You’re ready to settle down with your truelove and give them the most beautiful ring you can find. But something keepsholding you back: your credit history. You have been late with your bills fromtime to time and got pretty carried away with your credit card balance. As aresult, your credit score has taken a hit. Now, you might be wondering, “Whatcredit score do I need to finance an engagement ring?” We’re here to help youlearn more!
First, let’s give you a quick rundown on whatall of this means. According to personal finance company Credit Karma,your credit score is a three-digit number that typically ranges from 300 to850, and it indicates how well you have used and re-paid credit in the past.It’s like your high school GPA but for personal finances. While differentindustries use slightly different ranges, the most important thing to rememberis lenders use your credit score to determine whether they should give you aloan and what sort of interest rate they should set. Hint: If you have goodcredit, you’re likely to receive a loan with a lower interest rate.
So, what exactly is “good” credit? The FairIsaac Corporation (FICO), one of the main credit-rating institutions in theU.S., established the following standard scoring model that major creditbureaus now use.
- Poor credit: 579 and lower
- Fair credit: 580 – 669
- Good credit: 670 – 739
- Very goodcredit: 740 – 799
- Exceptionalcredit: 800+
In late 2019, FICO reported that 706 was thenational average FICO score. But just a year earlier, FICO also reported thatone in 10 people scored lower than 550.
If you’re looking to finance your engagementring, you have several options. For example, you could open acredit card that advertises 0% or low interest for a period of time. But keepin mind that you typically need a FICO score of 690 or higher to qualify forsuch an offer. Plus, these cards often come with sneaky hidden terms, and you should be aware.
Another option: You could apply for a personalloan, where you receive a lump sum of money and repay a designated amount eachmonth. Once again, you typically need a good credit score to be approved. Wehave seen various lenders accept credit scores as high as 720 and as low as580. Remember, though, you may have to pay a higher interest rate if you’reapproved with a lower credit score.
But what if we told you that there’s a betterway to finance your engagement ring? And what if your credit score didn’tmatter? That’s how it works at Gage Diamonds. When you shop with us, we lookbeyond credit score to determine loan eligibility and offer financing toshoppers with poor or even no credit.
Our financing partner, LendFirm,is an online lender that works with exclusive merchants, like us. LendFirmoffers interest rates as low as 4.95% for 12 or 24 months, which lets us makeengagement rings, fine jewelry and designer watches affordable for everyone.
Want to get started? Our application processis easy and straightforward too. Simply provide us with a valid driver’slicense or state ID; proof of a three-month-old checking account that’s in goodstanding and contains sufficient funds; and record of a direct deposit fromyour primary employer or benefit provider.
We usually approveapplications in 24 hours and even directly link to your checkingaccount. That way, your jewelry payment plan can be aligned with youremployer’s pay schedule. If you get paid on the first and 15th every month,we’ll schedule your ring payments on those days too. You’ll never have to worryabout missing a payment, and your poor credit score will soon be a thing of thepast.
Have a question? We can help!
GageDiamonds is Chicago's premier jewelry showroom and online retailer ofengagement rings, wedding bands, and fine jewelry. We offer a selection ofrings featuring dazzling, handpicked diamonds, moissanites and other gemstones.
We’recommitted to helping you find the ring of your dreams. For inspiration, browseour websiteor set up an appointmentwith a member of our trusted staff at our in-person showroom.
Weoffer no-credit-needed financing – apply and get your approval within 24 hours!
Payover time, because love shouldn’t wait.
