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What Credit Report Does Best Buy Use

Having A Best Buy Credit Card Might Hurt Your Credit

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Best Buy has the best electronics, and most often the best prices. Its the reason so many consumers opt to apply for a Best Buy credit card so that they can save money, earn points and still buy the things they want without worrying about their credit score. If the Best Buy credit card is one youve been thinking of getting, its a good idea to weigh both the pros and cons, and then make an informed decision that will help you decide whether or not to apply. Theres no doubt that Best Buy is one of the most popular retailers in the country, especially around the holidays, but does it make sense to have one of their cards? Lets take a look.

Re: Should I Apply For Best Buy Visa

What’s your general spend like? I think maybe you want to get a card that has a big sign up bonus to offset the cost of the purchase. Capital One Savor has a $500 SUB if you spend $3000 in the first 90 days. This phone purchase would get you 1/3 of the way there, then if you can cross the finish line, you get $500 back and 4% back on dining for good. Downgrade the card in a year if you don’t find it useful since the $95 annual fee is waived for year 1.

Other option is to get a travel card if you fly with a specific airline and earn miles/points for your purchase!

@AverageJoesCredit wrote:I think you would be approved for the standard 2k . You wouldnt have to worry sbout the store card as you can choose the Visa, not many places allow this lol. This card does offer other rewards that change every few months and can be redeemed as statement credits so its not just a plain jane store card or visa. Good luck

The Best Buy Visa rewards can be redeemed as statement credits?? I thought it was only My Best Buy points that had to be redeemed at Best Buy….learn something every day lol

Pretty sure they can’t, unless it has been changed recently.

Currently rebuilding:

What Could Be Improved

Complicated approval process

During a Best Buy Credit Card application, the card issuer first decides whether to approve you for the My Best Buy® Visa® Platinum, which has no annual fee and works anywhere Visa is accepted. If not, it moves on to the My Best Buy® Credit Card, which also has no annual fee but only works at Best Buy. And if you don’t qualify for that, either, then it considers you for the My Best Buy® Visa® Gold, which has a $59 annual fee.

Unless you have a high credit score, its hard to anticipate which card youll receive. You might get approved for a credit card that you can only use at Best Buy. Or you might get one that isn’t a good deal because of its annual fee.

Store credit cards often carry high APRs. Best Buy Credit Cards are no exception. If you don’t pay the full balance on your Best Buy Credit Card payment, you could be in store for some hefty interest charges. A related problem is that Best Buy’s financing offers are deferred interest. Thats not as attractive as the waived interest offers you can get with 0% intro APR credit cards.

Deferred interest means that interest still accumulates during the financing period. If you don’t get the entire balance paid off by the end of that timeframe, then you’ll be charged interest going back to when you made the purchase. And that’s when a high interest rate can come back to cost you. With deferred interest, you could end up with hundreds or even thousands of dollars in interest charges.

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What Does Bby/cbna Stand For And Why Is It On My Credit Reports

BBY/CBNA stands for Best Buy/Citibank North America. You may see BBY/CBNA on your credit reports as a hard inquiry if youve applied for one of Best Buys credit cards, or if someone added you as an authorized user on one of their Best Buy credit cards.

Citibank offers three Best Buy credit cards.

  • My Best Buy® Credit Card
  • My Best Buy® Visa® Platinum
  • My Best Buy® Visa® Gold

If youve applied for one of these and authorized the bank to check your credit, you may see a hard credit inquiry on your credit reports. A hard credit inquiry can stay on your reports for up to two years, so it may be showing up even if you didnt recently apply for the card.

Alternatively, if you tried to prequalify for a credit card from Best Buy, you might see a soft credit inquiry on your credit reports. A soft inquiry is only visible to you and doesnt affect your credit scores.

Best Buy Credit Application Decision

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I applied online at Bestbuy.com, for a credit card. After a minute or so a screen popped up that said:

“Thank you for applying. Your My Best Buy credit card application has been received. Please continue to BestBuy.com to view our decision.”

There is a ‘continue’ button underneath that takes you back to Best Buy’s homepage. There isnt any info regarding their decision, and their “check application status” selection results in the above mentioned message.

Has anyone experienced this? Neither an Approval or a Denial was given. They didn’t ask me to call, nor was I told to wait.

There’s zero help online. I’m assuming I’m not the first to get this message however, I appear to be the first to post a question about it!

Any help is welcome!

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What To Do If Theres An Account You Dont Recognize On Your Credit Reports

Its important to routinely check your credit reports to watch out for mistakes or even outright identity theft.

Youre entitled to a free copy of your credit reports from all three major consumer credit bureaus periodically through annualcreditreport.com. To monitor your credit more frequently, you can use the to access your TransUnion and Equifax credit reports and VantageScore 3.0® credit scores for free.

Whether you decide to keep an eye on your credit with Credit Karma or use another service, consider adding to your financial routine. Credit monitoring can be a useful tool in helping you identify and take action on certainerrors or suspected fraud you might spot on your credit reports.

When it comes to any suspicious activity, the sooner you take action, the more likely you are to minimize any lasting damage to your credit profile.

Here Are The Best Buy Credit Card Approval Requirements:

  • Credit score: fair for the store card, good for the Visa.
  • Age: 18+ years old .
  • Mailing address. Must be located in the U.S.
  • Social Security Number. You need an SSN to apply and cant substitute an ITIN.
  • Income. The amount of money you make factors heavily into approval.
  • Be sure to check your credit score before applying. If its below 640, take time to improve your score first. Even a month can make a big difference. But if its more than a minor fix, you might want to put a deposit on a secured credit card and use that for credit rebuilding purposes until you get into the fair credit range.

    What credit score do you need for a Citi credit card?

    You need a credit score of at least 700 for a Citi credit card in most cases. That means applicants for Citi credit cards need at least good credit to be approved. But it really depends on which card youre after. Some Citi credit cards require higher scores, and one accepts applicants with limited credit history.read full answer

    Below, you can see what Citi cards your credit score will allow you to pursue, along with other information about approval.

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    How To Get A Credit Report

    Consumers can obtain a free copy of a credit report via AnnualCreditReport.com, the only website officially authorized to generate free reports. AnnualCreditReport.com can also be reached at 1-877-322-8228.

    Each consumer is entitled to at least one free credit report per year from each of the three major agenciesthis is the law. Through the end of 2022 everyone with a report is permitted one free report weekly.

    Reports also dont need to be requested all together. Someone interested to see an Equifax report in May can request a TransUnion report in July and an Experian report in December. While no one is obligated to request reports, consumers may ask for them whenever they desire.

    My Best Buy Visa Card Benefits

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    • Promotional APR on eligible purchases.

      On some purchases, youll get an 11.9% promotional APR on Best Buys 48-month credit plan.

    • Rewards on qualifying purchases.

      Earn 5% cash back on Best Buy purchases. If youre a My Best Buy Elite Plus member, youll earn 6% back.

    • Access to deferred-interest promotions.

      Best Buy will occasionally send you deferred-interest offers. On these purchases, you can use your card and accrue no interest if you pay in full within a specified time period.

    • Additional rewards on purchases outside of Best Buy.

      Earn 3% cash back on gas. Earn 2% at restaurants and grocery stores. And earn 1% on everything else.

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    Alternatives To The My Best Buy Credit Card

    If you are considering getting a My Best Buy credit card to finance a large purchase at Best Buy, there are other cards that offer 0% APR promotional interest rates for longer terms, as well as 0% promotional interest rates with a cash-back bonus.

    The U.S. Bank Visa Platinum offers a rate of 0% interest for 20 billing cycles .

    The Chase Freedom Unlimited credit card offers 0% APR for 15 months, $200 in cash-back bonus once you spend $500 in purchases within the first three months after account opening, and 1.5% cash back on everything. You can redeem your points through straight cash back or through the Chase Ultimate Rewards program.

    The Capital One SavorOne Rewards credit card offers 0% APR for 15 months and a $200 cash-back bonus once you spend $500 in purchases within the first three months after account opening. And you earn 3% cash back on dining, entertainment, and grocery stores and 1% back on everything else.

    My Best Buy Card vs. Alternatives
    Card
    0% APR for 20 billing cycles 0% APR for 15 months 0% APR for 15 months

    Citi Credit Score Requirements:

    If youre not sure which Citi credit card youll be able to qualify for, its easy to get pre-qualified for a credit card online. Citi might also send a pre-qualified credit card offer to potential customers. But while this increases your chances for approval, it does not guarantee it. If you have received such an offer, visit Citis web page and enter your invitation code and last name to apply.

    Also, keep in mind that applying for a Citi or any other credit card triggers hard inquiries and can temporarily lower your score – the more inquiries over a short period of time, the more damage to your score. So its best to know where you stand before applying for any credit card. You can check your credit score and track your progress for free, right here on WalletHub.

    What’s the easiest Citi card to get?

    The easiest Citi card to get is the Citi® Secured Mastercard® because it is the only one that will accept applicants with limited credit . This card requires a $200 refundable security deposit but has a $0 annual fee. It also helps build credit history with monthly reporting to all three major credit bureausread full answer .

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    Shop Your Way Additional Category Earn Promotion

    This promotion is not transferable is subject to credit approval and the Shop Your Way terms and conditions located at www.shopyourway.com/terms. Your Shop Your Way account must be linked to your Sears Mastercard as described above in order to participate in this promotion. You have the opportunity to receive Shop Your Way points for eligible purchases which are made and post to your Sears Mastercard account for 12 months from the month you link your Sears Mastercard to your Shop Your Way account. These extra points are inclusive of any base points earned. When extra point offers are combined, total points earned will be less than the combined point totals for each individual offer. Base points mean the 1% back in points described above which you will receive on purchases that are made outside of Sears, Kmart or other Program Stores or are described below as “certain non-eligible purchases”. Sears base points mean those points awarded as part the standard Shop Your Way program.

    You may only earn 5% back on eligible gas station purchases and 3% back in points on eligible restaurant and grocery store purchases on the first combined purchases of $10,000 during the promotional period and then 1% thereafter.

    2% back in points on purchases at Sears , Kmart, mygofer and for Lands’ End merchandise within Sears stores that are “qualifying purchases” under the Shop Your Way program during the promotional period and then 1% in Sears base points thereafter.

    Youll Get An Incentive For Opening The Card

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    Like many store credit cards, Best Buy offers a one-time incentive for new cardholders.

    A common offer is to receive a total 10% back in Best Buy points on your first day of purchases when you are approved for the card. That means if youre spending $2,000 on your first Best Buy credit card purchase, youll get 10,000 points. Thats equal to $200 in Best Buy rewards certificates. Unlike many credit cards, you wont have to spend a certain amount on purchases on your new card before you receive the bonus.

    In lieu of the one-time 10% back option, you can also choose flexible financing .

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    Which Credit Bureau Is Used The Most

    There is not necessarily one credit bureau lenders use the most. Instead, lenders will typically look at a consumers FICO credit score, which all three major credit bureaus provide. This being said, individual lenderslike American Expresswill often have a specific credit bureau and scoring model they use more often. If you are unsure about your credit standing, research which reports a lender will most likely base its decision on in order to focus on strengthening those reports and maximizing your chances of approval.

    Understanding Your Credit Score

    Before you apply for credit through Best Buy , you need to understand how your credit score works. Your FICO score helps lenders decide whether they’ll extend any credit to you. FICO stands for the Fair Isaac Corporation. This score is a three-digit number that is derived from your credit reports from the three major credit reporting agenciesEquifax, Experian, and Trans Union.

    The FICO score is calculated using five different factors, each with its own weighting based on importance:

    • Payment history: 35%
    • Length of credit history: 15%
    • New Credit: 10%

    More than two-thirds of the overall credit score is based on how well you pay off your balances in full and on time. The remainder of the credit score looks at information such as the length of your credit history and the frequency with which you open new lines of credit.

    Keep in mind that a FICO score is a credit score, but not all credit scores are FICO scores. The way they’re calculated, how they’re used, and by whom are all differences between the two. Roughly 90% of lenders use FICO scores to make their credit decisions.

    Be sure to check your credit report regularly for any errors and dispute any inconsistencies that may drag your credit score down.

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    Should I Apply For Best Buy Visa

    Hello.

    As the thread title states, I would like to know if I should go ahead and risk the HP and apply for a Best Buy Visa CC. The reason I want to apply is because I want to upgrade to S10+ and this would be a perfect chance to go to the store, tell them I want the phone and apply for the CC there and then.

    So here is my situation. I’m not currently subscribed to Myfico but I do have Discover’s Fico scores and they list me at 700.

    My AAoA is 1year

    I have 1 Auto Lease open with Infiniti Financial

    1 Secured CC

    1 Unsecured CC

    I applied for the Cap1 around January and then I decided to give my luck a shot at AMEX and I was approved for EveryDay with SL $2000. When I checked the pre-qualifying offers, I was listed for 3 but I know I can’t get the other two right now lol.

    No lates or any baddies or anything. The only thing I have against me is auto inquiries. But as far as CC inquiries, I only have the Discover, Cap1 and AMEX.

    My income is around 70k/yr.

    I know CITI doesn’t like inquiries but will my auto inquiries auto-deny me? Advice and tips needed please. I think this would be the perfect chance for me to open another CC while getting 0% for the phone.

    How We Found The Data

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    Banks, lenders and credit card providers are a mysterious bunch. They dont like to reveal where they pull your credit from. The data we researched from CreditBoards.com was made publicly available by consumers who also applied for credit through Citi, a site where people can submit the results of their credit applications.

    The data we found gave some thorough insight into Citis preference for using Experian over TransUnion and Equifax over the last two years.

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