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2 denials. Time to garden?

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Anonymous
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Re: 2 denials. Time to garden?

Why would furniture financing be more damaging? It's more practical than financing a tv or a computer, just as expensive, and I'd say more important. I don't get it.
Message 11 of 15
Anonymous
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Re: 2 denials. Time to garden?

I should clarify; the credit is through synchrony. Does that make any difference? If the answer is no, will paying it off and closing the account help?
Message 12 of 15
Anonymous
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Re: 2 denials. Time to garden?


@Anonymous wrote:
Why would furniture financing be more damaging? It's more practical than financing a tv or a computer, just as expensive, and I'd say more important. I don't get it.

Because furniture financing is considered last resort financing, and is looked upon as a poor source of credit. Secondly, they probably approve your credit limit equal to your bed purchase or only slightly more, which gives you a very high utilization rate.

 

Here are some articles, but you can find many more:
https://www.nerdwallet.com/blog/credit-cards/furniture-store-credit-card-bad-idea/

http://www.moneymanifesto.com/should-you-take-0-financing-on-furniture-6035/

Message 13 of 15
patrick00032001
Regular Contributor

Re: 2 denials. Time to garden?

I have to disagree with the statement furniture financing looks bad on your credit comment, I have several furniture cards and my scores are high, It all depends on how they "code" the tradeline, for instance, (consumer finance account) or (banks) under the industry section of your tradeline in your credit bureau report. I would think the recently opened account along with inquires would lower your score more than using a store charge to buy furniture with. Just utilize what you have up to this point, give it about 12 months, and you can have any card your heart desires. I know its hard to keep control when you get approved left and right for credit cards, but patience will prevail in the end, best of luck, and dont worry about financing furniture, just pay it on time, and it will report just like all your other cards. Best of luck!!

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Message 14 of 15
Anonymous
Not applicable

Re: 2 denials. Time to garden?

Thanks Patrick. Yeah I'm definitely gardening for a while. I'm doing to do more than pay on time on the bed; by March it'll be paid off completely. That's the one the has my credit utility high(at 25% of total uti) so I want to get it punched out.
Message 15 of 15
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