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Money Matters
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Old 12-13-2012, 06:31 PM   #1
Cuttubus
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Need Advice, new home owner and I'm getting declined for furniture

Hey guys,

I've never posted on this side of OT. I'm getting pretty fed up about something and between the funny and "INB4" or "insulting" type comments I've read some really wise and inspiring posts, so I figured I'd ask here.

On November 28th I closed on my new house as a first time home-buyer. I need furniture so I started shopping around for a sectional in the living room. I browsed a few "big name" stores like Rooms to Go, Kane's, Haverty's, Hudson, and maybe another one, I can't remember. There is a brown leather sectional at Rooms to Go that I decided to buy. I applied for their interest free financing. I was DECLINED for $3,300 bucks. I asked who their financing is through and she told me GE. I purchased a Breitling with cash down through GE a year ago with no problem and the balance on the watch was $3,800 which I paid off quickly. Aggravated with GE, I asked the salesperson if their was alternative banks. She reffered me to Roomstogo.com and apply seeing as they use Dominion Toronto bank, which I've never heard of. After applying online tonight, I was immediately declined!

I have a mortgage, a loan through BMW, two credit cards, one with a limit of $2,500 and a BMW credit card with a limit of $2,800 and a balance of $1,500 which I pay. I make on average $70,000-$80,000 a year, job history of 4 years, and the balance of my auto loan is $28,000. WHY CAN'T I BUY FURNITURE??

Any posts would be appreciated!
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Old 12-13-2012, 07:53 PM   #2
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I think it is because you have a high debt to loan ratio.
There are several ratios they use to determine eligibility and your credit score.
One is the ratio of what you owe and your potential lending capacity.

In other words.......if you have a credit balance of 2,000 on a 3k limit, ratio is 66 percent.

If you owed 2k on 20k limit, it would be 10 percent and for some reason that looks better to a lender.

Call your bank and see if you can get your limit raised.

I have no idea why you were declined, but this is just an idea.
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Old 12-13-2012, 08:05 PM   #3
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Thanks Raymond. I guess I should asses my DTI ratio, I would really hate to pay cash but I guess that might be my only option. If I pay cash for the furniture I'll have to sacrifice my plans for a billiard table for a month or so...
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Old 12-13-2012, 10:50 PM   #4
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Yep, debt ratio is too high, the bank probably thinks you are a paycheck away from doom.
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Old 12-14-2012, 01:37 PM   #5
Cuttubus
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Thanks Ynot. Guess I'll have to be patient and start paying down some debt, just sucks living in a new house with essentially no furniture except my bedroom.
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Old 12-15-2012, 12:01 AM   #6
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I'm sure they have rent to own furniture stores in Orlando if you really want it.
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Old 12-24-2012, 08:13 PM   #7
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go to annualcreditreport.com and check your free Equifax report. it tells you your debt-to-credit ratio in the summary. (for what it's worth, mine is $495 debt on 101,000 available credit, so it's less than 1% debt-to-credit utilized)
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Old 12-28-2012, 01:07 AM   #8
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Agreed, when I go back from Afghan I had high amounts and I just asked for the limits to be increased. Then I just paid all of them off.
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