Reply
Contributor
glendazamot
Posts: 89
Registered: ‎07-28-2012
0

Need to buy appliances, need advise

Hello forum ppl! 

 

I am currently under contract on a home!  I am looking into buying around 3k work of appliances and want to take out some type of credit to pay for at least half.  I was thinking about a Lowe's card or Sears but I'm kind of concern with the interest that will be charged.  I currently only have a capital one card for 400$ (0 balance) and I'm an authorized user on my mom's Walmart's credit card 2500.00 (350.00 balance).  Would you guys recomment applying for a store card ??

Valued Contributor
Mike_B03
Posts: 1,146
Registered: ‎11-30-2012
0

Re: Need to buy appliances, need advise

Do not apply for anything if you have not closed yet, it will affect your credit score plus what if something happens and you don't close? 

 

Once you close, then you can go shop, most of these stores have next day delivery so it shouldn't cause a problem.

Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
0

Re: Need to buy appliances, need advise

This is the hardest part

Established Contributor
foofighter74
Posts: 828
Registered: ‎12-09-2012
0

Re: Need to buy appliances, need advise

No reason to buy anything until you've closed.  Most places can deliver in a day or so.  You can apply for a store card, pick out your appliances, and arrange for their delivery in just a couple hours.  No reason to do anything far in advance unless you can pay cash and you're not spending money needed to close.

New Member
NJQT
Posts: 10
Registered: ‎03-12-2013
0

Re: Need to buy appliances, need advise

Yea please don't apply for anything until after like the other poster said. It can change your credit, DTI and your whole loan application. It's better to wait.

Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
0

Re: Need to buy appliances, need advise

If they have it in stock. I actually have cash in hand, dont need credit to buy stuff and im scared to do it lol

Regular Contributor
jkwheaton78
Posts: 154
Registered: ‎08-02-2012
0

Re: Need to buy appliances, need advise

I am in the same situation, however I am too worried to touch any of my money and make big purchases right now.  I'm too worried they are going to ask for updated bank statements or something and wonder why i'm blowing through all of my money.


Starting Score: 553
Current Score: 710
Goal Score: 659


Take the FICO Fitness Challenge

8/18/2012 Lender Pull:
EX:659
EQ: 553
TU: 520
Goal: 659
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Need to buy appliances, need advise

Yeah, you're under contract so NO APPING AT ALL!

After you close AND AFTER the loan is funded, try Best Buy. They offer 0% APR for 24 months on purchases over $599 and you get 2% back in rewards.

But please, do not jump the gun. You do not want to get denied right before closing. Many people have from doing similar things that you stated you wanted to do. Wait! It is not worth losing the home for. And I am dead serious. You do not want to app for anything while in underwriting.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Senior Contributor
fishbjc
Posts: 3,439
Registered: ‎11-30-2007
0

Re: Need to buy appliances, need advise

don't buy anything from lowes or home depot without their 10% coupon!  You can usually get them on their site for new homebuyers or eBay (the bay of evil).  I bought one for $10 and saved me $200 when I built the deck. 

 

Sears...check out their scratch and dent....can save you about 60%. 

New Contributor
butterflyblu
Posts: 67
Registered: ‎03-08-2009
0

Re: Need to buy appliances, need advise

I love Home Depot.  I have purchased a ton from them via the Home Depot credit card due to some remodeling.  I have had it about 15 months.  I called twice for credit limit increases and they are extremely generous in the amount they give. :smileytongue:


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}