elayaway.com

[Anonymous]

Has anyone done this?  You purchase items from merchants on their network and a monthly payment is automatically deducted from your bank account.  Once it's paid in full, you get your items.  Supposedly if you sign up for their Advantage program for a small fee a month, they report to Fair Isaac for your FICO expansion score.  Is this worth it do you think?  

[cadavis0609]

Why pay to have them report?

[Anonymous]

Because I'm not exactly getting credit anywhere - thought this might help.  That and I don't want any more inquiries on my report and they don't check your credit.  Thought it might be like a Crown Jewelers type-thing...

Just curious if anyone had heard anything about it. 

[determine2win]

I haven't heard of them but looking a the website it seems if they are similar to crown jewelers. I just don't understand why you should have to pay a fee to join the program were they report to the cb IMO it should be free

[Anonymous]

Basically it is a service that stepped in and took over since all major retailers except Kmart stopped doing lawaway.  You pay for the lawaway fee just like you would at any place that does have lawaway.  I am not sure if they charge a fee for reporting, but personally I would be curious how it shows and if it is looked at highly or poorly by the credit bureaus.  Anyway, If you have bad credit an can not get financed anywhere (and since almost no one does lawaway anymore) it could be a way to "force" spending for itmes you want while getting a positive tradeline on your CR.

[Anonymous]

<RANT>

Banks used to have 'christmas club' (holiday??) accounts so you could save the money yourself thru the year, and earn the interest, rather than give money each month to a retailer (i.e. layaway), who earns the interest on it.

I realize that many people cannot save a dime, but for everyone else, layaway makes no sense. Put the money aside every month in your own savings account and earn whatever (miniscule amount of) interest your bank is paying right now.  

The end result is the same (the only diff is who earns the interest).  You'll have the money to buy the item at the end of X months.

</RANT>

Back to the topic tho... since no credit has actually extended to you, what are they reporting???

Message Edited by writemikep on 11-10-2008 04:46 PM