topic Re: Your Average Jewelry CL Thread. in Credit Cards

Your Average Jewelry CL Thread.

Anonymous — Fri, 24 Oct 2014 10:31:44 GMT

Good Morning Everyone,

I've been reading the numerous threads on different Jewelry stores and their financing options and figured i'd post a thread and get some sort of feedback. Im currently look to finance a ring by the middle of Decemeber thats looking like between 2-3000$. My currently scores (In my signature also) are all in the high 630s with 3 inquires spread over the last year (Apartment Credit Pull-Sept 2014, Credit One Pull April 2014, AT&T Phone Line Pull Feb 2014) I do have a couple of Closed accounts on my report( all have some sort of late payment, and all were closed by credit grantor, one is a CO. Im currently paying down the last one through chase with which is like 900$ and isnt the CO one. Otherwise im clear, I only have a credit one card with 500$ CL on it that will show up as clear after the 8th of Nov. and thats it. I was looking at Kay, Zales, Jarred, and especially Blue Nile since I liked being able to build the ring from scratch. I've heard Kays is very easy for approval...

Can someone provide some insight if I have any chance of getting approved with Blue Nile or Zales possibly? Just wanna make sure I get a decent CL.

Thank you in advance!

Re: Your Average Jewelry CL Thread.

Anonymous — Fri, 24 Oct 2014 10:40:34 GMT

@Anonymous wrote:
Good Morning Everyone,

I've been reading the numerous threads on different Jewelry stores and their financing options and figured i'd post a thread and get some sort of feedback. Im currently look to finance a ring by the middle of Decemeber thats looking like between 2-3000$. My currently scores (In my signature also) are all in the high 630s with 3 inquires spread over the last year (Apartment Credit Pull-Sept 2014, Credit One Pull April 2014, AT&T Phone Line Pull Feb 2014) I do have a couple of Closed accounts on my report( all have some sort of late payment, and all were closed by credit grantor, one is a CO. Im currently paying down the last one through chase with which is like 900$ and isnt the CO one. Otherwise im clear, I only have a credit one card with 500$ CL on it that will show up as clear after the 8th of Nov. and thats it. I was looking at Kay, Zales, Jarred, and especially Blue Nile since I liked being able to build the ring from scratch. I've heard Kays is very easy for approval...

Can someone provide some insight if I have any chance of getting approved with Blue Nile or Zales possibly? Just wanna make sure I get a decent CL.

Thank you in advance!

i think your odds of approvals should be relatively high, but they may restrict you to a low CL, especially for blue nile.

Blue nile's financing isn't done in house. It is financed via Comenity, so they may be stricter since its an outside bank. I am not sure what types of financing is available for other jewelers. Some do it in house, some use Wells Fargo, some use Synchrony, etc.

Whenever the financing is done in house, the CLs tend to be higher because the store has an incentive to sell the product.

It's hard to accurately guess how much they will approve you for though until you apply.

Re: Your Average Jewelry CL Thread.

Jerry45 — Fri, 24 Oct 2014 11:24:20 GMT

Excellent point. In house is always a higher CL due to the reason you stated.

Re: Your Average Jewelry CL Thread.

Anonymous — Fri, 24 Oct 2014 11:58:02 GMT

I believe Jared and Kay are backed by the same Sterling company. I was able to approved for 8600 CL with EX Plus score 711 and my EX Fico was 645 when I applied. They pulled EX only on me. GL with the ring.

Re: Your Average Jewelry CL Thread.

Anonymous — Fri, 24 Oct 2014 11:54:10 GMT

@Jerry45 wrote:
Excellent point. In house is always a higher CL due to the reason you stated.

Forgot to add, but it's also due to the markup for jewelry.

There's an enormous markup for branded jewelery. Some people go for blue nile or mom and pop store diamonds because they get a "better" or just more diamond per dollar spent, but some insist on a Cartier, Tiffany, Harry Winston or other high end brand diamonds. Is there a difference? Yes and no. But a picture of a branded ring in that box with the brand name on it is always bound to get lots of likes on instragram and facebook

For instance, Tiffany's in house financing is really popular because it's a "NPSL" account with no prefixed limit. They do ask for 20-75% downpayment depending on your income and credit however, and that is usually non-negotiable. And they don't report to the bureaus unless you default or are late, so it stays hidden without ruining your utilization. If you have really bad credit, they will most likely still finance with a 75% downpayment as long as your income can support it. Worst case scenario, if you do default, they'll just make a smaller profit on that piece of jewelry. The markup is ridiculous though. A diamond of the same quality usually costs about 40-60% as much at a smaller store.

Re: Your Average Jewelry CL Thread.

Anonymous — Fri, 24 Oct 2014 17:33:56 GMT

I have a Fred Meyer Jewelers card and a Kay Jewelers card, so I can tell you about those.

Your scores should get you the CL you need, but you will likely be maxing, or close to maxing out your given limit with as much as your looking to spend. I predict a starting limit of 3-4k.

Fred Meyers started me out with 5.7k

Kay Jewelers started me out with 10.5k

All my scores were right around the 740 & 760 spot respectively when I applied.

Fred Meyers is the better deal for financing and selection. 6 month ($300+) and 12 month ($1000+) @ 0% terms. No down payment.

They also have a "reduced APR" for terms of 48 months.

http://www.fredmeyerjewelers.com/creditoffers

Kay Jewelers has a more up-scale, but smaller selection, and their financing is limited to 12 months ($500+) @ 0% with 20% down.

http://www.kay.com/CreditFinancingOffersView?catalogId=10001&langId=-1&storeId=10101

Re: Your Average Jewelry CL Thread.

Anonymous — Fri, 24 Oct 2014 21:47:46 GMT

@Anonymous wrote:
@Jerry45 wrote:
Excellent point. In house is always a higher CL due to the reason you stated.
Forgot to add, but it's also due to the markup for jewelry.

There's an enormous markup for branded jewelery. Some people go for blue nile or mom and pop store diamonds because they get a "better" or just more diamond per dollar spent, but some insist on a Cartier, Tiffany, Harry Winston or other high end brand diamonds. Is there a difference? Yes and no. But a picture of a branded ring in that box with the brand name on it is always bound to get lots of likes on instragram and facebook

For instance, Tiffany's in house financing is really popular because it's a "NPSL" account with no prefixed limit. They do ask for 20-75% downpayment depending on your income and credit however, and that is usually non-negotiable. And they don't report to the bureaus unless you default or are late, so it stays hidden without ruining your utilization. If you have really bad credit, they will most likely still finance with a 75% downpayment as long as your income can support it. Worst case scenario, if you do default, they'll just make a smaller profit on that piece of jewelry. The markup is ridiculous though. A diamond of the same quality usually costs about 40-60% as much at a smaller store.

I appreciate the great responses!!

Thank goodness my girlfriend isnt materialistic so brand name really isnt a matter in the subject especially Tiffanys and their ridiculous priced rings. she just kinda picked things out she liked from zales so I had an idea and the rest is up to me. I just wanna get the best financing I can and have a decent selection for rings. I was told quote on quote that she would not wear a 3000$ ring because its too expensive and too risky lol so I'm aiming around 2-2500 honestly.

I will have to do my research I suppose. I think after my open CC shows up as clear in a week it'll bump my scores like 5-10 points and than I plan on paying down atleast 25-50% the rest of the 900 dollars i have on my chase account thats closed over the course of the next few weeks and that'll be it for me an any bad debt I have.

You guys are awesome.

Re: Your Average Jewelry CL Thread.

Anonymous — Fri, 24 Oct 2014 22:02:16 GMT

@Anonymous wrote:
@Anonymous wrote:
@Jerry45 wrote:
Excellent point. In house is always a higher CL due to the reason you stated.
Forgot to add, but it's also due to the markup for jewelry.

There's an enormous markup for branded jewelery. Some people go for blue nile or mom and pop store diamonds because they get a "better" or just more diamond per dollar spent, but some insist on a Cartier, Tiffany, Harry Winston or other high end brand diamonds. Is there a difference? Yes and no. But a picture of a branded ring in that box with the brand name on it is always bound to get lots of likes on instragram and facebook

For instance, Tiffany's in house financing is really popular because it's a "NPSL" account with no prefixed limit. They do ask for 20-75% downpayment depending on your income and credit however, and that is usually non-negotiable. And they don't report to the bureaus unless you default or are late, so it stays hidden without ruining your utilization. If you have really bad credit, they will most likely still finance with a 75% downpayment as long as your income can support it. Worst case scenario, if you do default, they'll just make a smaller profit on that piece of jewelry. The markup is ridiculous though. A diamond of the same quality usually costs about 40-60% as much at a smaller store.

I appreciate the great responses!!

Thank goodness my girlfriend isnt materialistic so brand name really isnt a matter in the subject especially Tiffanys and their ridiculous priced rings. she just kinda picked things out she liked from zales so I had an idea and the rest is up to me. I just wanna get the best financing I can and have a decent selection for rings. I was told quote on quote that she would not wear a 3000$ ring because its too expensive and too risky lol so I'm aiming around 2-2500 honestly.

I will have to do my research I suppose. I think after my open CC shows up as clear in a week it'll bump my scores like 5-10 points and than I plan on paying down atleast 25-50% the rest of the 900 dollars i have on my chase account thats closed over the course of the next few weeks and that'll be it for me an any bad debt I have.

You guys are awesome.

There's good and bad about going with the brand name. You should check out other forums for that. Purseblog and pricescope are some of the really useful resources.

If you go with a branded ring, the good thing is that they tend to retain their value better, especially if you plan to sell or to upgrade. People have said they managed to get their rings appraised for over 90% of the price that they bought, which is a really great deal, though you are also forced to buy a bigger and more expensive diamond from Tiffany in order to "milk" that value. Branded rings also tend to sell for a bit more on ebay for instance.

Then there's also the warranty and guarantee when you buy a branded ring. You know you are getting a quality diamond because you essentially are paying a lot for others to do the work for you.

Insurance wise, a branded ring usually appraises for the same value that you paid because thats the cost to replace, so that's a good thing. Non-branded rings that appraise for more than what you pay just means you have to pay more premiums than what it would cost to replace a ring of that value. Insurance is important. You may think it's impossible to lose the ring, especially when it costs as much as a car, but I've seen so many funny, stupid or just downright unlucky incidents happen to my friends.

But, a branded ring is going to be expensive and some people think it's daylight robbery.

Talk to mom and pop jewelers as well. Some do offer financing through Wells Fargo, Synchrony or Citi. Whenever there's a brand name attached to the diamond, whether it's Cartier or Blue Nile, there's going to be a premium. The only difference is that Blue nile's markup is small while Cartier's is enormous.

I think Wells Fargo provides 12 months 0% APR during Mothers day and Holiday season (which is starting soon). Other than that, it's 6 months 0%.

Re: Your Average Jewelry CL Thread.

Anonymous — Sat, 25 Oct 2014 11:59:12 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Jerry45 wrote:
Excellent point. In house is always a higher CL due to the reason you stated.
Forgot to add, but it's also due to the markup for jewelry.

There's an enormous markup for branded jewelery. Some people go for blue nile or mom and pop store diamonds because they get a "better" or just more diamond per dollar spent, but some insist on a Cartier, Tiffany, Harry Winston or other high end brand diamonds. Is there a difference? Yes and no. But a picture of a branded ring in that box with the brand name on it is always bound to get lots of likes on instragram and facebook

For instance, Tiffany's in house financing is really popular because it's a "NPSL" account with no prefixed limit. They do ask for 20-75% downpayment depending on your income and credit however, and that is usually non-negotiable. And they don't report to the bureaus unless you default or are late, so it stays hidden without ruining your utilization. If you have really bad credit, they will most likely still finance with a 75% downpayment as long as your income can support it. Worst case scenario, if you do default, they'll just make a smaller profit on that piece of jewelry. The markup is ridiculous though. A diamond of the same quality usually costs about 40-60% as much at a smaller store.

I appreciate the great responses!!

Thank goodness my girlfriend isnt materialistic so brand name really isnt a matter in the subject especially Tiffanys and their ridiculous priced rings. she just kinda picked things out she liked from zales so I had an idea and the rest is up to me. I just wanna get the best financing I can and have a decent selection for rings. I was told quote on quote that she would not wear a 3000$ ring because its too expensive and too risky lol so I'm aiming around 2-2500 honestly.

I will have to do my research I suppose. I think after my open CC shows up as clear in a week it'll bump my scores like 5-10 points and than I plan on paying down atleast 25-50% the rest of the 900 dollars i have on my chase account thats closed over the course of the next few weeks and that'll be it for me an any bad debt I have.

You guys are awesome.

There's good and bad about going with the brand name. You should check out other forums for that. Purseblog and pricescope are some of the really useful resources.

If you go with a branded ring, the good thing is that they tend to retain their value better, especially if you plan to sell or to upgrade. People have said they managed to get their rings appraised for over 90% of the price that they bought, which is a really great deal, though you are also forced to buy a bigger and more expensive diamond from Tiffany in order to "milk" that value. Branded rings also tend to sell for a bit more on ebay for instance.

Then there's also the warranty and guarantee when you buy a branded ring. You know you are getting a quality diamond because you essentially are paying a lot for others to do the work for you.

Insurance wise, a branded ring usually appraises for the same value that you paid because thats the cost to replace, so that's a good thing. Non-branded rings that appraise for more than what you pay just means you have to pay more premiums than what it would cost to replace a ring of that value. Insurance is important. You may think it's impossible to lose the ring, especially when it costs as much as a car, but I've seen so many funny, stupid or just downright unlucky incidents happen to my friends.

But, a branded ring is going to be expensive and some people think it's daylight robbery.

Talk to mom and pop jewelers as well. Some do offer financing through Wells Fargo, Synchrony or Citi. Whenever there's a brand name attached to the diamond, whether it's Cartier or Blue Nile, there's going to be a premium. The only difference is that Blue nile's markup is small while Cartier's is enormous.

I think Wells Fargo provides 12 months 0% APR during Mothers day and Holiday season (which is starting soon). Other than that, it's 6 months 0%.

You know, I was thinking it might be worth me attempting to get a normal CC with a decent limit and using that towards a mom and pop or something local that might give me a better deal on a ring? Just a though, especially if I can somehow get a card with low or no APR. Just not sure which card would be the best shot / chance and deal