I would like to buy my wife a ring, but have no experience with this company and the Sterling Jewelers folks evidently don't think I am credit worthy. I see they have 12-24 month auto pay options - and they claim to report to all three bureaus.
Can anyone shed any light on this company? Apologies if this is the wrong forum for this question, but I wasn't sure if Diamond National issued a card for their credit or if it was simply an unsecured line.
Have you looked at smaller local jewelers. When I bought my wife's engagement ring, I worked with a smaller shop. I put down a sizeable deposit and agreed to pay them the remainder in a year. There was no credit check, no written agreement, just an understanding that I would pay the balance off in a year. I can't say that this is standard, but you might find more flexibility if you check places other than national chains (don't know what Diamond National is, so maybe you are already checking other options).
Starting Score: ~500 (12/01/2008)
I just checked out their website and it looks a lot like the Crown Jewelers site. I have/had an account with Crown Jewelers who had SOMEWHAT of the same structure for credit and payment terms (downpayment followed by monthly installments). I am still in the rebuilding stage and thought Crown would help with reporting to ALL THREE bureaus, but came to discover that they only report to one. So, if you're looking to go that route and add Diamond as part of building your score/profile to all three credit reports, I would encourage you to ask (via e-mail) if they report to all three bureaus. I found out the hard way that ANYONE will tell you ANYTHING over the phone to get a new account so they can "ring the bell" for the congratulatory clap in their offices (at least that's what we used to do when I was in telemarketing and we "graciously" interrupted some poor family's dinner at 7:00 in the evening and made a sell of magazine subscription to someone over the phone). 
What bank represents Kay Jewelers?
@LS2982 wrote:What bank represents Kay Jewelers?
Not sure of the bank...
Here are the differences between CJ and Diamond National from what I can tell:
1. CJ requires 1/3 payment down, regardless of credit. DN, by comparison, pulls credit and determines by score and history whether the initial purchase amount warrants a down payment (Mine doesn't, and what I'm looking to purchase is almost $4,000)
2. CJ does NOT report to the bureaus...DN does...to all 3
3. DN assigns you a credit limit equal to 120% of the initial purchase amount after it is paid off. In my case, that will be an unsecured LOC of $4,500...reported to all 3 bureaus each month. Nice util bump waiting for me there! Also, they issue a store credit equal to 20% of the purchase price of the initial item. That equals $750 - which can be used to buy a $750 item, if desired!
4. DN includes color and clarity metrics with their jewelry...and most of the pieces I have looked at are very high on both scales.
Seems like a pretty good deal...I mean yeah, auto payments and interest suck, but doesn't that pretty much happen ANYWHERE that doesn't offer deferred interest? I'm really considering giving this one a go. Thoughts?
