Should I open a store account or charge to my visa????

[mwr1ght]

I am purchasing a home that has NO applliances. Therefore I will need to buy some appliances. I looked for used ones today. BUT all I found was overpriced JUNK. I am going to need to buy new in order to get something I can live with and that will look nice.

I just paid off the balance of my WAMU platinum visa last friday. Should I just use the VISA to charge the appliances OR should I open a store account to purchase the appliance? Right now the only credit cards I have are VISA with $2500 limit, and a Walmart with $500 limit. I should be closing on my home in the next week or two.  Thanks!

[Anonymous]

Do nothing until you are closed.  If you run up your balance on your cc or open a new account, and they have to pull credit (sometimes they re-pull right at end) an underwriter could get scared.  It is unlikely, but I would wait until you have the keys..

[Anonymous]

I'd try to find a store (like sears as an example), that offers no interest financing on appliances.

[smallfry]

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@Anonymous wrote:

Do nothing until you are closed. If you run up your balance on your cc or open a new account, and they have to pull credit (sometimes they re-pull right at end) an underwriter could get scared. It is unlikely, but I would wait until you have the keys..

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Don't apply is the answer.

[jmbfl]

POST CLOSING!! and not a moment before. Deviate from this advice at your peril.

[mwr1ght]

I appreciate all the advice. I definitely will not be applying for any credit until after I close on my home. I am hoping to get back some earnest money deposit at closing. Not sure if I will but if I do, then I will use that to go purchase the stove and fridge. I placed $1000.00 down in earnest money.  If I do not get it back then I will decide if I want to just charge the items to my Wamu Visa or apply for a account through a store. Thanks.

[mwr1ght]

Thanks for the info about Sears offering no interest financing on appliances. I was not aware of that. Good to know for the future. I had a sears card back in 2000 which was in good standing when I filed my chapter 13 in 2001. Maybe they will re issue me a card AFTER I close on my home. It is something to think about!

[haulingthescoreup]

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@mwr1ght wrote:

Thanks for the info about Sears offering no interest financing on appliances. I was not aware of that. Good to know for the future. I had a sears card back in 2000 which was in good standing when I filed my chapter 13 in 2001. Maybe they will re issue me a card AFTER I close on my home. It is something to think about!

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Just a word of warning: Sears tends to be incredibly chintzy with CL's. My Sears MC has the infamous $1,212 credit line, which will buy about 60% of a fridge. It's currently circling the drain, waiting for the big flush.


edit: Sorry, meant to add that if your EQ is decent, you might try for the Best Buy store card (NOT their MC.) I think mine was around 700 when I got a $2500 CL. This was during a time of turmoil on my reports, lol, so it's hard to be sure. Home Depot also has good cards, both store version and MC. It's issued through Citi, so you have to deal with their persnicketiness. Despite my Citi Sears card, I got a CL of $4K on the Home Depot store card. At that point, my EQ was somewhere around 730, I think. HTH

Message Edited by haulingthescoreup on 08-26-2008 03:52 PM

[smallfry]

Home Depot in store app with a cart full of goodies.