cancel
Showing results for 
Search instead for 
Did you mean: 

Effect of GE Capital on CR

Senior Contributor

Effect of GE Capital on CR

I'm considering using GE Capital 0% financing for a mattress purchase. I understand the drawback of a HP and new acct on my CR, which will probably end up closed in a couple of years.

 

My concern is if GE Capital is considered a Consumer Finance Loan, which can have a negative impact on the CR. Here's a video I saw: http://www.youtube.com/watch?v=imwWmxoS74I

 

I'm not clear as to whether or not a GE Cap mattress financing would be considered a CFL because some posted that it was revolving. So, can it be both? If I used GE Cap 0% financing would it have the negative impact of a CFL on my CR?

 

It's ironic that I finally have good enough credit to qualify for something like that and may not be able to do it because I don't want the negative impact on my CR! Smiley Frustrated

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 1 of 7
6 REPLIES
Valued Contributor

Re: Effect of GE Capital on CR

Other option is to get 0% card.

               LIMITS IN CARD DESCRIPTIONS
Message 2 of 7
Senior Contributor

Re: Effect of GE Capital on CR

That's a good idea. I don't know why it never even occurred to me! Thanks. Smiley Happy

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 3 of 7
Senior Contributor

Re: Effect of GE Capital on CR

I think it's revolving... and GECRB is pretty generous with limits in its consumer financing. If anything, a higher limit with GECRB will help you with your util.

Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 4 of 7
Mega Contributor

Re: Effect of GE Capital on CR

I agree with going for the card, you should be good with getting a high CL.



EQ FICO 548 3/3/16
Message 5 of 7
Established Contributor

Re: Effect of GE Capital on CR

only bad thing about doing that is if GE gives you just enough to purchase the mattress you want and the account is considered Revolving, then it will appear to be "maxed" out on your credit reports and then it will have negative impact on your Credit scores....just a thoughtSmiley Wink



Starting Score: EQ 609, EX 633(Fako), TU 700
Current Score: EQ 699, EX 758, TU 733
Goal Score: 720 across the board
Garden Club Member-GC Challenge: App free since 10/31/12 Smiley Wink
Message 6 of 7
Established Contributor

Re: Effect of GE Capital on CR

I'd like to hear opinions on this topic too. Not that I am in the market now, but I'd love to know whether this type of loan would hurt scores and would it only be while the loan is active? Under what area does FICO consider this score a negative in?

 

Also , can it be both revolving and a CFL? I would think not but uncertain.

Message 7 of 7