Conn's HomePlus Scores Needed and Experiences

Anonymous · ‎12-01-2019

Hi, I am in the process of purchasing a home (yeah, finally!) and am looking at options for appliances and furnishings. My scores are in the low-mid 600s. I'm probably not in the good graces of Synchrony but maybe?

I was wondering if anyone knew what kind of scores were needed for the financing programs at Conn's? They have a Conn's HomePlus store card (I think through Synchrony) with 0% for 36 months. They also have a Yes Money program (not sure who this is through) with 0% for 12 months. Their prices seem fairly reasonable for some products.

Are there any things to watch for with them (other than paying off on time and not missing payments for the no interest programs)?

I've looked at the prequal sites for Home Depot, Best Buy, and Lowe's and they don't want to approve me yet.

Thanks for any insight!

FireMedic1 · ‎12-01-2019

No clue. But once you sign the mortgage papers you score will drop with a new account, the HP or pulls to get the mortgage, AoYA,ect. Be careful that if you get any loan. Ask if its a consumer finance account first. FICO is not a fan of those type of accounts. You'll want an installment account, not CFA's. Welcome!

DaveInAZ · ‎12-02-2019

I see them advertise that quite often in the Tucson area, and store financing is usually pretty easy to get. In checking Conns.com I see they have a pre-qualification page with a disclosure that they can release your info to "one or more lenders", so they use more than one.

BUT, do NOT apply for any new credit until you mortgage has closed and you have the keys to your new home - mortgage lenders absolutely hate any new/recent credit apps.

lindsaydruart · ‎12-02-2019

I did the Yes Money a few years ago. The markup they have on the items is the incentive to pay during the no-interest period. It was no muss no fuss. I paid my laptop off in 7 months and it was easy. They have an online system to use for it. It was a nice installment loan boost for my scores for credit mix.

Gardening since 12/15/2019. Goal 12/15/2021
FICO 8 as of 12/16/2019 - EQ 602 EX 656 TU 628

Lucifer · ‎12-02-2019

@DaveInAZ wrote:
....BUT, do NOT apply for any new credit until you mortgage has closed and you have the keys to your new home - mortgage lenders absolutely hate any new/recent credit apps.

Do NOT apply for or buy anything until you have the keys in your hands !!!! I've heard about way too many people blowing up their home purchase with this kind of thing. The mortgage company will do a last second pull on your credit....

Stay Liquid My Friends...

Starting Score: F8 3xx
Current Score: F8 800+
Goal Score: F8 800

Take the myFICO Fitness Challenge

Anonymous · ‎12-02-2019

@Anonymous wrote:
... My scores are in the low-mid 600s ... I was wondering if anyone knew what kind of scores were needed for the financing programs at Conn's?

I got approved for both the CC and loan with scores similar to yours about a year before I joined here. As I understand it, depending on the amount of purchase, they will first apply for a CC. Depending on the approval amount, they will then complete the sale with the YES money loan.

It's fairly painless if you payoff in the agreed-upon timeframe. Zero interest in my case. Also, the card will grow as your scores improve. My card went from a $2400 SL to $10,000 CL in relatively short order (once I knew to ask).

Good luck.

Anonymous · ‎12-06-2019

Thank you for the replies. They are very helpful!