How hard is it to get financed for furniture?

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RachelB
 
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How hard is it to get financed for furniture?

Postby RachelB » Thu Aug 01, 2013 4:34 pm

I am moving in about a week. Before I move I'd like to purchase new furniture and I'm not quite sure what I should do.

I have 3 years and 10 months of clean credit after having a hard time of paying a few student loans. My TU score is 620 as of today and should be going up about 20 points due to an error that Comcast has taken their time in fixing (I returned equipment, but they claimed I didn't and it turned into collections, which in turned dropped my score... got it fixed and its going to be deleted by next Wednesday).

I called my bank, its a credit union that has financed my car & a credit card. They seem to think that they're going to give me a great rate for a personal loan then any of the furniture stores will. Ashley & Havertys aren't offering nay specials but RTG is offering 0% interest right now it seems.

I just need some advice on whether it would be a good idea to stick with my bank, deal with their rate or go for a 0% loan at RTG or maybe buy something at Ashleys or Havertys?

I don't want my credit pulled more then once if possible and hopefully will have the Comcast issue off my credit before I decide on a set of furniture too. Will I even be approved with at these places with my score? I've never bought furniture before other then buying piece by piece while in college and I'm ready for a "big girl set" if you get he drift.. :)

Would appreciate any insight available.

Thanks!

(I of course will be making this purchase before my new address is reflected in any of my credit bureaus so that my "length of living in one location" does not adversely affect my approval. I can just change it after the first bill as its a relatives house anyways.)


Obi-dan
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Postby Obi-dan » Wed Aug 07, 2013 3:00 pm

I would be tempted to buy the furniture after I moved so I wouldn't have to move it.

It really depends on the lender. Each company has their own criteria so what one company will approve another may not. My initial thoughts would be that a furniture store won't have problems extending you credit but being so close to 620 you may not get approved for as much as you would like. Making a down payment on a large purchase when establishing or re-establishing credit often helps them to decide to give credit.
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djrez4
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Postby djrez4 » Wed Aug 07, 2013 4:18 pm

Obi-dan wrote:I would be tempted to buy the furniture after I moved so I wouldn't have to move it.

It really depends on the lender. Each company has their own criteria so what one company will approve another may not. My initial thoughts would be that a furniture store won't have problems extending you credit but being so close to 620 you may not get approved for as much as you would like. Making a down payment on a large purchase when establishing or re-establishing credit often helps them to decide to give credit.


See her other thread on the exact same topic.
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Obi-dan
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Postby Obi-dan » Wed Aug 07, 2013 4:59 pm

djrez4 - Thanks.
Cards:
Chase Sapphire Preferred
Marriott Rewards
Citi Hilton
Barclay Arrival
AMEX BCE (member since 95)
Chase Freedom
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Wells Fargo Platinum
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Local Credit Union Visa (buy local!)


FICO Scores:
TU: 824 (Aug 2014)
Experian: 789 (Aug 2014)
Equifax: 807 (Aug 2014)



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