Furniture Financing? (WayFair Financing)

[Anonymous]

Hey, 

So need some advice, Im in the Chp 7 process expecting discharge early July. MOC was 04/29/2020, Claim objection deadline is 06/29. I have money saved but dont want to spend all my savings. I need a new bed BAD, my frame is used and one of the side bars broke the other day and its VERY UNCFORTABLE, bed is sinking to floor on one side now. I am wondering if something like financing furniture thought WayFair is a bad idea since Im not yet discharged. They used Katapult or Affirm there was one other one but cant remember the name. I have the money to pay in full but want to stretch it just until the end of the month (2 more checks this month most will go to savings) Can I have my credit run even though Im not discharged yet? Like is this ok to do? Or can this be a red flag of some kind? I dont plan to do any hard core rebuild business until after discharge. Total purchase is about $600 including delivery. Opinions or alternatives ?

[Anonymous]

I wouldn't even bother applying you will get denied. Assuming all your accounts are past due. I would just pay cash. Then focus on rebuilding. Just lay your mattress in the floor. Also Wayfair uses Comenity bank. 

[Anonymous]

Gotcha thanks!  yea they use Comenity for the credit cardi burned them with F21 card and VS. Wayfair has separate financing though, like a 3party financing like lease to own. Honestly sitting here thinking, I may just pay cash and recoup my savings pay day. 

[Anonymous]

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@Anonymous wrote:

Hey, 

So need some advice, Im in the Chp 7 process expecting discharge early July. MOC was 04/29/2020, Claim objection deadline is 06/29. I have money saved but dont want to spend all my savings. I need a new bed BAD, my frame is used and one of the side bars broke the other day and its VERY UNCFORTABLE, bed is sinking to floor on one side now. I am wondering if something like financing furniture thought WayFair is a bad idea since Im not yet discharged. They used Katapult or Affirm there was one other one but cant remember the name. I have the money to pay in full but want to stretch it just until the end of the month (2 more checks this month most will go to savings) Can I have my credit run even though Im not discharged yet? Like is this ok to do? Or can this be a red flag of some kind? I dont plan to do any hard core rebuild business until after discharge. Total purchase is about $600 including delivery. Opinions or alternatives ?

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$600 for a frame??

Don't let the workings of credit entice you into overspending...

Plenty of frames cheaper like:

https://www.mattressfirm.com/mattress-firm/deluxe-raised-metal-platform-frame-easy-assembly/mfi12184... 

https://www.walmart.com/ip/idealBase-14-Foldable-Metal-Platform-Bed-Frame-Mattress-Foundation-Box-Sp... 

Slab of metal gets the job done, though I never understood the point of frames, most (all?) mattresses don't need them 

I agree with the other post on just putting it on the floor lol

[Azuieldrago]

For now, I agree with the others. Put in on the floor for the time being. Save your money. After discharge begin rebuilding. See how you sit financially then. You could find a cheap metal frame to get it off the floor then. Or depending on where it broke, have it repaired from the inside. may not be perfect or pretty but keep it functional.

[Anonymous]

If you feel like you need a bed frame and have the money, buy one.  I would think you could get one cheaper than $600.  I would avoid using credit if I had the money.

[Anonymous]

Hey guys guess I should of clarified lol $600 is for the bed it self (head board foot board and attached frame) as well as new pillows and comforter set Lol not just a metal frame. But thanks ! 

[coreyb80]

Aside from all of the great suggestions here, I would recommend purchasing a metal frame for less than a $100 and then purchase a headboard from Walmart for less than $100.  This is what I did for my bed a few years ago.  

[Anonymous]

i built mine with (4) 4x4 posts...8x10 planks....some metal 90 degree brackets...3/4 in. plywood board and stained it under $75 5 years ago

https://www.thebudgetdecorator.com/16-gorgeous-diy-bed-frames/

[FireMedic1]

Before if you do finance with any furniture company. Make sure and ask that its not listed on your credit report as a consumer finance loan. FICO doesnt like those types of loans.