topic Re: Consumer Finance Accounts - List of Known Lenders in General Credit Topics

Consumer Finance Accounts - List of Known Lenders

Trudy — Sun, 18 Aug 2019 19:15:40 GMT

I see a lot a threads discussing the negative impact of a CFA. However, I'm wondering if there is an existing thread or shall we start one, of known companies coded as CFA. It seems clear in some threads it's not easy to determine but wondering if there are some that have clearly been identified.

Personally I'm thinking about financing a new bed and I need a REALLY GOOD bed - Sleep Number or Mattress Firm (back problems and all). I'm in need of new furniture. Already purchased my living room furniture. I'm on schedule to have it paid off in no more than 6 months on a 0% balance transfer card ( I have 15 months to do so). However, this purchase put me above 8.9% overall UTL which I personally hate at this point. I'm contemplating on whether to take the UTL penalty or new account penalty. Unfortunately, I only have 2 cards with somewhat high limits: 20K and 25K, both of which are currently sitting at 9% and 25% UTL. I expect the cost of the bed to be between 6 - 9K. I have the income to pay it off within a year but my OCD regarding my scores have me possibly over thinking this....

Re: Consumer Finance Accounts - List of Known Lenders

Medic981 — Sun, 18 Aug 2019 19:34:00 GMT

Perhaps you should consider a Synchrony Home credit card if you want to avoid the CFA trap.

Looking on Synchrony's site I see that Mattress Firm accepts this card.

Re: Consumer Finance Accounts - List of Known Lenders

AverageJoesCredit — Sun, 18 Aug 2019 22:48:34 GMT

Forget about 8.9 or 9.7 or 6.3 lol, too much put on keeping a score at a certain level or percentage. If you need something that will benefit you and you know youll be able to pay it back , just buy it. Thats whats credit is for. Utilization has no memory. Ok, end positive rsnt

Re: Consumer Finance Accounts - List of Known Lenders

Anonymous — Sun, 18 Aug 2019 23:15:14 GMT

Use the credit that you have. It seems all too often that people are skeptical to use what they have especially after hanging around these forums for any length of time. I'm guilty of this myself to some degree but I won't hesitate to take a good BT offer even if it puts a card at high UTI for a little while.

Re: Consumer Finance Accounts - List of Known Lenders

Trudy — Sun, 18 Aug 2019 23:20:07 GMT

I know, I know.... What's the point of "good" credit if it can't be used. I just hate seeing CC debt creeping up after the work done to get out of CC debt. Although situations are very different now compared to "then" it's something about increased debt accompanied by a decrease in score that freaks me out. I may need a support group to get over that. I think I'll stay in the garden and rack up some debt for the meantime.

Still would like to see a go to thread for known CFA's.

Re: Consumer Finance Accounts - List of Known Lenders

AverageJoesCredit — Mon, 19 Aug 2019 00:08:56 GMT

Good point. I hate seeing debt rise too, boy i need me some Powerball. Id suggest before you app anything just post the lender you have questions on and hopefully someone here csn let you know if its CFA.

Re: Consumer Finance Accounts - List of Known Lenders

Trudy — Mon, 19 Aug 2019 01:11:35 GMT

I say that Powerball thing at least twice a week at some point at work. I think I will go with Overmedicated's advice and use my existing credit, rack it up for a minute and stay in the garden. But 10% of me is still thinking about Sleep Number or Mattress Firm financing. Both are financed by Synchrony and if I app their card I assume it would not be a CFA, but not sure about simple financing instead of CC. My concern with apps always is the CL since years before last month my UTL was never greater than 5%, probably an average of 3%. Last card I app'd in 8/2018, 800+ scores on all models except EX3, I only received 5K and I already have a card with them with a 25K CL and excellent pymt history since opening in 2005, used it occasionally but seldom reported a balance. My other cards won't give me a CLI due to "use of credit line has been low". WF kept bumping me up when I owed them a boat load but since I've paid them to zero years ago I've seen nothing. They say if you don't use it, you can't get more of it. And my profile seems to indicate that is true. With a DTI of 10% and my scores/report I'd hope I'd get better credit limits. But it is what it is

Re: Consumer Finance Accounts - List of Known Lenders

chiefone4u — Mon, 19 Aug 2019 01:36:10 GMT

The choice is purely yours as to opening a new account or using your current available credit.

MattressFirm's credit card has been changed to the "Home" card mentioned earlier (same with Ashley Furniture and a few others).

I don't know what deals sleep number offers. I don't know who's beds you'll like better.

I personally like the Tulia memory foam mattress I purchased December 2017 from Mattress Firm -- they offered 0% APR for 60 months with a scheduled minimum payment (total purchase price divided by 60)... obviously there is no penalty or harm in making larger payments to pay off sooner.

MattressFirm's and now Synchrony Home report as a "Bankcard" account (same as my major cards).

Hope this helps.

Re: Consumer Finance Accounts - List of Known Lenders

SouthJamaica — Mon, 19 Aug 2019 11:09:44 GMT

@Trudy wrote:
I see a lot a threads discussing the negative impact of a CFA. However, I'm wondering if there is an existing thread or shall we start one, of known companies coded as CFA. It seems clear in some threads it's not easy to determine but wondering if there are some that have clearly been identified.

Personally I'm thinking about financing a new bed and I need a REALLY GOOD bed - Sleep Number or Mattress Firm (back problems and all). I'm in need of new furniture. Already purchased my living room furniture. I'm on schedule to have it paid off in no more than 6 months on a 0% balance transfer card ( I have 15 months to do so). However, this purchase put me above 8.9% overall UTL which I personally hate at this point. I'm contemplating on whether to take the UTL penalty or new account penalty. Unfortunately, I only have 2 cards with somewhat high limits: 20K and 25K, both of which are currently sitting at 9% and 25% UTL. I expect the cost of the bed to be between 6 - 9K. I have the income to pay it off within a year but my OCD regarding my scores have me possibly over thinking this....

IMHO that is definitely a CFA. Don't do it.

(Also, that is an awful lot of money to spend on a bed; are you sure you're in a financial position to to do that. Just because you can doesn't mean you should).

Re: Consumer Finance Accounts - List of Known Lenders

Trudy — Mon, 19 Aug 2019 13:42:27 GMT

@SouthJamaica wrote:
IMHO that is definitely a CFA. Don't do it.
Are you referring to the Synchrony bankcard?
(Also, that is an awful lot of money to spend on a bed; are you sure you're in a financial position to to do that. Just because you can doesn't mean you should).
I've nearly exhausted my efforts over the past 8 years, spending nearly as much on 2 spring beds combined that I thought would work. I'm convinced a spring bed does't work for me which limits my choices. I'm too young to have the back and hip pain I have and too old to not consider getting the best bed available to address my issues. It's now become an issue of quality of life. I haven't slept on all beds but the beds I've slept on and had a good nights sleep in the past 3 years is a Sleep Number, Tempurpedic and Intellabed. This along with an adjustable base will run me at least 6K. Right now, this is the most important purchase I can make.

Re: Consumer Finance Accounts - List of Known Lenders

Trudy — Mon, 19 Aug 2019 13:44:20 GMT

@chiefone4u wrote:

I personally like the Tulia memory foam mattress I purchased December 2017 from Mattress Firm -- they offered 0% APR for 60 months with a scheduled minimum payment (total purchase price divided by 60)... obviously there is no penalty or harm in making larger payments to pay off sooner.
Thanks. I'll check this out.

MattressFirm's and now Synchrony Home report as a "Bankcard" account (same as my major cards).

Hope this helps.

Re: Consumer Finance Accounts - List of Known Lenders

FlaDude — Mon, 19 Aug 2019 13:56:48 GMT

As an aside, I wouldn't be too quick to jump on the Sleep Number bandwagon. A couple of DW's friends rave about their's so when we needed a new mattress that was the only place she wanted to look. We ended up spending almost $4k, and I don't find the mattress comfortable at all at any setting from 0 to 100. We did get 2 year 0% financing, but I'm sure we could have found a far more comfortable mattress for far less. If you buy into all of their bells and whistles you could probably top $8k.

Re: Consumer Finance Accounts - List of Known Lenders

Queen_Etherea — Mon, 19 Aug 2019 14:25:14 GMT

@Medic981 wrote:
Perhaps you should consider a Synchrony Home credit card if you want to avoid the CFA trap.

Looking on Synchrony's site I see that Mattress Firm accepts this card.

Sleep Number is also with Synchrony. My fiance works there and we financed a bed with the Sleep Number card. 24 mo. 0% interest, but since he's an employee, they only give him 12 mo. 0% interest. They're have a sale right now, which is the biggest of the year, and I think they're offering 36 mo. 0%.

I honestly LOVE my bed and we purchased one before he started working there. We returned the one we initially bought (p5) and bought a Cal King i10 because it ended up being cheaper than the other bed with his discount. Either way, their beds are excellent and have fixed some of my sleeping issues.

Re: Consumer Finance Accounts - List of Known Lenders

Trudy — Mon, 19 Aug 2019 16:51:39 GMT

@FlaDude wrote:
As an aside, I wouldn't be too quick to jump on the Sleep Number bandwagon. A couple of DW's friends rave about their's so when we needed a new mattress that was the only place she wanted to look. We ended up spending almost $4k, and I don't find the mattress comfortable at all at any setting from 0 to 100. We did get 2 year 0% financing, but I'm sure we could have found a far more comfortable mattress for far less. If you buy into all of their bells and whistles you could probably top $8k.

I've seen negative reviews on all of my 3 choices which is why the living room furniture was purchased 1st for my "body recovery" project. I've been hesitant to pull the trigger on the bed for several reasons but I have to take the leap at some point. Thanks for you input. Sleep Number is probably 3rd of the 3 as there are many parts/pieces and potential issues as I've read in reviews.

Re: Consumer Finance Accounts - List of Known Lenders

Anonymous — Wed, 04 Sep 2019 00:18:59 GMT

have you made a decision? What bed did you get? If I may ask, I may be in the market myself...

Re: Consumer Finance Accounts - List of Known Lenders

Anonymous — Wed, 04 Sep 2019 01:28:06 GMT

I've had the same mattress for I believe 16 years now, so I'm probably "due" for a new one. I still find it comfortable though and 16 years ago it cost me $900... just a basic Sealy pillowtop or something. I do have some minor sleep problems, but those problems are still there when I stay in hotels or anywhere else that's not on my mattress, which leads me to believe that it isn't "the" problem.

Re: Consumer Finance Accounts - List of Known Lenders

Trudy — Wed, 04 Sep 2019 01:45:25 GMT

I went with Intellibed, the Midnight model which is the top of the line of the 3 models. The labor day sale brought the price down to $5999 (1.5k off) and although the sale was suppose to come with an adjustable base (head only) the bed is too heavy and I would be charged for any base as the free one couldn't support it. I lucked out and worked with a gentleman at Mattress Firm that I communicated with over the last 2 years search for the right bed. He basically gave me a "Serta I series" adjustable base for free (head, foot and zero G). Total purchase: $5800. FYI, I live in Seattle and I'm from St. Louis and everything here is at least 2-3 times as much. So could be cheaper in another state.

Although the mattresses I previously mentioned was in the running, not sure I mentioned this one but it was on may radar for the past year. All have good and bad reviews but I had to pull the trigger and take advantage of a "labor day sale" for my back, hips and sleeping not more than 3-4 hrs each night. Praying this is the right fit.

Delivered today and I spent and hour lying on it adjusting it in every position....Heaven! I've been off since Wednesday dealing with various home projects and deliveries and this was the last today. the 1st of the month is crucial for me at work as I work in finance. Although the 1st business day of the month is the lesser of the 1st 10 days for me, I'm returning to work tomorrow, which is a crucial day..... BUT if I get the good night sleep I've been seeking for the last 5+ years, I might have to work from home and/or start much later

Re: Consumer Finance Accounts - List of Known Lenders

Anonymous — Wed, 04 Sep 2019 05:02:00 GMT

Sweet, let us know how it works out!

Re: Consumer Finance Accounts - List of Known Lenders

Anonymous — Wed, 04 Sep 2019 05:04:29 GMT

Please let us know, and good luck with it. I hope it does the trick!

Re: Consumer Finance Accounts - List of Known Lenders

Trudy — Wed, 04 Sep 2019 13:18:55 GMT

Thanks. FYI - on EX I didn't take a hit on F8 scores for the INQ or new account somehow. EX reported the INQ 9/2 and the new account hit 9/3. Surprisingly the new acct did not report a balance (the bed purchase). Won’t know about the other bureaus until I receive a MYFico alert or until my 3B pull on the 10th for EX. But it has reported to TU, received an alert from Capital 1 credit monitoring.

Now I did take a hit on the other scores provided by EX.

9/2 INQ

MTG = -11pts

AUTO = -10pts

CC = -12pts

9/3 New Acct

MTG = -17pts

AUTO = -15pts

CC = -22pts

Score 3 = +4pts (odd)