I see a lot a threads discussing the negative impact of a CFA. However, I'm wondering if there is an existing thread or shall we start one, of known companies coded as CFA. It seems clear in some threads it's not easy to determine but wondering if there are some that have clearly been identified.
Personally I'm thinking about financing a new bed and I need a REALLY GOOD bed - Sleep Number or Mattress Firm (back problems and all). I'm in need of new furniture. Already purchased my living room furniture. I'm on schedule to have it paid off in no more than 6 months on a 0% balance transfer card ( I have 15 months to do so). However, this purchase put me above 8.9% overall UTL which I personally hate at this point. I'm contemplating on whether to take the UTL penalty or new account penalty. Unfortunately, I only have 2 cards with somewhat high limits: 20K and 25K, both of which are currently sitting at 9% and 25% UTL. I expect the cost of the bed to be between 6 - 9K. I have the income to pay it off within a year but my OCD regarding my scores have me possibly over thinking this....
Perhaps you should consider a Synchrony Home credit card if you want to avoid the CFA trap.
Looking on Synchrony's site I see that Mattress Firm accepts this card.
Forget about 8.9 or 9.7 or 6.3 lol, too much put on keeping a score at a certain level or percentage. If you need something that will benefit you and you know youll be able to pay it back , just buy it
. Thats whats credit is for. Utilization has no memory. Ok, end positive rsnt
. Thats whats credit is for. Utilization has no memory. Ok, end positive rsnt
I know, I know.... What's the point of "good" credit if it can't be used. I just hate seeing CC debt creeping up after the work done to get out of CC debt. Although situations are very different now compared to "then" it's something about increased debt accompanied by a decrease in score that freaks me out. I may need a support group to get over that. I think I'll stay in the garden and rack up some debt for the meantime.
Still would like to see a go to thread for known CFA's.
I say that Powerball thing at least twice a week at some point at work. I think I will go with Overmedicated's advice and use my existing credit, rack it up for a minute and stay in the garden. But 10% of me is still thinking about Sleep Number or Mattress Firm financing. Both are financed by Synchrony and if I app their card I assume it would not be a CFA, but not sure about simple financing instead of CC. My concern with apps always is the CL since years before last month my UTL was never greater than 5%, probably an average of 3%. Last card I app'd in 8/2018, 800+ scores on all models except EX3, I only received 5K and I already have a card with them with a 25K CL and excellent pymt history since opening in 2005, used it occasionally but seldom reported a balance. My other cards won't give me a CLI due to "use of credit line has been low". WF kept bumping me up when I owed them a boat load but since I've paid them to zero years ago I've seen nothing. They say if you don't use it, you can't get more of it. And my profile seems to indicate that is true. With a DTI of 10% and my scores/report I'd hope I'd get better credit limits. But it is what it is 
The choice is purely yours as to opening a new account or using your current available credit.
MattressFirm's credit card has been changed to the "Home" card mentioned earlier (same with Ashley Furniture and a few others).
I don't know what deals sleep number offers. I don't know who's beds you'll like better.
I personally like the Tulia memory foam mattress I purchased December 2017 from Mattress Firm -- they offered 0% APR for 60 months with a scheduled minimum payment (total purchase price divided by 60)... obviously there is no penalty or harm in making larger payments to pay off sooner.
MattressFirm's and now Synchrony Home report as a "Bankcard" account (same as my major cards).
Hope this helps.
MattressFirm's credit card has been changed to the "Home" card mentioned earlier (same with Ashley Furniture and a few others).
I don't know what deals sleep number offers. I don't know who's beds you'll like better.
I personally like the Tulia memory foam mattress I purchased December 2017 from Mattress Firm -- they offered 0% APR for 60 months with a scheduled minimum payment (total purchase price divided by 60)... obviously there is no penalty or harm in making larger payments to pay off sooner.
MattressFirm's and now Synchrony Home report as a "Bankcard" account (same as my major cards).
Hope this helps.
@Trudy wrote:I see a lot a threads discussing the negative impact of a CFA. However, I'm wondering if there is an existing thread or shall we start one, of known companies coded as CFA. It seems clear in some threads it's not easy to determine but wondering if there are some that have clearly been identified.
Personally I'm thinking about financing a new bed and I need a REALLY GOOD bed - Sleep Number or Mattress Firm (back problems and all). I'm in need of new furniture. Already purchased my living room furniture. I'm on schedule to have it paid off in no more than 6 months on a 0% balance transfer card ( I have 15 months to do so). However, this purchase put me above 8.9% overall UTL which I personally hate at this point. I'm contemplating on whether to take the UTL penalty or new account penalty. Unfortunately, I only have 2 cards with somewhat high limits: 20K and 25K, both of which are currently sitting at 9% and 25% UTL. I expect the cost of the bed to be between 6 - 9K. I have the income to pay it off within a year but my OCD regarding my scores have me possibly over thinking this....
IMHO that is definitely a CFA. Don't do it.
(Also, that is an awful lot of money to spend on a bed; are you sure you're in a financial position to to do that. Just because you can doesn't mean you should).
@SouthJamaica wrote:IMHO that is definitely a CFA. Don't do it.
Are you referring to the Synchrony bankcard?
(Also, that is an awful lot of money to spend on a bed; are you sure you're in a financial position to to do that. Just because you can doesn't mean you should).
I've nearly exhausted my efforts over the past 8 years, spending nearly as much on 2 spring beds combined that I thought would work. I'm convinced a spring bed does't work for me which limits my choices. I'm too young to have the back and hip pain I have and too old to not consider getting the best bed available to address my issues. It's now become an issue of quality of life. I haven't slept on all beds but the beds I've slept on and had a good nights sleep in the past 3 years is a Sleep Number, Tempurpedic and Intellabed. This along with an adjustable base will run me at least 6K. Right now, this is the most important purchase I can make.