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We are contemplating purchasing a new TV and our local hhgregg store is offering 0% for 24 months on any purchase of $999 and up. I know that the card they offer is backed by GE Money Bank.
What I'm wondering is what qualifications are needed for a good chance of approval?
Here are some stats:
-Recently approved for Amex Zync (no pre-set limit) and Barclays Apple Financing card ($1,500 limit).
-Total utilization is currently 48%.
-Last late payment was 2 years and 9 months ago.
-Current TU FICO is 661 (myfico.com) and EQ 646 (myfico.com)
-I have a lease on my car through Nissan Motor Acceptance Corp and a mortgage on my home through Wells Fargo.
- No collections on either report (had 3 4-5 years ago but all have been PIF but are not listed as collections)
I don't want to go there and go through the embarrassment of being denied.
The TV we are looking at is $1,200. Would it be worth trying...i know they pull E? What are your thoughts?
Thanks in advance!
anyone?
Shouldn't be a problem. apply
I think you have a good chance for approval my only concern for you would be that new barclays. They seem to like to sut down new accounts for even 1 new inq and for me and I think everyone they check TU. Now GEMB for me (I have 5 cards with them) they have ALWAYS pulled TU for me so I would be a little leary of that. But if they pull eq in our area go for it.
@mross1080 wrote:I think you have a good chance for approval my only concern for you would be that new barclays. They seem to like to sut down new accounts for even 1 new inq and for me and I think everyone they check TU. Now GEMB for me (I have 5 cards with them) they have ALWAYS pulled TU for me so I would be a little leary of that. But if they pull eq in our area go for it.
FWIW, my husband applied for a GEMB backed card recently, and they pulled EQ for him. We live in Florida.
@Jmc70 wrote:We are contemplating purchasing a new TV and our local hhgregg store is offering 0% for 24 months on any purchase of $999 and up. I know that the card they offer is backed by GE Money Bank.
What I'm wondering is what qualifications are needed for a good chance of approval?
Here are some stats:
-Recently approved for Amex Zync (no pre-set limit) and Barclays Apple Financing card ($1,500 limit).
-Total utilization is currently 48%.
-Last late payment was 2 years and 9 months ago.
-Current TU FICO is 661 (myfico.com) and EQ 646 (myfico.com)
-I have a lease on my car through Nissan Motor Acceptance Corp and a mortgage on my home through Wells Fargo.
- No collections on either report (had 3 4-5 years ago but all have been PIF but are not listed as collections)
I don't want to go there and go through the embarrassment of being denied.
The TV we are looking at is $1,200. Would it be worth trying...i know they pull E? What are your thoughts?
Thanks in advance!
If you can wait, I would recommend that. I am not picking but you have pretty borderline scores and high util (which may get even higher if you are approved for something like 1500).
No one can say for sure, but you may be running a very high risk of AA from barclay's
We have our own personal barclay's AA expert on this forum (JR), I will once again wait for his valuable inputs.
Jay....................
Barclay shot me down for two new inquiry, so careful
I bought a samsung 860 series plasma 1.5 years ago. I had scores in the low-to-mid 700s and was only approved for $1500. They allow you to purchase something up to 120% of your credit line or something, if you pay anything over the limit after the first statement, so I did that, because the TV we bought was $1800. To my surprise, what actually happened was a CLI up to $1800, but I paid off the $300 anyway, because I didn't want to risk anything, nor did I want to appear maxed out.
I just paid the card off last month.
I don't know if any of that helps, but I think their limits are pretty low compared to other retailers. Home Depot approved me just a year prior with lower scores for $3000. I think you will definitely be approved if you apply in-store. So maybe you take whatever limit you get and max it out, then put the rest on a low APR card. That will make your credit profile look even riskier, though.
My partner and I have many items together from our 12 years together and had many "ignorant" things in our past. We ar both in the mid to upper 600's at present... Furthermore, we both had a bk (me 2 one from 2001 - falls off in October, thank god and one dismissed in 11/2009 - thank god it will be 2 years in 2011!!!!)
But, I digress... at present I have 19 credit cards... 4 Visa's, and an HH Gregg. We were approved for $1050.00 - I think you have a greater chance... I have probably 20 inquiries from rebuilding with store cards over the past two years.
Good luck, look forward to hearing your results... side info, at the time we applied are debt to income is 18% and util is 7%... not sure if that helps... I have used it to buy a laptop - paid off, in February put $1,000.00 on a new washer and dryer (had to pay hefty cash load with it)... but, 12 months 0% is sweet... It's at $600.00 now only because I hate debt, but I took advantage of the interest free to carry it for two months... the washer is good quality - so I would imagine the television is too.
Josh