Visited store to shop for Labor Day deals. However, I wasn't able to make a buying decision same day so I had the sales rep write up a reservation to lock in my prices (you can actually negotiate prices with this retailer). With the reso number, I called the service number and got transferred to credit services. Rep was awesome! Took my DL and employment details, placed on hold and came back with an approval just slightly above the total order after taxes. HP on EX. Fico 8 was 664. 3 hard inquiries in the last 24 months. 3yrs & 1month post BK7 discharge. Reported utilization 44% (real time UT is actually 15%, my payoffs hasn't been reflected). Tried getting them to bump SL to $10k but no dice. Will split the order so the card isn't maxed out (it already is) when it eventually reports.
@pip3man wrote:Visited store to shop for Labor Day deals. However, I wasn't able to make a buying decision same day so I had the sales rep write up a reservation to lock in my prices (you can actually negotiate prices with this retailer). With the reso number, I called the service number and got transferred to credit services. Rep was awesome! Took my DL and employment details, placed on hold and came back with an approval just slightly above the total order after taxes. HP on EX. Fico 8 was 664. 3 hard inquiries in the last 24 months. 3yrs & 1month post BK7 discharge. Reported utilization 44% (real time UT is actually 15%, my payoffs hasn't been reflected). Tried getting them to bump SL to $10k but no dice. Will split the order so the card isn't maxed out (it already is) when it eventually reports.
Congrats. I would be cautious opening retail accounts that are designed for just one retailer like this (one off card, not like Synchrony or Bread AKA Comenity). I would worry that the account will score as a consumer finance account. I did some snooping and it looks like Wells Fargo is the funding source, but these types of acounts where you buy furniture over 24 months and pay no interest are the types that score as CFAs.
Congratulations on your approval!
Congrats on your Nebraska Furniture Mart approval
Congrats!
They are pretty generous with the 'soft pull' CLIs. I started with a CL of $2000 and it went up to $20k in about 16 months. I called every 4 months faithfully.
@CH-7-Mission-Accomplished wrote:Congrats. I would be cautious opening retail accounts that are designed for just one retailer like this (one off card, not like Synchrony or Bread AKA Comenity). I would worry that the account will score as a consumer finance account. I did some snooping and it looks like Wells Fargo is the funding source, but these types of acounts where you buy furniture over 24 months and pay no interest are the types that score as CFAs.
To my knowledge, only installment accounts can score as CFA's, not revolving accounts like this one. Regardless, the NFM card itself is definitely not a CFA. (I live in the area, and it's a very commonly held store card here.)
