topic Re: Wells Fargo Retail Issued - Mattress Firm Card in Credit Cards

Wells Fargo Retail Issued - Mattress Firm Card

Anonymous — Fri, 22 Jan 2016 17:45:56 GMT

Couldn't find an answer to my question anywhere, so hope this is the right place to ask. I was shopping for a new mattress (Jan 20) since mine has a huge dip in it, can't be flipped, and is like sleeping in a hole. After looking around I settled on a mattress set from Mattress Firm Company. Visited the store and hadn't made the decision to buy yet, which just frustrates the sales guy. So, I went home and thought whether to just put it on a credit card, pay cash, or finance it for an installemt payment to show on my credit report (since I have no installemt payments).

Well, they finance (credit card) through Wells Fargo Financial Retail. I went on line and applied and was approved for $3,600. Which is far more than I needed to purchase my mattress set at $781. I did get 12month 0% interest, but not an equal payment program which is what I really wanted. Nonetheless, after getting the approval I went back to the store and finalized the order.

Now, I find out that as of March 31, 2016 Wells Fargo and Mattress Firm are parting ways and that the card will no longer be able to be used. Don't really care about that because I don't need a bunch of mattresses and pillows. But, my question after such a long explanation is;

What happens to the reported credit that will no longer available? Does that help my utilization? Does it fall off after it no longer is a valid account with Wells Fargo/Mattress Firm?

Either way, I got the mattress I wanted and wouldn't spend anymore of the card even if it was available to use. Just wondering if anyone knows what happens.

Thanks.

Re: Wells Fargo Retail Issued - Mattress Firm Card

ddemari — Fri, 22 Jan 2016 23:12:49 GMT

Is it possible that mattress firm will team up with another back and therefore sell their portfolio? This happens all the time.

Re: Wells Fargo Retail Issued - Mattress Firm Card

ddemari — Fri, 22 Jan 2016 23:13:02 GMT

Bank not back lol

Re: Wells Fargo Retail Issued - Mattress Firm Card

Anonymous — Fri, 22 Jan 2016 23:22:12 GMT

@Anonymous wrote:
I was shopping for a new mattress (Jan 20) since mine has a huge dip in it,

That doesn't seem like a very nice way to talk about your spouse.

Re: Wells Fargo Retail Issued - Mattress Firm Card

Anonymous — Fri, 22 Jan 2016 23:25:22 GMT

@Anonymous wrote:
@Anonymous wrote:
I was shopping for a new mattress (Jan 20) since mine has a huge dip in it,
That doesn't seem like a very nice way to talk about your spouse.

You should hear how she talks about me!!

Re: Wells Fargo Retail Issued - Mattress Firm Card

Anonymous — Sat, 23 Jan 2016 03:14:57 GMT

@Anonymous wrote:
@Anonymous wrote:
mine has a huge dip in it, can't be flipped, and is like sleeping in a hole
That doesn't seem like a very nice way to talk about your spouse.

Funny, I took it as he was the dip and she was the hole........

Sorry, too soon?

Re: Wells Fargo Retail Issued - Mattress Firm Card

bk510 — Sat, 23 Jan 2016 05:00:55 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
mine has a huge dip in it, can't be flipped, and is like sleeping in a hole
That doesn't seem like a very nice way to talk about your spouse.

Funny, I took it as he was the dip and she was the hole........

Sorry, too soon?

lol

Re: Wells Fargo Retail Issued - Mattress Firm Card

Anonymous — Sat, 23 Jan 2016 05:06:01 GMT

@bk510 wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
mine has a huge dip in it, can't be flipped, and is like sleeping in a hole
That doesn't seem like a very nice way to talk about your spouse.

Funny, I took it as he was the dip and she was the hole........

Sorry, too soon?
lol

I'd like to ask that if you have nothing serious to add in regard to the question asked, please leave the comedy out of my message question. Find the comedy section. I asked a serious question and am looking for advise and answers from knowleable people out there. Not childish comedy.

Much appreciated.

Re: Wells Fargo Retail Issued - Mattress Firm Card

UncleB — Sat, 23 Jan 2016 06:09:53 GMT

Ranger, in my experience if you have a revolving account (which if I understand correctly you do) it will simply be transitioned to the new lender, and you'll start making your monthly payments to them.

The account won't really 'fall off', the creditor name reporting on your credit bureau reports will just change to the new lender and your history will remain the same. For example, back in 2008 I got a MasterCard with HSBC which was later bought by Capital One. If you look at my credit report, it appears that I have a nine year old Capital One account - complete with history - even though they didn't get it until 2013.

Hope this helps, and congrats on the new mattress!

Re: Wells Fargo Retail Issued - Mattress Firm Card

bk510 — Sat, 23 Jan 2016 07:35:57 GMT

@Anonymous wrote:
@bk510 wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
mine has a huge dip in it, can't be flipped, and is like sleeping in a hole
That doesn't seem like a very nice way to talk about your spouse.

Funny, I took it as he was the dip and she was the hole........

Sorry, too soon?
lol
I'd like to ask that if you have nothing serious to add in regard to the question asked, please leave the comedy out of my message question. Find the comedy section. I asked a serious question and am looking for advise and answers from knowleable people out there. Not childish comedy.

Much appreciated.

Well Taken......

Re: Wells Fargo Retail Issued - Mattress Firm Card

Anonymous — Sat, 23 Jan 2016 16:18:39 GMT

@UncleB wrote:
Ranger, in my experience if you have a revolving account (which if I understand correctly you do) it will simply be transitioned to the new lender, and you'll start making your monthly payments to them.

The account won't really 'fall off', the creditor name reporting on your credit bureau reports will just change to the new lender and your history will remain the same. For example, back in 2008 I got a MasterCard with HSBC which was later bought by Capital One. If you look at my credit report, it appears that I have a nine year old Capital One account - complete with history - even though they didn't get it until 2013.

Hope this helps, and congrats on the new mattress!

Your Mattress Firm credit card application has been approved.

Available credit:

It does say that it is a Mattress Firm Credit Card. And, as mentioned my paperwork (receipt) says I have 12 months at 0% to pay it off. I checked Wells Fargo account page and it shows the amount owed already. I've never used a "retail store" card before, nor have been in a situation where that account was changed hands. Even though I have a Walmart Mastercard, I still haven't used it yet.

It has been snowing and icing here where I'm at, and Mattress Firm cancelled all deiveries untl Monday Jan25, so my new mattress won't be here until Monday. Was supposed to be delivered Friday, but the snow and ice ended that.

Your comment helped me understand, now will rest a bit easier. Thanks.

Re: Wells Fargo Retail Issued - Mattress Firm Card

UncleB — Sat, 23 Jan 2016 17:50:33 GMT

@Anonymous wrote:
@UncleB wrote:
Ranger, in my experience if you have a revolving account (which if I understand correctly you do) it will simply be transitioned to the new lender, and you'll start making your monthly payments to them.

The account won't really 'fall off', the creditor name reporting on your credit bureau reports will just change to the new lender and your history will remain the same. For example, back in 2008 I got a MasterCard with HSBC which was later bought by Capital One. If you look at my credit report, it appears that I have a nine year old Capital One account - complete with history - even though they didn't get it until 2013.

Hope this helps, and congrats on the new mattress!
Your Mattress Firm credit card application has been approved.
Available credit:

It does say that it is a Mattress Firm Credit Card. And, as mentioned my paperwork (receipt) says I have 12 months at 0% to pay it off. I checked Wells Fargo account page and it shows the amount owed already. I've never used a "retail store" card before, nor have been in a situation where that account was changed hands. Even though I have a Walmart Mastercard, I still haven't used it yet.

It has been snowing and icing here where I'm at, and Mattress Firm cancelled all deiveries untl Monday Jan25, so my new mattress won't be here until Monday. Was supposed to be delivered Friday, but the snow and ice ended that.

Your comment helped me understand, now will rest a bit easier. Thanks.

I have a few retail cards, and they are truly a 'two edged sword'... if you take advantage of their 0% promotions they can be fantastic, but if you carry a non-promo balance they can be a budget-wrecker for sure. While not a 'store card', I got Care Credit (Synchrony) to pay for a dental implant and a crown, and having 12 months at 0% made the difference between having the work done and putting it off indefinitely.

Just be careful of the terms on 0% deals... with Care Credit, the interest is deferred, meaning if you don't have the transaction paid in full by the end of the 12 month period, they go back and add interest from the day of the sale - which with the high APR is significant. In my own case, I have a balance transfer plan "on standby" if something goes wrong and I'm unable to have Care Credit PIF by the last month.

It's a shame the snow came in just in time to mess up your delivery, but at least the delay isn't too bad. Luckily where I am (Southeast) it's not too bad, but I'm hoping for everybody else the ice will be gone soon.

Re: Wells Fargo Retail Issued - Mattress Firm Card

Ron1 — Sat, 23 Jan 2016 17:42:28 GMT

I searched on the web. I just found out the Mattress Firm credit cards program will become Synchrony.

http://finance.yahoo.com/news/synchrony-financial-mattress-firm-partner-120000241.html

Ron.

Re: Wells Fargo Retail Issued - Mattress Firm Card

UncleB — Sat, 23 Jan 2016 17:58:07 GMT

@Ron1 wrote:
I searched on the web. I just found out the Mattress Firm credit cards program will become Synchrony.

http://finance.yahoo.com/news/synchrony-financial-mattress-firm-partner-120000241.html

Ron.

It seems Synchrony is "taking over the world" when it comes to retail credit cards.

Re: Wells Fargo Retail Issued - Mattress Firm Card

Anonymous — Sat, 23 Jan 2016 18:01:36 GMT

@Ron1 wrote:
I searched on the web. I just found out the Mattress Firm credit cards program will become Synchrony.

http://finance.yahoo.com/news/synchrony-financial-mattress-firm-partner-120000241.html

Ron.

Good Find! Mystery solved. Now I'll have 2 Sychnrony Bank Cards, Mattress Firm and WalMart Mastercard. I plan without any doubts that I'll pay this mattress paid off in just a few months. The interest rate if not is 28.99%!!!!! Not about to let that happen. LOL!

I still have no ldea what I would or will do with a Mattress Credit Card. Probably won't need another mattress for 10+ years. I truly just wanted the $780 bucks with a 12 month installment loan, but that wasn't possible. Had no idea they'd approve me for $3600.

Thanks for the great find and the complete answer to my question.

Re: Wells Fargo Retail Issued - Mattress Firm Card

Ron1 — Sat, 23 Jan 2016 18:10:55 GMT

@UncleB wrote:
@Ron1 wrote:
I searched on the web. I just found out the Mattress Firm credit cards program will become Synchrony.

http://finance.yahoo.com/news/synchrony-financial-mattress-firm-partner-120000241.html

Ron.
It seems Synchrony is "taking over the world" when it comes to retail credit cards.

Citgo Gas Card will become Synchrony next month. The Container store credit cards will be issued by them.

http://ficoforums.myfico.com/t5/Credit-Cards/New-Synchrony-Citgo-Card-Next-month/td-p/4424817

Ron

Re: Wells Fargo Retail Issued - Mattress Firm Card

StartingOver10 — Sat, 23 Jan 2016 18:52:55 GMT

@Anonymous wrote:
@Ron1 wrote:
I searched on the web. I just found out the Mattress Firm credit cards program will become Synchrony.

http://finance.yahoo.com/news/synchrony-financial-mattress-firm-partner-120000241.html

Ron.
Good Find! Mystery solved. Now I'll have 2 Sychnrony Bank Cards, Mattress Firm and WalMart Mastercard. I plan without any doubts that I'll pay this mattress paid off in just a few months. The interest rate if not is 28.99%!!!!! Not about to let that happen. LOL!

I still have no ldea what I would or will do with a Mattress Credit Card. Probably won't need another mattress for 10+ years. I truly just wanted the $780 bucks with a 12 month installment loan, but that wasn't possible. Had no idea they'd approve me for $3600.

Thanks for the great find and the complete answer to my question.

Good plan. I have something similar but with furniture and not a mattress. I have two Sychnrony backed cards and both on promo. One is 'deferred interest' and if I don't pay it off in 12 months all the interest becomes due right away. I plan to do exactly like you plan - pay that sucker off in the next 3 months so I don't end up with hundreds of dollars in interest.

Note: I didn't even see that the terms were deferred interest until the first statement. It was dissappointing, but not entirely unexpected because it is a favorite 'trick' of retailer financing for furniture (including mattress) purchases.

I do know that you can't mess around with the payoff dates. It is best to plan the payoff at least 30 days in advance of the period they say is in promo. eg for 12 month, pay off at 11 months. This way the creditor can't make a mistake and say your payoff was late.

Re: Wells Fargo Retail Issued - Mattress Firm Card

creditguy — Sun, 24 Jan 2016 00:32:44 GMT

@Ron1 wrote:
I searched on the web. I just found out the Mattress Firm credit cards program will become Synchrony.

http://finance.yahoo.com/news/synchrony-financial-mattress-firm-partner-120000241.html

Ron.

While the article states Synchrony will be offering a private label credit card for Mattress Firm stores, I did not specifically read anywhere that they would be taking over the current portfolio of cards. Odds are they will, but there is currently an active thread where a person with a Wells Fargo issued Ashley furniture card tried using it not knowing Ashley is now issued by Synchrony. The person says the Wells Fargo account is still active and never received a replacement Synchrony card, so it would appear that Synchrony did not take over the existing Wells Fargo portfolio in that case or that particular individuals case.