So, I have way oo many inquiries on my credit report right now, which is fine, I'll let them drop off over the next year. Anyway, I happened to see the HH Gregg ad this week and noticed it offered 24mo financing but then had the "OR" no-credit check payment plan listed and to see store for detals. Of course, I asked on Facebook first and the people who do their page had absolutely no clue. My sister was in a store today and found out that you pick your item, then Rent-A-Center purchases it and you in essence then make payments to RAC....So, has anyone heard of this or utilized it? I don't know if it's for any item or not and thought it might be better than doing the charge card. I need to get a new phone and did not want to sign up with AT&T and thought of buying a phone outright then using Straight Talk since it's way cheaper. If anyone is familiar with this HH Gregg thing, let me know. I don't know if they report to the credit agencies or not.
It's a GE Capital card. Pretty similar to their other offerings. They usually offer a deferred interest promotion, but the rate is astronomical, so be sure that it is paid off before the promotion end date.
Maybe I'm missing it but I don't see any other info online at hhgregg abut other finacncing... is it local area?
I can't imagine a RAC loan could EVER be better then the GE card that you finance yourself unless you have to have and can't get financed by GE.
you are likely paying weekly payments that in 8 days total more than the 0% GE card if you got approved for on purchases.
Rent A Center, Arrons, and others are rent to own places which do their inhouse financing. They sell the beauty on the weekly payment thingy. However, most of what they sell is never completely paid for, there fore they have high servicing costs. Labor, truck to deliver and pick up, defaults, etc. You would be far better off if you have the credit to shop and purchase elsewhere.Plus your credit card would build and grow with you even if it is a starter card.
I am a sales associate at HHGregg and I can verify that there are restrictions on what charges RAC will allow. Having Rent-A-Center in our stores is still a new thing for us and we are all getting used to it. The best thing I could recommend is to go in and ask to speak to your store's RAC associate. They can answer any questions you have about RAC and a sales associate can answer questions on the card.
The credit card is through GE Capital and the interest rate is ~30%. If you don't pay off your debt in the interest-free promotion period then you get hit with interest from day one. Make sure to pay it off on time.
As for whether or not you can purchase a cell phone through RAC, I am not sure. Like I said, RAC is new for us and we haven't run into that situation yet. Again, ask to speak to your RAC representative.
Finally, always be nice to the employees. They just want to help.
HH Gregg was an easy approval--- I had a somewhere around 670 EQ fico, guessing around 3-5 inquiries, when approved for $2500 with $26,000 yearly income. A year later--after a large purchase and paid, a 718 EQ FICO/ 756 TU FICO, 3% uilization, no lates/collections--- I called about CLI....was approved additional to new line of $3500---HOWEVER...they gave no notice that it would be a hard pull! Not happy! Automated system requested info before transferring me to representative where I could ask if it would be hard or soft pull and then pulled before I was given opportunity to decline. I only called to ask what type of pull it would be....other than that have had no issues with HH Gregg card-- many promotions where you have up to 24 months 0% interest if pd in full by end (plenty of time even with small payment!).
UPDATE: found hard pull on Experian
I'm not sure about the HH Greg, but I did something similar to this through RAC and a local furniture dealer. I didn't at the time, have the credit for the Wells Fargo account at the store, so I used the RAC option. Crazy high interest rates. The dinning set I bought was $1200 and after all the fees (they have you finish paying in 24 months), it was around $3700. I ended up getting a loan through my credit union to pay it off. They did report to all credit agencies and now it helps with utilization due to my "credit limit". My experience was fine, but the rates were crazy so I would pay it off asap.
It is GE financing if you do the 24 month no financing
here is the link to apply for the HHGREG card