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DI wrote: Finance company accounts are generally considered to be higher risk lenders who target higher risk customers. As such, consumers who have finance company accounts on their credit reports could suffer lower scores.
Right-o. For example, on "What's hurting your FICO score" on my myfico.com/12 report, "You have a consumer finance account on your report" is #3. It comes in right behind #2 "You've recently been looking for credit" and ahead of #4 "You have a short credit history."
That's one of the reasons I like to pull from myfico.com/12 - you see all four codes and know what your lenders are seeing. If you're only seeing one or two of your Reason Codes, you may never see that this is impacting your scores at all.
(This, by the way, appears to be triggered by my second mortgage which was with Citifinancial. I guess it's not uncommon for banks to own finance companies - perhaps the "financial" is a major tipoff.)
Is Value City Furniture credit considered a "Consumer Finance Account"? Just asking because I financed a new bedroom suite for 0% interest for 12 months.
@ficonewbie01 wrote:Is Value City Furniture credit considered a "Consumer Finance Account"? Just asking because I financed a new bedroom suite for 0% interest for 12 months.
Sometimes (often for me) it's hard to tell. Often they're hard to pin down. One key to find out if they are a bank or a finance company, is to find out if they accept deposits for savings accounts. If they don't, they're likely a finance company.
Value City's site says their accounts are backed by WFNNB (World Financial Network National Bank). So the term Bank looks hopeful. The term Financial raises a red flag. If you check out WFNNB on BBB, you'll find this:
Name: World Financial Network National Bank
Address: P.O. Box 182273, Columbus, OH 43218
File Open Date: January 2009
Type of Business: Consumer Finance Loan Companies
BBB Accreditation: World Financial Network National Bank is not a BBB Accredited business
@nathan wrote:
Thanks for all the advice. I plan to use 4k for furniture and save the other 4k for emergency fund. Is it better for me to file my tax admendment now or just wait and claim the 8k next january when I file? If I file next year , can the 8k still be directly deposited or will i still have to wait about 16 weeks for a check from Uncle Sam. I have looked at the irs web site , but could not find any information on that.
You may want to do some reading on this in the mortgage forum. People now are debating which one to do. No one knows if your forms filed in 2010 will have to go through the same screening process that the amended tax forms are going through now, thus holding up your entire return.
I think right now people are split...some filing amended and some waiting.
@DI wrote:
@Anonymous wrote:
Congrats on the home purchase! I would wait 3 months til you file, have the money in the bank and THEN make the purchase. Most furniture stores offer 6-10% off for cash IF you ask... but you gotta ask.With a new house I don't think anybody would wait 3 months to furnish it. We live in a "I want it now" society.
Not always the case. I brought along most of my old furniture and am still furnishing as we go.The one thing I did buy quickly was a couch and don't you know I don't like it and we are talking about buying a new one after only 5 months or so. It's a sectional and while it fits okay in the room, we both have to sit strangely to lay down and watch tv and it hurts your neck and we just realize it's not working.
In anycase, I'd also suggest you take your time and buy things as you need them. Don't rush out to stock pile on furniture, there is a real good chance you will change your mind. Just buy key things you absolutely need at first and take your time with the others.