The Havertys Credit Card offers financing options that make it easier to pay for furniture purchases over time. With special promotions and flexible payment plans, it’s designed for shoppers who want to spread out costs without paying interest when balances are paid in full within the promotional period.
Before applying, it’s helpful to know the credit score requirements and other factors that impact approval. Lenders look at more than just your score, so having a solid financial profile can improve your chances.
Credit Score Requirements for a Havertys Credit Card
Havertys does not publicly disclose a minimum credit score, but applicants with at least a fair credit score (typically 580 to 669) have a better chance of getting approved. Those with good or excellent credit may qualify for better financing options.
Synchrony Bank, the issuer of the Havertys Credit Card, also considers factors like income, debt levels, and credit history. A higher income, low debt-to-income ratio, and a record of on-time payments can make approval more likely, even if your score is on the lower end.
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.
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.
Work on Your Credit Before Applying
If your credit score isn’t where it needs to be, improving it before applying can increase your chances of approval. Negative marks like late payments, charge-offs, and collections can make it harder to qualify, but addressing these issues can help. Lowering your debt and keeping your credit utilization low can also strengthen your credit profile.
Credit Saint works with clients to dispute inaccurate or unfair negative items, which may improve credit scores over time. A better credit profile can help you qualify for financing options like the Havertys Credit Card and other store credit cards. To see how they can help, visit their website for a free consultation.
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.
