I just got a approved for Wayfair $750 cl
And a over stock for $250 cl. Strange that the difference between the limits. I have a Blair card since 2013, only $500 cl. Wayfair had outside shed's. I needed $3,000 for the shed. So I got a sweet deal from Affirm financing. Approved for 5,000 then I decided not to buy the shed and just financed a $169 toilet. LoL. Affirm and Wayfair seemed to be in competition to get my business. Affirm offered 12 month financing @17 month, and refund on interest. So strange. I just took the Affirm deal. That $750 card will help my credit score and utilation. Anyway will Wayfair give high limits for scores in the 650s?
Over stock just won't do over $250 until 6 months or more of on time payment's.
I'm just trying to build some good credit.
Also I hear Affirm only reports to Experian.
And list as some loan or fixed loan. After I get that paid off will that help my credit?
Or drop the scores?
I opened my Wayfair account in July 2017 after receiving a "preapproval" letter in the mail. The starting CL was $500. My current CL is $7900. I have made one $40 purchase on the account since opening it. All the cli's have been via the luv button, no auto increases. My score at approval was around 630 and still remains in the lower 600's. If I recall correctly Wayfair offers special financing for orders over $250 when you use your Wayfair card for payment. I believe it 0% apr for 6, 12, 24 or 36 months depending on the amount of purchase. I'm not familiar with Affirm financing but it may possibly report to the CRA as a consumer finance loan which apparently MyFico doesn't like scorewise.
I opened Overstock and Wayfair cards via the sct in January with a $2k starting limit. A month later hit the love button on each and got bumped to $3.6k on each (sp). My scores were lower than now and probably low to mid 600's. That's where they stand now since I've only hit the love button 1 more time and they wanted my reports unfrozen #nothankyou
In March I got a Jcrew card (also Comenity) with a starting limit of only $250 and no CLIs yet so who knows the method to the madness.
Affirm could report as installment. Any new accounts other than your first 3 revolvers opening tend to drop Fico temporarily. Installments are scored differently than revolvers and until we know how Affirm reports hard to tell you what may or may not happen. Grats on the new credit.
Update...My scores have all been improving. Experian finally passed 700s
Equifax is 670. Still waiting for TU.
Anyway Affirm did report on Experian ad
a loan. I got approved for a $8500 cl with Discover it. Still waiting for the card. But very happy about it. Discover pulled Experian and Equifax. Nothing on TU.
So far my credit rebuild is going well. Hope to keep it that way.
Congrats, on your success!