choose to miss one month, and pay twice next time, unless the agreement allows it. 

I would see if they ask for payment or not.

magpies79

I have a Argos card for example I have £100 on it left to pay interest free by December 2021 
I haven’t been requested to make a payment at all last 2 months have been 0 payment due but it’s very much in your interest to pay it off before interest free period ends as I’m sure if the balance isn’t paid off they charge you the full interest on the full amount regardless how much is left owing.

 I say think lol as that’s how I’ve always interpreted hopefully someone else can clarify with a bit certainty but as mentioned always pay what’s requested regardless as you don’t want miss payments as again sure if you miss a payment while on 0% you get charge interest as well 

passerbywriter

sourcrates said:

passerbywriter said:

Hi, I recently bought something big with my Argos card (2k roughly) it's interest free payments for the next 6 months, of course I plan to pay this off but my question is that if I decide not to pay for a couple of months, despite it being interest free would that affect my credit score? 

Then you risk getting a late payment charge, and a late payment mark on your credit file.

If they require monthly payments, interest free or not, you must make them on time, when they ask for payment, you cannot choose to miss one month, and pay twice next time, unless the agreement allows it. 

I would see if they ask for payment or not.

I should have worded a bit better sorry! they state that you can pay anytime within those six months but I mostly ask this becuase stuff like that always usually too good to be true, though interest and late payment marks would appear if I did somehow did not pay it and it passes the 6 months.

magpies79 said:

I have a Argos card for example I have £100 on it left to pay interest free by December 2021 
I haven’t been requested to make a payment at all last 2 months have been 0 payment due but it’s very much in your interest to pay it off before interest free period ends as I’m sure if the balance isn’t paid off they charge you the full interest on the full amount regardless how much is left owing.

 I say think lol as that’s how I’ve always interpreted hopefully someone else can clarify with a bit certainty but as mentioned always pay what’s requested regardless as you don’t want miss payments as again sure if you miss a payment while on 0% you get charge interest as well 

That makes a lot of sense to me thank you! I plan to make sure to pay it all off before the interest free period but I will make a note of the full interest charge in the future!