BestBuy Financing

Anonymous · ‎05-12-2019

Hi,

My wife and I are about to close on a house. It comes with all appliances except the washer and dryer. I've been searching the approval odds of BestBuy financing (through either card) and wanted to ask with a bit more info about my specific situation.

I know that there are countless different score models out there. My wife and I were able to score a conventional 3% down loan through our bank (a major bank). We also were able to buy two vehicles in 2019 through a major bank.

I use Credit Karma to monitor my credit activity mainly. My scores report in the mid to high 670s. I know CK uses Vantage Score and a lot of lenders use Fico. My Discover App shows that my Credit Score is 741 with the TU Fico Score 8 Model.

What are the odds that I could get financing for a washer/dryer with the above information?

Jnbmom · ‎05-12-2019

CK is for monitoring purposing only, basically no lenders use the vantage scores.

Your FICO scores seems very good enough to get a decent card. Lowes always gives pretty good SLs and if it is low you can call them up immediately and request a higher line, they are always running deals, either 5% off or 0% financing. But I think you have a good shot at whatever card you decide.

EXP 780 EQ 796 TU 810

Anonymous · ‎05-12-2019

Is the Discover CC App fairly accurate when deciding credit decisions?

slither43 · ‎05-12-2019

@Anonymous wrote:
Is the Discover CC App fairly accurate when deciding credit decisions?

Yes. They use your TU Fico 8 score

Anonymous · ‎05-12-2019

With a 741 TU FICO you should be good to go with a V/MC/D/AX from anywhere. Instead of locking into captive financing with a particular store I would suggest looking at a card offering 0% for 12-18 months on purchases.

Take a look around here using the search function to find some options that are appealing and narrow down your choices to maybe 3 options and go from there.

Anonymous · ‎05-12-2019

I logged onto Experian and it'a showing a 759 Fico 8. Average of 10 months credit history, oldest being 1 year and 4 months. Student loans (deferred due to grad student status) and our cars account for 45-52k (not wanting to give exact amount.) Never missed a payment of any kind.

Do I still stand a decent chance of getting one of the cards mentioned above? Whether it's Best Buy or another 0% interest 15-18 month intro apr card?

Anonymous · ‎05-12-2019

Sure, why not?

It's going to come down to the full picture you input into the application and then the results should be favorable if the numbers all add up.

Your scores put you in the territory of gimme approvals if you find a small selection of cards you can use for more than just the initial purchase. Think long term rather than just financing some appliances.... The AAOA side of it might make some more conservative lenders a little iffy but, that can be overcome with a recon call sometimes if the arguement for the card is strong enough to convince the UW to approve a borderline scoring by the computer. I've done it with US Bank on 2 apps going from a denial based on INQ's, manual review to 1K/ea to another manual review to 10K/ea.

If it comes down to a recon just go into it with a ton of confidence and you'll be fine.

Anonymous · ‎05-12-2019

Your scores are fine. I'd apply for a 0% major bank card though rather than a store card that will more than likely be of little use to you once the initial charge is paid off. Just my opinion though.

AverageJoesCredit · ‎05-13-2019

If you get approved for the Best Buy card you will have the option to choose the Visa version which is a bank card and can be used anywhere. You can also take advantage of 12,18, and 24 month promos so even though it is a cobranded card, for someone who can shop alot at Best Buy, its the best of both worlds.

Anonymous · ‎05-13-2019

@AverageJoesCredit wrote:
its the best of both worlds.

With the exception that it's backed by Citi