Is there such a thing as a revolving CFL?

Anonymous · ‎02-21-2008

As some of you know, DFiancee and I are in the market for a Tempur-Pedic bed. I had them send me some of their literature (I know, I'm going to be geting this stuff forever now), and this caught my eye:

I quote.

3 Months No Payment, No Interest Option: The special terms of this option will apply to purchases charged with approved credit to your Tempur-Pedic card issued by Wells Fargo Financial National Bank.

End quote.

I'm assuming this would be a CFL. It's for furniture and it's issued by WF Financial. Yet it clearly states it's a Tempur-Pedic card, which to me implies a revolving account.

Isn't a CFL a class of installment loan? Is there such a thing as a revolving CFL?

I'm not considering doing this, BTW. Just curious.

fused · ‎02-21-2008

Though I'm not 100%, I would say no, there is no such thing as a revolving CFL.

Anonymous · ‎02-21-2008

fused wrote:
Though I'm not 100%, I would say no, there is no such thing as a revolving CFL.

Thanks, fused. I didn't think so. This is still a new one to me, though. I've never heard of WF Financial servicing revolving accounts.

Dawn · ‎02-21-2008

Give me a minute and I will check the CDIA manual.

Anonymous · ‎02-21-2008

I have a regular Visa through Wells Fargo Financial Bank. It reports as revolving. I also have a line of credit through them that reports as revolving on my EQ report from myfico. They are a "Financial Bank" set up for doing loans and credit cards but not deposits, as opposed to a "true" consumer financial loan company. I do not know how it would report on my other 2 reports because I do not have them. My TC does not specify revolving or not. Just lists it as a line of credit.

Anonymous · ‎02-22-2008

cowpaddi wrote:
I have a regular Visa through Wells Fargo Financial Bank. It reports as revolving. I also have a line of credit through them that reports as revolving on my EQ report from myfico. They are a "Financial Bank" set up for doing loans and credit cards but not deposits, as opposed to a "true" consumer financial loan company. I do not know how it would report on my other 2 reports because I do not have them. My TC does not specify revolving or not. Just lists it as a line of credit.

Cool, thanks for that info! You learn something every day.

Anonymous · ‎02-22-2008

Actually looked closer at my TC and both accounts are listed in the revolving accounts section. As are my store cards even thought they are listed as type charge instead of credit.

Anonymous · ‎02-22-2008

cowpaddi wrote:
Actually looked closer at my TC and both accounts are listed in the revolving accounts section. As are my store cards even thought they are listed as type charge instead of credit.

Store cards typically report as type "Charge account." This is still revolving and not to be confused with the term "Charge card," which is an "open" type account. (Like Amex Green, for example.)

Anonymous · ‎02-22-2008

I know. I was just stating that with regards to Tempur-Pedic since I don't know if they actually have any retail stores of there own, like SelectComfort does.