This weekend i was roped by the wife to go "look" at furniture at ashley furniture . She of course found a set she had to have and since they had 36months no interest. We applied got 4k CL and spent 3400.
My question is this is Citifinacial . Is that going to hurt more than just a normal account? I was thinking i read something somewhere that was talking about consumer credit line or something and its frowned upon .
and on a side note . I have to got to get back on the wagon of resisting to apply . in the last few weeks i have been BAD!!
I have apllied for USAA (denied too many inqs),
Nationwide(denied uknown reason still),
UMB guide dog card ( 2k 9.9 rate per the csr but the website says 11 something is the lowest?)
and yesterday i got a preapproval in the mail from Citi for a MC . I resisted last night but caved this morning approved 12.5k
Citifinancial are loan sharks.
They might have different things that make them seem like that to you . But Ive never seen a loan shark give you their money for nothing . So they are just dandy in my thoughts . 36 months no interest. Sure the default rate is 24.99% but alot of store credit cards are just the same.
I'm not trying to be disrespectful, but you probably could have negotiated a better price had you paid cash or with another card. Citifinancial charges most dealers a hefty "discount rate" as they call it to offer interest free financing. I know they charge us 17.25% to offer this particular deal, but we're in the HVAC business, not sure what they charge a larger company like Ashley.
Just my thoughts.
I would really not worry about any points you may loose due to a Furniture account, I would be surprised if you even noticed. I have a mattress account and it has not cost me points, if anything you may loose some points until it's not looking so maxed out but not for the type
I think the key here is that it sounds as though this is being reported as a consumer finance account, rather than a regular store account. Back in my stupider days, I had personal, unsecured loans from Washington Mutual, which is now CitiFinancial. Whenever I used to pull my reports, one of the negative factors that came up was "Presence of a consumer finance account".... and something to the effect that these are typically personal bailout loans with bad terms, usually for people who were rejected for personal loans from banks due to bad credit or DTI or the like. I am not saying this situation is the same, just a personal experience with the term "consumer finance" and Citifinancial.