Samsung financing is an excellent way to pay for the latest Samsung products without using your credit card. Getting approved may be easier than you think. However, there are four requirements that need to be met before you can get approved.
How to Get Approved for Samsung Financing?
There are four requirements you must meet before getting approved for direct financing through Samsung:
- FICO Score Above 680
- Must be at least 18 Years Old
- Must-Have a Valid SSN
- Live in the United States
1. Credit Score Requirement for Samsung Financing:
The minimum FICO score requirement to get approved for Samsung Financing is 680. You can still apply for financing even if your credit score is lower than 680. However, it’s very likely you will be declined or only get approved for a lower line of credit. You should also expect to pay higher interest rates on your purchase if you’re approved with a lower credit score than 680.
2. Age Requirements:
In order to get approved for financing through Samsung, the person must be at least 18 years old. Anyone under the age of 18 years old is not allowed to apply for credit at all!
3. Social Security Requirements:
Unless you’re applying for a business, you must have a valid Social Security Number to even apply for credit through Samsung. Without it, your application will not be processed or approved.
4. Address Requirements:
Finally, before getting approved for Samsung financing, you will need to have a valid physical address within the United States. This can be either your home or business address, and you will not be able to apply using a P.O. Box or military base address.
What is Samsung Financing?
Samsung Financing is a revolving line of credit that is applied to your Samsung account. You can use it to make purchases on Samsung.com or their “Shop” app.
Just like other department store lines of credit, you can only use Samsung financing to buy directly from Samsung. You cannot use it to buy Samsung products from other retailers or online stores.
GUIDE TO REVOLVING LINE OF CREDIT
What Bank Does Samsung Financing Use?
Samsung issues financing through TD Bank. However, you can only make purchases either on Samsung.com or a local Samsung store.
Although TD Bank only provides credit in 16 States, you can still apply for credit through Samsung regardless of which state you live in.
Buying with Samsung Financing vs Credit Card
Although Samsung Financing is a smart option, it may not be the best choice for everyone.
If you have a high credit score, you may be able to qualify for their occasional $0 down and 0% interest promotions. For everyone else, you will be stuck paying high-interest rates and making payments after 21 days.
Checking other credit card offers that provide no interest or have low-interest rates can save you a lot of money!
Does Samsung Financing Hurt Credit Scores?
Applying for Samsung financing will affect your credit scores and it may go down a few points. The main reason is that TD Bank will do a hard pull on your credit report to determine whether or not to approve your application.
Does Financing A Phone with Samsung Build Credit?
Financing a phone through a wireless carrier will not help you build your credit. However, financing through Samsung will affect your credit score!
Wireless carriers don’t report activity to any of the credit reporting bureaus, on the other hand, Samsung Finance, through TD Bank, does. So, making on-time payments will help build your credit, while being late or missing any payments will hurt it.
Final Thoughts
Samsung Financing is a great way to finance the latest Samsung products without using your credit card. However, if you’re missing any of the requirements above, you should consider using another payment method.
If you meet these requirements, applying for financing through Samsung is fairly easy. Just visit Samsung.com to apply!
