topic Re: Nebraska Furniture Mart (NFM) CC Approval in Credit Card Approvals

Nebraska Furniture Mart (NFM) CC Approval

pip3man — Thu, 07 Sep 2023 01:32:42 GMT

Visited store to shop for Labor Day deals. However, I wasn't able to make a buying decision same day so I had the sales rep write up a reservation to lock in my prices (you can actually negotiate prices with this retailer). With the reso number, I called the service number and got transferred to credit services. Rep was awesome! Took my DL and employment details, placed on hold and came back with an approval just slightly above the total order after taxes. HP on EX. Fico 8 was 664. 3 hard inquiries in the last 24 months. 3yrs & 1month post BK7 discharge. Reported utilization 44% (real time UT is actually 15%, my payoffs hasn't been reflected). Tried getting them to bump SL to $10k but no dice. Will split the order so the card isn't maxed out (it already is) when it eventually reports.

Re: Nebraska Furniture Mart (NFM) CC Approval

CH-7-Mission-Accomplished — Thu, 07 Sep 2023 03:25:42 GMT

@pip3man wrote:
Visited store to shop for Labor Day deals. However, I wasn't able to make a buying decision same day so I had the sales rep write up a reservation to lock in my prices (you can actually negotiate prices with this retailer). With the reso number, I called the service number and got transferred to credit services. Rep was awesome! Took my DL and employment details, placed on hold and came back with an approval just slightly above the total order after taxes. HP on EX. Fico 8 was 664. 3 hard inquiries in the last 24 months. 3yrs & 1month post BK7 discharge. Reported utilization 44% (real time UT is actually 15%, my payoffs hasn't been reflected). Tried getting them to bump SL to $10k but no dice. Will split the order so the card isn't maxed out (it already is) when it eventually reports.

Congrats. I would be cautious opening retail accounts that are designed for just one retailer like this (one off card, not like Synchrony or Bread AKA Comenity). I would worry that the account will score as a consumer finance account. I did some snooping and it looks like Wells Fargo is the funding source, but these types of acounts where you buy furniture over 24 months and pay no interest are the types that score as CFAs.

Re: Nebraska Furniture Mart (NFM) CC Approval

CreditMagic7 — Thu, 07 Sep 2023 04:00:19 GMT

Congratulations on your newest addition to the lineup with Nebraska Furniture Approval!

Re: Nebraska Furniture Mart (NFM) CC Approval

Trinzero — Thu, 07 Sep 2023 09:42:32 GMT

Congrats on your success! 🎉

Great job putting in the work!

Re: Nebraska Furniture Mart (NFM) CC Approval

JoeRockhead — Thu, 07 Sep 2023 10:46:11 GMT

Congratulations on your approval!

Re: Nebraska Furniture Mart (NFM) CC Approval

KingRue8500 — Thu, 07 Sep 2023 23:31:57 GMT

Congrats on your Nebraska Furniture Mart approval

Re: Nebraska Furniture Mart (NFM) CC Approval

Aspireto850 — Fri, 08 Sep 2023 14:22:57 GMT

Congrats!

They are pretty generous with the 'soft pull' CLIs. I started with a CL of $2000 and it went up to $20k in about 16 months. I called every 4 months faithfully.

Re: Nebraska Furniture Mart (NFM) CC Approval

pip3man — Fri, 08 Sep 2023 18:08:18 GMT

@Aspireto850 wrote:
Congrats!

They are pretty generous with the 'soft pull' CLIs. I started with a CL of $2000 and it went up to $20k in about 16 months. I called every 4 months faithfully.

Thanks for sharing. You brought up an interesting point because contrary to ur experience, every review I've read online suggests that they do a HP for every customer initiated CLI request. Is that no longer the case? How long have you held ur account and when was the last time u requested a CLI? Did u have to make regular purchases to get those increases approved? If u don't mind me asking.

Re: Nebraska Furniture Mart (NFM) CC Approval

Slabenstein — Fri, 08 Sep 2023 18:20:06 GMT

@CH-7-Mission-Accomplished wrote:
Congrats. I would be cautious opening retail accounts that are designed for just one retailer like this (one off card, not like Synchrony or Bread AKA Comenity). I would worry that the account will score as a consumer finance account. I did some snooping and it looks like Wells Fargo is the funding source, but these types of acounts where you buy furniture over 24 months and pay no interest are the types that score as CFAs.

To my knowledge, only installment accounts can score as CFA's, not revolving accounts like this one. Regardless, the NFM card itself is definitely not a CFA. (I live in the area, and it's a very commonly held store card here.)

Re: Nebraska Furniture Mart (NFM) CC Approval

CH-7-Mission-Accomplished — Fri, 08 Sep 2023 23:00:11 GMT

@Slabenstein wrote:
@CH-7-Mission-Accomplished wrote:
Congrats. I would be cautious opening retail accounts that are designed for just one retailer like this (one off card, not like Synchrony or Bread AKA Comenity). I would worry that the account will score as a consumer finance account. I did some snooping and it looks like Wells Fargo is the funding source, but these types of acounts where you buy furniture over 24 months and pay no interest are the types that score as CFAs.

To my knowledge, only installment accounts can score as CFA's, not revolving accounts like this one. Regardless, the NFM card itself is definitely not a CFA. (I live in the area, and it's a very commonly held store card here.)

Good to hear. I always advise caution with any retail accounts. I had a Dell Finance account when I bought a computer. It was included in my BK. Although it showed as a revolving account, the way it worked is they would give you 12 months or 24 months or whatever to pay off the loan in equal monthly installments. The "revolving" part was the fact that you could re-use this installment feature once you paid off the computer. When the CFA reason code finally bubbled up on my FICO score reasons, I disputed some accounts and when that Dell "revolving account" deleted, that reason code vanished, never to be seen again. Everything else on my reports were revolving bank cards. I did have a Capital One auto loan, but I kept paying on it until the card was paid off, and once that Dell account vanished, I never again got the CFA reason code and have never seen one again. This is just my experience for the good of all. YMMV.

Re: Nebraska Furniture Mart (NFM) CC Approval

NoMoreDebt — Sat, 09 Sep 2023 16:43:31 GMT

Congratulations on your approval

Re: Nebraska Furniture Mart (NFM) CC Approval

CreditAggie — Sat, 09 Sep 2023 20:28:55 GMT

Congratulations on your NFM approval!

Re: Nebraska Furniture Mart (NFM) CC Approval

cashorcharge — Mon, 11 Sep 2023 22:14:08 GMT

WooHoo!! Congratulations on your Approval!!👏🏼🍾🥂

Re: Nebraska Furniture Mart (NFM) CC Approval

Aspireto850 — Sat, 16 Sep 2023 19:33:59 GMT

Well I opened account as it was time for us to upgrade all of our appliances but I didn't make the first purchase until my limit got to $20k. So I would say the CLUs weren't purchase dependent. I've gotten about 5 cli's all soft pull and they tell you that before they initiate the inquiry. I'm behind schedule on requesting one because my utilization is pretty high and I don't want to poke the bear. They also ask you the amount of credit you want when they do the soft pull. I've been pretty please with their credit department. It took a year for a refrigerator to come in stock and while that decreased my available credit it was never reported to credit bureau until 30 days after items were delivered. Unlike Lowe's who charge you, report new balance even if item is still undelivered.