The Value City credit card can be used to buy furniture on credit from the store. You can always check the information related to the Value City Furniture card. You can take a look at their offers and get an idea of their offers and deals on the Value City Furniture card.
Just like many other credit cards that have been made available to the people to be able to buy these stores' products and goods on credit. These credit cards can come with some special offers or deals that will give you the incentive to get one for yourself and enjoy the extra services, offers or discounts that they give you for using their store card.
Your credit score plays an integral role to get such a credit card. If you have a higher credit score of for example; 700 or above, you are more likely to get lower interest rates on your credit payments when you buy something from the store. However, if you have a lower credit score, you may be required to pay a higher interest rate. Also, the credit limit will also be affected by your credit score. For Value City credit card, the credit score 700 should be enough to get you the credit card.
Explanation of credit score ranges
It is important to know the category that you fall into when it comes to credit score for you to be aware. The range of a credit score can go from 300 to 850. Always remember that the higher your score, the higher the chances of you to qualify for a loan. There will also be instances where a financing company is okay with 650 scores, while the other is fine with a 750 score. It will all depend on the lender itself.
A lender or a bank will check your credit score if you qualify for the application that you are requesting. Here are some of the credit score ranges that you should know.
Bad credit score
People with a credit score below 579 is known as high risks. Foreclosures, poor payment history, and bankruptcies are the reasons why people fall into this category.
Good credit score
A good credit score ranges from 680 to 719. People with this credit score can expect approvals and interest rates that are better.
A very good credit score ranges from 720 to 799. People with this credit score is known to be small risks, and they often get loan amounts that are higher than usual.
An excellent score ranges from 800 and above. Financial freedom is expected to people with this score.
How are credit scores calculated?
The weight of each of the five categories are; 30% of amount owned, 10% is for the new credit, 15% accounts for the length of credit history, 10% is the credit mix and the last 35% accounts for the person's payment history.
The FICO score takes into consideration positive as well as negative aspects of the credit report. The percentage or the weight of any of the categories mentioned above may differ from a person to another depending upon the information available in the credit report.
The FICO score takes all of the information from your credit report. However, the banks or any other lending institution might look at your income, type of credit and employment history when you apply for a loan or mortgage.
Once a certain lender asks for a client's credit report, they can also ask for the Fico score. Other sources say that your Fico score will include 35% of your payment history, 30% of your credit utilization, and 15% as to how long have you been borrowing.
Furniture financing options based on credit score
Get to know more about the Furniture financing options based on credit score with the information provided below.
Most retail stores are offering store credit for furniture financing. In fact, they are offering these credit to people who have a fair score to excellent ones. But individuals who have a poor score can still apply for one for as long they provide the requirements needed for the store. Get to know more about it by reading the information below.
Your Credit Score
Since this is a credit store, they are not that strict when it comes to credit score. But you should know that they can sometimes damage your credit score since this is called a "hard inquiry."
Typically the credit limit is lower than expected, which is a good thing because you won't get tempted in purchasing things that you can't afford comfortably.