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Established Contributor
cdtotten
Posts: 951
Registered: ‎05-27-2009
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Re: BEST WAY TO FURNISH MY NEW HOME

You need to wait and file in 2010. They will directly deposit your refund into you account within 2 weeks (usually the next friday).

Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


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Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
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Re: BEST WAY TO FURNISH MY NEW HOME


DI wrote: Finance company accounts are generally considered to be higher risk lenders who target higher risk customers. As such, consumers who have finance company accounts on their credit reports could suffer lower scores.

Right-o.  For example, on "What's hurting your FICO score" on my myfico.com/12 report, "You have a consumer finance account on your report" is #3.  It comes in right behind #2 "You've recently been looking for credit" and ahead of #4 "You have a short credit history."

 

That's one of the reasons I like to pull from myfico.com/12 - you see all four codes and know what your lenders are seeing.  If you're only seeing one or two of your Reason Codes, you may never see that this is impacting your scores at all.

 

(This, by the way, appears to be triggered by my second mortgage which was with Citifinancial.  I guess it's not uncommon for banks to own finance companies - perhaps the "financial" is a major tipoff.)

Just puttin' syrup on something, don't make it pancakes.
Regular Contributor
ficonewbie01
Posts: 146
Registered: ‎04-05-2008
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Re: BEST WAY TO FURNISH MY NEW HOME

Is Value City Furniture credit considered a "Consumer Finance Account"? Just asking because I financed a new bedroom suite for 0% interest for 12 months.

4/30/10: EQ 705 | TU 687
6/09/09: EQ 656 | TU 638 | EX 675 (FICO from LO)
5/11/09: EQ 584 | TU 539
Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
0

Re: BEST WAY TO FURNISH MY NEW HOME


ficonewbie01 wrote:

Is Value City Furniture credit considered a "Consumer Finance Account"? Just asking because I financed a new bedroom suite for 0% interest for 12 months.


Sometimes (often for me) it's hard to tell.  Often they're hard to pin down.  One key to find out if they are a bank or a finance company, is to find out if they accept deposits for savings accounts.  If they don't, they're likely a finance company.

 

Value City's site says their accounts are backed by WFNNB (World Financial Network National Bank).  So the term Bank looks hopeful.  The term Financial raises a red flag.  If you check out WFNNB on BBB, you'll find this:

 

Name: World Financial Network National Bank

Address: P.O. Box 182273,   Columbus, OH 43218

File Open Date: January 2009

Type of Business: Consumer Finance Loan Companies

BBB Accreditation: World Financial Network National Bank is not a BBB Accredited business

 

Just puttin' syrup on something, don't make it pancakes.
Regular Contributor
rebuilder
Posts: 229
Registered: ‎08-31-2007
0

Re: BEST WAY TO FURNISH MY NEW HOME

[ Edited ]
WFNNB offers several store cards (VS, Express, JCrew, etc.).  Lots of posters here have CC accounts with them, myself included.
Message Edited by rebuilder on 10-29-2009 01:35 PM
Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
0

Re: BEST WAY TO FURNISH MY NEW HOME

And don't forget Ann Taylor Loft - best jeans in the universe!
Just puttin' syrup on something, don't make it pancakes.
Valued Contributor
Jazzzy
Posts: 2,679
Registered: ‎07-29-2009
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Re: BEST WAY TO FURNISH MY NEW HOME


nathan wrote:
Thanks for all the advice. I plan to use 4k for furniture and save the other 4k for emergency fund. Is it better for me to file my tax admendment now or just wait and claim the 8k next january when I file? If I file next year , can the 8k still be directly deposited or will i still have to wait about 16 weeks for a check from Uncle Sam. I have looked at the irs web site , but could not find any information on that.

You may want to do some reading on this in the mortgage forum. People now are debating which one to do. No one knows if your forms filed in 2010 will have to go through the same screening process that the amended tax forms are going through now, thus holding up your entire return.

 

I think right now people are split...some filing amended and some waiting.

Senior Contributor
UpUpUp
Posts: 3,017
Registered: ‎06-03-2008
0

Re: BEST WAY TO FURNISH MY NEW HOME


DI wrote:

M4c wrote:
Congrats on the home purchase!  I would wait 3 months til you file, have the money in the bank and THEN make the purchase.  Most furniture stores offer 6-10% off for cash IF you ask... but you gotta ask.

With a new house I don't think anybody would wait 3 months to furnish it.  We live in a "I want it now" society.   


Not always the case. I brought along most of my old furniture and am still furnishing as we go.The one thing I did buy quickly was a couch and don't you know I don't like it and we are talking about buying a new one after only 5 months or so. It's a sectional and while it fits okay in the room, we both have to sit strangely to lay down and watch tv and it hurts your neck and we just realize it's not working. 

 

In anycase, I'd also suggest you take your time and buy things as you need them. Don't rush out to stock pile on furniture, there is a real good chance you will change your mind.  Just buy key things you absolutely need at first and take your time with the others. 

Valued Member
thedaveytrain
Posts: 41
Registered: ‎01-23-2008
0

Re: BEST WAY TO FURNISH MY NEW HOME

Go to Goodwill now, and buy new stuff when you have cash in hand!
01/25/10 - TU 709, EQ 729, EX 705
Contributor
XAVIERSMAMA
Posts: 169
Registered: ‎02-09-2009
0

Re: BEST WAY TO FURNISH MY NEW HOME

Is there any particular major upcoming purchase that you will need a FICO above a certain number?  If not, I wouldn't worry about being "FICO score poor" and the potential point drop.  It will recover.  Buying furniture or anything else using a stores 1 year same as cash/0% interest or some other deal might be more advantageous to you if you can pay it off before the terms kick in.  It's okay to keep liquid cash in the bank and make payments on something if you are not being charged to make the payments and can pay it off in the time period specified in the offer.  You may pay cash for furniture instead of using credit and a few months later you might have something come up that you need to have cash for because they don't accept credit or payments.  Sometimes what's going to be the best for you is not going to be the best for your FICO score and that's okay.

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