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Mattress Retailer Credit - Installment or Revolving credit?

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ljohn27
Contributor

Mattress Retailer Credit - Installment or Revolving credit?

I'm thinking of financing mattresses at a mattress retailer through their special financing programs. Would this be considered an installment loan since you pay a fixed monthly rate as it's paid down or is it revolving. Need to confirm how it will report on my credit.

EX 678 | TU 689 | EQ 698 LENDER PULL 07/22/2014
EX 655 | TU 690 | EQ 678 MyFICO SCORES 07/09/2014
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KneelBeforeZod
Frequent Contributor

Re: Mattress Retailer Credit - Installment or Revolving credit?

That honestly depends on who the retailer is.  Is it a local store or a big chain?

 

I'm in PA and a few are operating like 'Rent a Center" where it doesn't report to credit and they charge high fees. If it's like Macys - they have their store card and a revolving "club account".  I believe both are considered revolving.

Current Scores (Dec 20, 2015) - EQ=719 EX=739 TU=740
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sexy_kitten7
Regular Contributor

Re: Mattress Retailer Credit - Installment or Revolving credit?

I would call and ask. If it reports as a "consumer finance account," it will hurt your credit.


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ljohn27
Contributor

Re: Mattress Retailer Credit - Installment or Revolving credit?

How does a "consumer finance account" hurt one's credit?
EX 678 | TU 689 | EQ 698 LENDER PULL 07/22/2014
EX 655 | TU 690 | EQ 678 MyFICO SCORES 07/09/2014
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