Home Depot and Tempurpedic

[MrChairman]

I will be closing on a mortgage in the next 30 days. I want to get a Home Depot card and Tempurpedic mattress which is around 4k. Recent scores are in my signature. Also wanted to get my limit upped on my cards. Highest limit currently is discover at 3k. I want to do all of this before mortgage hits the report. My only downside I think is that I have low limit cards, 4, 1500 limits and most of them are at around 80-85 uti

[enharu]

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@MrChairman wrote:

I will be closing on a mortgage in the next 30 days. I want to get a Home Depot card and Tempurpedic mattress which is around 4k. Recent scores are in my signature. Also wanted to get my limit upped on my cards. Highest limit currently is discover at 3k. I want to do all of this before mortgage hits the report. My only downside I think is that I have low limit cards, 4, 1500 limits and most of them are at around 80-85 uti

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I would recommend you get your utilization down. The home depot card is backed by Citi and they are known to be pretty anal about a lot of stuff.

More importantly, do not apply for anything until you close on your mortage.

[thom02099]

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@enharu wrote:

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@MrChairman wrote:

I will be closing on a mortgage in the next 30 days. I want to get a Home Depot card and Tempurpedic mattress which is around 4k. Recent scores are in my signature. Also wanted to get my limit upped on my cards. Highest limit currently is discover at 3k. I want to do all of this before mortgage hits the report. My only downside I think is that I have low limit cards, 4, 1500 limits and most of them are at around 80-85 uti

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I would recommend you get your utilization down. The home depot card is backed by Citi and they are known to be pretty anal about a lot of stuff.

More importantly, do not apply for anything until you close on your mortage.

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+1 on not doing anything til after you close the mortgage. 

Way back in the day, when I bought my Tempurpedic set, I financed it through the retailer.  It was Mattress King and if I recall right, it was backed by GE at that time. Was very easy to get approved and at that time my scores were low 600s.  My tempurpedic was $4800, they financed the full amount. Interest rate was absurd, but I paid it off fairly quickly.  Depending on where you are, you might be able to score a good finance deal through one of the mattress retailers in your area.  BUT you do need to get that util down to below 50% to realistically be considered for financing...unless you want to pay absurd interest rates. 

[MrChairman]

80-85% is not my overall uti. this is for 4, low limit cards. Overall util is around 50. Scores are in the 700's most likely now due to paying off a car loan. I am just asking what others got approved at score wise for these two retailers.

[09Lexie]

50% utilization is still too high. You need to be less than 20% tbh

[enharu]

+1 to what lexie said. 50% utilization is still way too high. And those cards at 85% are still hurting you a lot as well. This is a common problem for low limit cards.

[thom02099]

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@MrChairman wrote:

80-85% is not my overall uti. this is for 4, low limit cards. Overall util is around 50. Scores are in the 700's most likely now due to paying off a car loan. I am just asking what others got approved at score wise for these two retailers.

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To answer your specific question...

I was in the low 600s when I got approved for the purchase of my Tempurpedic from Mattress King (in Colorado-don't know if they are national).   That was around '03-04 time period.

I was in the upper 600s (above 680) when I was approved for my initial Home Depot card with a $3000 initial CL.  That was in '07.

[Creditaddict]

Tempur-Pedic shows financing through Wells Fargo but if you don't get approved for that they have a secondary that they try to push you through that is much easier... they still offer the 0% just the same... the difference is if you miss a payment or don't pay off during the promo you might not like them as well but I had no issues years and years ago.... but as others posted if you can't finacning directly through tempur-pedic (submit online and if not instant approval, you can usually get an answer in under and hour about secondary finance company) if not then go find a local store like Ashley or someone in your area that also sells tempur-pedic (many now backed by GE and they will be a lot easier).

Same goes for Home Depot (apply online) they have a great backdoor number to call if declined and try to recon and if approved but low, call and recon and ask for the moon... they will counter and I have seen from $500 up to $20k... 

otherwise backup would be Lowes which is GE and might be a little more friendly to your other lower limits and util.

check pre-qual. for chase,citi, barclay... maybe you can get a new 0% and pay off ALL these smaller cards of yours and that will pave the way for lowering util., getting CLI on current accounts, and getting some new higher limits probably.

[OptimalCS]

Be sure to wait until AFTER you close to apply for new credit.

I agree with everyone else. You stand a better chance if you're inq & util are low. 

Good luck!

[Countingpennies]

Sleepy's financing is GE. They do sell Tempurpedic. They have financing deals like 0% for 48 months (4th of July sale). The next one will probably be Labor Day, which may work for you after your mtg. Closes.

Edit: For anyone reading this, don't buy online from Sleepy's. the sales people in-store can negotiate even the sale prices (Tempurpedic might be a different story), as well as throw in accessories like pillows and mattress covers.