Synchrony via Mattress Firm is it possible?

[Anonymous]

My score is around 600. I really need a new mattress due to health issues. I am moving and mold has gotten into everything due to a giant water leak. So I need a new mattress. The Mattress Firm guy says synchrony has been really generous during this pandemic. What are my odds? Anyone else recently approved? Would I be better off trying to get something like PayPal instead?

[CreditCrusader]

By "around 600", do you mean 585, 600 or 615?

And is that your FICO Transunion (which Sync almost exclusively pulls) or your Credit Karma/Vantage score?

[chuckwood]

Others may chime in but 600 is abit low for synchrony. I don't know if the stores by you have the same options as ours in the midwest do. I know my dad went there in November and when synchrony denied him it automatically tried it thru FS Retail Credit and his score was around 615. They gave him 0% for a year and a credit limit good enough to get what he needed. You might ask the store if they have that option and keep in mind that is just what happened too him. Credit is profile dependent and your may not get the same results but hopefully my post may be a guidance. Just be careful of the apr if you go that route,  his was at 29% if he didn't pay it off in a year. Hope this helps and Good luck !! 

[4sallypat]

When my score was 620, I was approved by Mattress Firm for $6K SL.

0% was very nice for 7 years.

Almost paid off the power adjustable mattress w/ tech base.

Next year if it's not fully paid off, the 30% interest gets tacked on from day 1.

[FinStar]

@Anonymous, I'm not sure I would go by the "Matress Firm guy's" statement given he's not the one doing the underwriting and he isn't likely to know what each individual profile looks like.  If your FICO (or Vantage 4) scores are just hovering near ~600, it's really unlikely SYNCB will budge.  Also, SYNCB does the underwriting for all PayPal products.

[Anonymous]

When I say around 600 I mean credit karma reports Transunion at 598. 

[Anonymous]

It does say on the application that they can contact other banks if synchrony doesn't work out. It doesn't say which ones though. I would think as long as I get the bed it would be better in the long run for me. Otherwise I will spend a few hundred on a cheap mattress now and buy something better later on. I would just rather take care of it while I am moving and already have a uhaul ready to deal with this. This is the financing. 0 interest for at least 4 years. 

[Anonymous]

Yea that is how they are here too. Interest is 29.99% which is high but it would still be worth it I think. My other credit cards have a similar rate. Hopefully I will have better cards soon. I am seriously considering bankruptcy though. 

[Anonymous]

I agree. I figured he was just trying to make the sale. I mentioned paypal because I noticed someone in myfico had just posted they were worried by PayPal and they were very surprised because of their credit. So I was hoping there was some relation to how they are making decisions at mattress firm. Wishful thinking probably.