So i have been in the garden since June with the exception of soft pulls to increase large CLI's with my lendors. However, I made a boo boo today.
My fiance has been dying for a new couch for our new place we moved into 2 months ago. Our current has been slowly breaking down. Today I was at Gallery Furniture and found one that is perfect style and cost @ $1499.99.
They offered me a nice 15 month 0% financing + 5 year warranty (these guys are very well known here in Houston). I went ahead and said, f it. I can pay in full or take advantage of the financing. I went ahead and applied for the financing (mad at myself) which is through Wells Fargo. It is a line of credit with the furniture store only. Much to my surprise - I was approved for $5500! I did a down payment of $800 on the couch which brought my total financing to $1,000 for 15 months. Not bad, eh?
Now...really going back to Garden as I want my AMEX in December! I do not know who they pulled yet, but I'm going to call Wells Fargo on monday and go for a CLI.
After thinking about it, I don't think i really need the WF LOC. I don't plan on buying more furniture now, but figured It would be better for me in the long run to have a higher limit since my UTL will be low. After I pay this off - may not even be necessary.
Agree'd! So hopefully it doesn't effect me with AMEX come December. It will be a new account, but I noticed it did the HP on TU with Wells Fargo in Texas. The pull also shows furniture - worst case I would recon with AMEX to ask them to review due to furnishing my home and that a fair chunk was paid up front.
I don't think it will be a huge problem
Good luck! Sometimes the heck to credit reports.. you have to have furniture that is comfy! What makes sense makes cents, too.