Question about likelihood of approval

[kleahc]

Hi, all! I used the advice here on the forums to help me through my mortgage application least year, and am proud to say I have been a homeowner for 1 year as of June!

Part of my home needs is a kitchen remodel. I can pay for all of it cash if I need to, but I would prefer to use this opportunity to help grow my credit. So here's where I stand:

Credit scores here on Myfico are: EQ 654; TU 678; EX 665

2 collections (one paid off for $475 in 2011 but still reporting, and one for $5,000 in 2009 unpaid)

Current Accounts: Mortgage of $143,776 (paying as agreed, no lates)

HELOC of $17,854 (paying as agreed, no lates)

Credit Cards: Care Credit through Synchrony ($1,000 cl, no lates)

Best Buy MC ($500 limit, no lates)

Cap 1 ($2,000 limit, no lates)

Closed Auto Loan that was paid off in full in 2011, no lates.

My scores went down last month from 670/680 range when I used more credit during a trip, even though I paid them off in full this month, the score dip is  still there (Cap 1 reports next week)

I would like to look into applying for purchase of appliances through Sears, Best Buy, or Home Depot or Lowe's. Can anyone give me some info on how that might go for me? Are my scores too low at this point? Does anyone have experience with any of these stores for financing a purchase like this one?

Thank you all! MyFico rocks!

[DeeBee78]

Lowes is Synchrony and known to recon starting limits. You app, you get approved, then you call in and ask for $25,000. You may laugh, but I'm serious. 

They'll recon at a lower limit, or might even give you the full $25k.

If I were you, I'd focus on paying down that HELOC first. 

[Scupra]

Since you have the cash and plan to pay it off right away why not look into a decent rewards card rather than a store card? That way you can get something out of your spending. Unless you need the 0% of coarse Either way, wait for the Cap1 to report so your scores go back up 

[Anonymous]

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@Scupra wrote:

Since you have the cash and plan to pay it off right away why not look into a decent rewards card rather than a store card? That way you can get something out of your spending. Unless you need the 0% of coarse Either way, wait for the Cap1 to report so your scores go back up 

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Lowe's does indeed have the 0% but you can waive the 0% and choose an additional 5% off.  Not quite 5% cashback but it gets to the same numbers in the end.  

[Anonymous]

Sears & Lowes are also through Synchrony.  You might have a better chance with them since you have a care credit card now.  Home Depot is Cap One & Best Buy is Citi.  I would try one you already have history with first.  Call up BB & ask for a decent cli.  We have a list of backdoor numbers here. (credit analysts)  It also depends on which store you would rather redo you kitchen from.  They kind of have the same thing but it does vary.  

[kleahc]

I have seen quite a few times on this forum that Sears is next to impossible to get an approval with. I really prefer their appliances and service terms. Are they as difficult to be approved by as I have heard? The sales guy seemed upbeat about it, but then, they work on commission, so he may just want to make a sale. Am I more likely to get approved in the store about to make a huge purchse?  Thanks for all who have answered so far!

[Pway]

Sears is through Citi

[Anonymous]

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@kleahc wrote:

I have seen quite a few times on this forum that Sears is next to impossible to get an approval with. I really prefer their appliances and service terms. Are they as difficult to be approved by as I have heard? The sales guy seemed upbeat about it, but then, they work on commission, so he may just want to make a sale. Am I more likely to get approved in the store about to make a huge purchse?  Thanks for all who have answered so far!

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The stories are somewhat true.  Sears is thru Citibank, and Citi is often a PITA

You'll probably get pulled thru EQ or EX with Citi and your highest score is TU...which is what Lowes will probably pull (there have been reports of Lowe's pulling EX).  Even pulling EX, Lowes has easier underwriting than Citibank (Citi also does HomeDepot preapproval)

[Anonymous]

Sears is tough to get in lets say i know a whole lot about their credit dept.