Havertys Furniture is a well-known retailer that offers a store-branded credit card to make purchasing their furniture more affordable and convenient. Understanding the credit score requirements for the Havertys credit card is essential before applying, as it can impact your chances of approval.
Before diving into the specific credit requirements, it’s helpful to know more about the card’s features and the benefits it offers. This can give you a clearer idea of whether this card aligns with your financial needs.
The Havertys Credit Card
The Havertys credit card provides several appealing features designed to enhance the shopping experience and help manage payments.
Card Features and Benefits
- Special financing options: Havertys offers a variety of financing plans, allowing you to pay off purchases over time without accruing interest if paid in full within the promotional period.
- Exclusive discounts and promotions: Cardholders gain access to exclusive sales, promotions, and events throughout the year.
- Convenient payment management: With the option to manage your account online, set up autopay, and select your payment due date, Havertys makes it easy to stay on top of payments.
Credit Score Requirements for Havertys Credit Card
While Havertys does not publicly disclose a specific minimum credit score for its store card, applicants with at least a fair credit score (typically between 580 and 669) have a better chance of approval. However, credit score alone isn’t the only factor considered during the approval process.
Factors Influencing Approval Odds
- Income: A higher income can positively impact your chances of being approved, as it demonstrates your ability to handle repayments.
- Debt-to-income ratio: Lenders look for a lower debt-to-income ratio to ensure you aren’t overextended.
- Credit history: A longer and more positive credit history improves approval odds, as it shows responsible credit management.
- Recent credit inquiries: Too many credit inquiries in a short period can hurt your approval chances, as it might signal financial distress to lenders.
How to Improve Your Credit Score for a Havertys Credit Card
Improving your credit score can significantly boost your chances of approval for a Havertys credit card. These steps will help you build and maintain a strong credit profile.
Monitor Your Credit Report and Dispute Errors
Regularly check your credit report to ensure it accurately reflects your financial history. Errors can negatively impact your score, so dispute any inaccuracies with the credit bureaus to correct them.
Pay Bills on Time and Maintain Low Balances
Paying your bills on time is one of the most important factors in improving your credit score. Additionally, keeping your credit card balances low demonstrates responsible credit management, which lenders look for.
Reduce Your Overall Debt
Paying down outstanding debts, such as credit card balances and loans, helps lower your debt-to-income ratio. This can positively influence your credit score over time.
Keep Your Credit Utilization Low
Maintaining a credit utilization ratio below 30% shows that you aren’t over-reliant on credit. This ratio is calculated based on the amount of credit you’re using relative to your total available credit.
Limit New Credit Inquiries
Avoid applying for multiple credit accounts in a short period. Each credit inquiry can slightly lower your score, and too many inquiries can signal potential risk to lenders.
Alternatives to Havertys Credit Card
- Other store credit cards with lower credit score requirements: Consider applying for store credit cards with more lenient credit score requirements if you don’t qualify for the Havertys card.
- Secured credit cards: Secured credit cards require a security deposit but can help build your credit score with responsible use.
- Personal loans: A personal loan may offer an alternative financing option for your furniture purchase, allowing you to pay off the loan in installments.
- Saving for furniture purchases: Consider saving up for your furniture purchases and paying in cash to avoid debt and interest charges altogether.
Need help improving your credit score?
Improving your credit score often starts with removing negative items from your credit report. Credit Saint, a trusted credit repair company with over 15 years of experience, can assist in disputing and potentially removing damaging entries such as:
- Late payments
- Collections
- Charge offs
- Foreclosures
- Repossessions
- Bankruptcies
By helping clients correct inaccurate information, Credit Saint has built a strong reputation for success. If you’re facing challenges with bad credit and want to improve your chances of getting approved for new credit, visit their website to schedule a free consultation and see how they can help.
Bottom Line
Understanding the credit score requirements for a Havertys credit card can help you make informed decisions about your financial future. By working to improve your credit score and exploring alternative financing options, you can increase your chances of securing the best possible terms for your next furniture purchase.
