topic Store financing in Credit Card Applications

Store financing

Ahava18 — Fri, 01 Mar 2024 15:09:26 GMT

Hi,

I'm considering making a large purchase at a retailer that offers financing which I'm considering to apply for.

Do store financing plans get reported to the CB? And, if it does, what happens if I return my purchase does it get reported as a paid off loan?

Thanks

Re: Store financing

pizzadude — Fri, 01 Mar 2024 15:47:27 GMT

@Ahava18 wrote:
Hi,

I'm considering making a large purchase at a retailer that offers financing which I'm considering to apply for.

Do store financing plans get reported to the CB? And, if it does, what happens if I return my purchase does it get reported as a paid off loan?

Thanks

Typically yes, the account will show on your credit reports. Some store accounts will show as a revolving account while others may be a fixed installment term / amount, it really depends on the creditor so if you can share their name it will help others chime in with specifics.

Re: Store financing

SouthJamaica — Fri, 01 Mar 2024 15:51:58 GMT

@Ahava18 wrote:
Hi,

I'm considering making a large purchase at a retailer that offers financing which I'm considering to apply for.

Do store financing plans get reported to the CB? And, if it does, what happens if I return my purchase does it get reported as a paid off loan?

Thanks

I don't recommend store financing, even though the terms may be very attractive, because it seems to get reported as a "CFA" (consumer finance account), which seems to be slightly negative in your credit reports.

Re: Store financing

Ahava18 — Fri, 01 Mar 2024 16:58:59 GMT

@pizzadude wrote:
it really depends on the creditor so if you can share their name it will help others chime in with specifics.

Apple

Re: Store financing

pizzadude — Fri, 01 Mar 2024 18:05:55 GMT

@Ahava18 wrote:
@pizzadude wrote:
it really depends on the creditor so if you can share their name it will help others chime in with specifics.
Apple

Apple Pay Later ? Or Apple Card ?

https://www.apple.com/shop/browse/financing

Re: Store financing

CorpCrMgr1 — Fri, 01 Mar 2024 22:11:56 GMT

Is the retailer a national chain, regional, or a one of? That can make a difference in reporting or not.