Although options aren’t as plentiful as they are for those with great credit, you do have options as a poor credit consumer when applying for credit with a catalogue. So before you simply give up or forego the application process, consider some of these options when the time comes to apply, so that you avoid rejection, and get approved for some cards.
1. Dial a TV or Homebuy -
If shopping for electrical appliances, a new gaming system or similar consumer goods, this is the route to go. Depending on your credit rating, your income and address (steady proof of residency) payment options are available. Further, they offer options for a cosigner if you don’t have a high enough credit score to be approved on your own. Although lending limits may be lower than those who have a good credit score, they do offer lower amounts for individuals who have proof of income, so that they can repay on the account.
For clothing, this is a good option. The benefit is that they offer you the opportunity to build your credit score, with weekly payment options. You will have a higher payment amount each week, and lower lending limits. However, over time this can help you build your credit score, and eventually receive higher financing amounts. Keep in mind you are paying a higher interest amount as well, due to less than average credit, and the fact that you are a riskier purchaser.
Clothing, shoes, electronics; they carry a wide range of product options to consider. They aren’t as lenient in terms of lending amounts, so you might be approved for a very low amount in terms of financing with a low credit score. Further, repayment options are limited, so you might only receive the option for weekly payments with a high interest rate, as opposed to monthly options. And, they typically don’t extend zero interest options for bigger purchases, due to lower lending limits.
Although you don’t have as many options as those who have a great credit score, this does not mean you are all together going to be rejected from every catalogue lender when the time comes to apply for financing. These are some of the top catalogues for you to consider, if you do not have a great credit score, and would like to finance the purchase of items you are going to buy for the home, clothing, or other goods, with buy now, pay later financing, you can.