Ashley Furniture 0% is Wells Fargo Credit Card- My experience

[Anonymous]

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@Anonymous wrote:

Wanted to share my experience (saw a similar one with Newegg and Synchrony) with Ashley Furniture and Wells Fargo Credit card.

In October 2015, want to Ashley Furniture to buy a mattress.. The Sales Rep was very friendly (aren't all of them, till the sale? ) and told me about the 0% 60 months financing promo on for Columbus Day...didn't believe him and asked for the catch...pat came the response - "there is no catch Sir, this is a 60 month 0% financing with no interests or any charge to be paid till 5 years !" He said a simple credit application will do. Asked him if it's a soft pull or hard pull and he was very confident that it was a soft pull...I had my doubts but still went on...bought two bedroom sets with mattresses, costing 3400 plus tax of 260. The Sales Rep approved for $4000 in a matter of seconds and the purchase was about $3660. 

i was told the financing was from Wells Fargo and more details will reach me in due course. Got the furniture next day, installed and everything was smooth. Next day, got an alert from MyFico about a hard enquiry on my EX. Two days later, got a shocker of my life - EX, TU and EQ all reported a new Wells Fargo Credit Card account with 90% utilization ! To make matters worse, my score dropped 19 points. I was never told that this will be a Credit Card.

Fortunately, I had cash and paid off 6 months instalments at one go. Called Wells Fargo today and told them about how the Ashley Sales Rep did not tell me full details. The phone rep was appreciative and offered to look into CLI to make things better. He wouldn't know if the CLI was a SP or HP...I wanted to go ahead irrespective...he tried for $7000 and it was approved. With my util dropping to less than 40%, intend to pay off some more to bring it to 25% or lower.

In case you see such offers next time, remember - 1. it's a HP, 2. it'll be treated as a Credit Card but with 0% APR and 3. Try to get a real high limit so that you don't get hit by higher utilization.

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Don't feel bad.. My husband and I got new hardwood floors through Empire Today. The finance company was Wells Fargo. We end up getting 3 HP's the next day.  I wasn't aware they were going to report it as a revolving account either. The floor cost us $5400 and we were approved for $6000. That put our utilization at 90% too. It hurt our credit bad. That is why my scores are so low. We're planning on paying it off by February. Do you tthink I could call Wells Fargo as well and see if they can give us a CLI?

[Anonymous]

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@Anonymous wrote:

Why does it matter if it's a credit card or not? Either way it's a loan, of course it will be on your credit...next SP are initiated by lenders..you initiated this, of course it's a HP...in reality who cares if it's 19 points..what do you need it for everyday?  Second...they told you it was a $4000 line and you knew what your bill was, so what are you surprised about?  Sounds like your fault buddy.

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It matters a lot if it's reported as an installment account or a revolving account when it comes to scoring and credit. I don't think this post was to really blame Wells Fargo or Ashley's Furniture. It was to let others know that it could be reported as a revolving account and if you don't try to maximize the amount of credit they extend to you, you will be put at a high utilization so don't make the same mistake!

[Anonymous]

Their website says Synchrony and there is no mention of Wells Fargo.  I wonder if they do separate financing in different states.  Also, the online application asks what your initial puchase amount will be (if known).  I wonder if you could enter 5,000 and get a 5-7 K credit line, then walk into the store and just buy a lamp.  I need new furniture big time but my util is up to 30% now and I do not want it to go any higher.

[steel_string]

I bought some furniture there a couple of years ago and ended up with one of those Wells Fargo Preferred Customer cards. There are a few things to be aware of. First, it's a charge card, not a credit card. Payments will be applied to whichever charge produces the worst problems for you unless you make your payments by phone. It's a retroactive interest trap, so if it's not all paid off by a certain date, they hit you with 30% interest (or whatever your rate is) from the date of the purchase. Warnings about the date and any other issues will only be on your .pdf statement, not the web pages where you make the payments and view your balances.

[Anonymous]

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@Anonymous wrote:

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Don't feel bad.. My husband and I got new hardwood floors through Empire Today. The finance company was Wells Fargo. We end up getting 3 HP's the next day.  I wasn't aware they were going to report it as a revolving account either. The floor cost us $5400 and we were approved for $6000. That put our utilization at 90% too. It hurt our credit bad. That is why my scores are so low. We're planning on paying it off by February. Do you tthink I could call Wells Fargo as well and see if they can give us a CLI?

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Yes, from what I can say from my interaction with the WF phone rep, you might qualify for a higher CLI. The phone number I called was 877 805 7744. The WF Bank is different from the WF Retail Services, which extends the loans for Furniture companies.

Not sure the CLI was a HP or SP. Will have to wait till tomorrow or Monday. If it's HP, MyFico will alert me. 

Do you want to wait till I confirm on HP or SP?

[ddemari]

dang, 3 hard pulls for a ashley store card? I am finding two things online, two different ashley apps one with wells fargo and one with synch bank. although the most current one would be synchrony as this ashley wells fargo thing is from 2014

†Minimum purchase of $2,999 required plus 20% down payment and payment of sales tax and delivery fees for 36 month plan. No interest if paid in full within promotional time period. Equal payments required. Special terms apply to purchases charged with approved credit to the Ashley Furniture HomeStore credit card issued by Wells Fargo Financial National Bank. The minimum monthly payment will be the amount that will pay for the purchase in full in equal payments during the promotional period. There will be no interest charged during the promotional period. If you make a late payment during the promotional period or if a balance remains after the promotional period, the regular APR will apply to the remaining balance. For newly opened accounts, the regular APR is 27.99%. The APR may vary. The APR is given as of 9/28/10. If you are charged interest in any billing cycle, the minimum charge is $1.00. Offer expires 1/20/14. SEE STORE FOR DETAILS.

The Ashley Furniture HomeStore credit card is issued by Synchrony Bank ("SYNCB"). The SYNCB Privacy Policygoverns the use of the Ashley Furniture HomeStore credit card and is different than the privacy policy of the business that accepts this credit card.

Maybe if you apply online, its a synch card and if you apply in store, its a wells fargo card? as these types of stores are independently owned? 

[Anonymous]

@JDana70 - There was no HP alert for the CLI till now. I'm assuming SP.

Why don't you try requesting?

[Anonymous]

I'll call today and see.

[Shawndoe79]

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@ddemari wrote:

dang, 3 hard pulls for a ashley store card? I am finding two things online, two different ashley apps one with wells fargo and one with synch bank. although the most current one would be synchrony as this ashley wells fargo thing is from 2014

†Minimum purchase of $2,999 required plus 20% down payment and payment of sales tax and delivery fees for 36 month plan. No interest if paid in full within promotional time period. Equal payments required. Special terms apply to purchases charged with approved credit to the Ashley Furniture HomeStore credit card issued by Wells Fargo Financial National Bank. The minimum monthly payment will be the amount that will pay for the purchase in full in equal payments during the promotional period. There will be no interest charged during the promotional period. If you make a late payment during the promotional period or if a balance remains after the promotional period, the regular APR will apply to the remaining balance. For newly opened accounts, the regular APR is 27.99%. The APR may vary. The APR is given as of 9/28/10. If you are charged interest in any billing cycle, the minimum charge is $1.00. Offer expires 1/20/14. SEE STORE FOR DETAILS.

The Ashley Furniture HomeStore credit card is issued by Synchrony Bank ("SYNCB"). The SYNCB Privacy Policygoverns the use of the Ashley Furniture HomeStore credit card and is different than the privacy policy of the business that accepts this credit card.

Maybe if you apply online, its a synch card and if you apply in store, its a wells fargo card? as these types of stores are independently owned? 

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I applied in store and it was Synchrony back in May