topic Re: RAC flex plan card? in Credit Cards

RAC flex plan card?

jfkg28 — Fri, 02 Aug 2013 01:09:15 GMT

I got a brochure for the RAC flex plan card... rent a center = RAC... and it says everyone is preapproved and no credit check is done... im wondering if anybody has info about this.. like is it going to build me credit... or is it like a secured CC?

Re: RAC flex plan card?

RTOrockstar — Fri, 02 Aug 2013 05:46:51 GMT

It's just a gimmick. Doesn't report to your credit and is pretty much just a new spin on their RTO offering.

Trust me, I worked there for 11 years. It's where the RTO part of my name came from.

Re: RAC flex plan card?

TG76 — Sun, 04 Aug 2013 21:28:50 GMT

I used to work for them too, and I agree with Rockstar. Also I wanted to add that you will be paying way more than what the item is actually worth. IMHO you should stay away from places like RAC as they don't build your credit and you will end up paying 10 times what the item was actually worth. Just my 2 cents.

Re: RAC flex plan card?

dobirdsmommy — Fri, 02 Aug 2013 11:44:12 GMT

Bobs Discount just started to do this too in partnership with RAC where I live. Because we are in contract for a house, I didnt want my credit checked for a Bobs Finance. RAC was there. The mattress was 1500 I had a 300 credit. The mattress would have been 1200.00 plus tax and delivery. RAC contract price was 3299.00. I ripped it up right there. Instead I just bit the bullet and took the Utilization hit on my HSN and got a mattress thru them . I told the guy it was highway robbery.

Re: RAC flex plan card?

SwiftTone — Fri, 02 Aug 2013 13:22:38 GMT

I walked into RAC one time out of curiousity. I looked at a TV and it had a big red tag on it saying $30. In smaller print it says per week. That's $120 per month! The TV retails for about $6-$800. That's rediculous. A year in payments equals out to $1440 and you still don't own it.

I'd steer clear of that place.

Re: RAC flex plan card?

Burned2manybridgesB4 — Fri, 02 Aug 2013 13:42:12 GMT

I've heard rumors that even though these "rental" stores don't do any type of CRA reporting, info is still fed into LexisNexis. Anyone confirm/deny it?

Re: RAC flex plan card?

Anonymous — Fri, 02 Aug 2013 14:01:43 GMT

When we first bought our house, I went through that program, because I didn't have any credit, and really wanted a table, and I was approved for $3500. I bought a table for $1200 and if I would have completed the term through them, finally price would have been $3600. I waited about 4 months, got a personal loan through my bank and paid it off, so final price was about $1400.

They did/do report to the CRA's in fact, now it is an open trade line with $3500 available.

It is a HUGE rip off, but I stuck with my plan and got it transferred quickly.

Re: RAC flex plan card?

RTOrockstar — Fri, 02 Aug 2013 16:33:22 GMT

I can't speak for every rental company but RAC does NOT report to any CRA ever. That's part of their overall plan. They distance themselves from any involvement with personal credit.

You do pay way, way more than retail, but I still believe they have a place. When I got married (the first time) back in the 90's. I had poor credit and very little disposable income and this was before Craigslist and I got a much needed living room set. They charge high prices because there is a huge risk factor and the overhead is unbelieveable.

Re: RAC flex plan card?

Anonymous — Fri, 02 Aug 2013 21:25:24 GMT

@RTOrockstar wrote:
I can't speak for every rental company but RAC does NOT report to any CRA ever. That's part of their overall plan. They distance themselves from any involvement with personal credit.

You do pay way, way more than retail, but I still believe they have a place. When I got married (the first time) back in the 90's. I had poor credit and very little disposable income and this was before Craigslist and I got a much needed living room set. They charge high prices because there is a huge risk factor and the overhead is unbelieveable.

That may be true for some RAC stores, but there must be a different set of rules for their outfits inside retail furniture stores. A few months after my BK7 when nobody would loan me money, I got a living set via RAC and it reported to all three bureaus (it's paid off now and still reports as closed "paid as agreed"). It is highway robbery, but I paid it off early so they didn't make too much money off of me. Total purchase price was $1,000, they were giving me 36 months to pay off at $134/month. I paid it off in 11 months.

Re: RAC flex plan card?

RTOrockstar — Fri, 02 Aug 2013 23:45:47 GMT

The RAC Acceptance kiosks(found inside Ashley Homestores and other furniture/electronics stores) work under a different set of rules.

Re: RAC flex plan card?

Anonymous — Sat, 03 Aug 2013 01:19:05 GMT

@RTOrockstar wrote:
The RAC Acceptance kiosks(found inside Ashley Homestores and other furniture/electronics stores) work under a different set of rules.

That explains it then, it was an Ashley Homestore. It's not the best option, but for rebuilding it could be a solid choice if you pay off the loan early. I hope to never be in a position where I need RAC again, but should that happen, I would do it again and pay it off early just like before.

Re: RAC flex plan card?

myjourney — Sat, 03 Aug 2013 01:35:56 GMT

@Anonymous wrote:
@RTOrockstar wrote:
The RAC Acceptance kiosks(found inside Ashley Homestores and other furniture/electronics stores) work under a different set of rules.
That explains it then, it was an Ashley Homestore. It's not the best option, but for rebuilding it could be a solid choice if you pay off the loan early. I hope to never be in a position where I need RAC again, but should that happen, I would do it again and pay it off early just like before.

I would imagine the difference is the other stores they are in get a cut of the $$$$$$$$$$$too which is why they report...interesting

Re: RAC flex plan card?

azguy13 — Sat, 03 Aug 2013 06:34:20 GMT

I would definetly stay away. The only possible situation I could see using a place like that would be for an extra couch and maybe TV during Superbowl Sunday. Like I said, that is when I MIGHT think about it.

Re: RAC flex plan card?

LS2982 — Sat, 03 Aug 2013 13:56:06 GMT

@TG76 wrote:
I used to work for them too, and I agree with Rockstar. Also I wanted to add that you will be paying way more than what the item is actually worth. IMHO you should stay away from places like ROC as they don't build your credit and you will end up paying 10 times what the item was actually worth. Just my 2 cents.

Totally agree!!!

Re: RAC flex plan card?

Burned2manybridgesB4 — Sat, 03 Aug 2013 13:57:26 GMT

If you like used/repoed furniture, for outrageous prices, what then?

Re: RAC flex plan card?

RTOrockstar — Sun, 04 Aug 2013 04:01:48 GMT

@Burned2manybridgesB4 wrote:
If you like used/repoed furniture, for outrageous prices, what then?

If that's the case then visit your nearest Rent A Center. Tell'em Troy and the Hulkster sent ya!

Re: RAC flex plan card?

jfkg28 — Mon, 05 Aug 2013 16:58:02 GMT

Ill 100% stay away from them... if it dont do **bleep** for my credit then ide rather pay up front cash at a normal store.. thanks for the info!