Avoid Same As Cash Offers
January 25, 2009 by Eleanor
Filed under About Scores and Credit, Score Strategies
Did you know that if you are using the “Same As Cash” options available through department stores, like Best Buy, Macy’s or Rooms To Go? The folks help found that their credit scores (especially FICO) took a dive when they utilized these types of credit.
Why? Well, I’m talking about the type of account where you apply at the Piano Store (for instance), however it’s really Wells Fargo Financial that’s loaning the money. If you imagined that you could have “type A” credit sources and “type B” and finally, “type C” – the Financial Companies will likely always have the worst classification (and if you don’t pay it by the due date – you have a significantly higher interest rate!)!
So our advice is to use this type of financing sparingly!
If you have questions about purchasing a home in NC or Virginia, and what kind of FICO Credit Score you need for a mortgage loan… please call Steve and Eleanor Thorne, Meridian Residential, 919-459-1313.
Where did you get your blog layout from? I’d like to get one like it for my blog.
I love your blog. Keep up with the good work.
If things get out hand, how are going to handle this? It obvious conventional methods aren’t working.