I've never really been in debt. I just stripped and paid for everthing upfront when my parents no longer would (this includes tuition, etc). So I'm clueless when it comes to credit stuff. I have had a credit card for two years now, but it's the dinky student limit kind. I could probably up the limit because of my bank balance, but I haven't really felt the need (if I need to use it for a purchase greater than $500, which is the limit, then I just add lots of money to it from my bank account and use it like a debit card for internet purchases).
So. I want to buy a new horse, and to save the cash to buy one outright would take a while. Horses are pricey like cars. I have wondered about maybe taking out a line of credit to do so? I'd rather buy a young one now, since the same horse from September will generally cost more in March because of 'more training' or something. Plus buying one this fall means I could compete it by next spring, hopefully.
I've heard this would help give me good credit too, assuming I paid it off promptly, which with dancing I know I could. I make pretty good cash dancing, and my other expenses are limited.
So what else do I need to consider beforehand? What are the pros and cons? This doesn't seem risky or unreasonable to me, but I need some outside perspective, perhaps. And what's the best way to go about actually doing this? Thanks! Sorry if I sound so ignorant.



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