What is the Minimum Credit Score in Samsung Financing?
Are you familiar with Samsung? The company offers a wide variety of products that ranges from phones to watches to TVs and mobile devices. These are all pricey, but you can spread the cost over 24 months.
Have you heard of Samsung Financing? Through this program, you can buy Samsung products with zero interest or use any one of their flexible payment plans. However, you need to have a good credit score of about 700+ to be eligible for this Samsung credit financing program.
In this article, we will discuss the Samsung credit financing program, the credit score requirement, and other things that you want to know about this financial product.
Samsung Financing: An Overview
Samsung Financing is a line of credit from TD Bank. It is only offered to the account holders of Samsung.com.
Since it offers only Samsung products, users can buy their next TV, appliance, or phone via Samsung Financing. They can avail these products with zero down payments and pay them in convenient terms of 36 months at 0% APR.
Like any other financial product though, Samsung Financing will check the credit score before buying anything with the credit line. There is no credit score requirement. However, it all depends on the price of the Samsung product that you want to buy. On an average purchase, you may need a minimum credit score of 700 to get approved.
How Does Samsung Financing Work?
It is easy to apply for the Samsung Financing program. You can apply for a credit account online using Samsung or TD Bank’s online portals. You can also apply at any Samsung store for a new account when you check out.
Although filling in the application may only take a few minutes, it will take a while to get the approval. Once it is approved, the credit limit will be automatically credited to your account.
In summary, here are the steps:
- Apply for financing at the Samsung or TD Bank portal
- Wait for the approval of your credit line facility
- Once approved, keep using the credit line as a revolving line facility
- Pay the installments on time
- You can use the approved credit facility with other promotional programs
The approval of your credit facility depends on your credit score. If you have a decent credit score, your Samsung Financing application will get approved instantly. When you have successfully made a purchase, you will receive a monthly billing statement containing the details of your plans and the due dates for your payments.
The Credit Score Requirements
There are no exact credit score requirements for Samsung Financing. But since this is an offer from TD Bank, it uses the same credit approval process as any financial product would do.
The following are the requirements from customers applying for a credit facility:
- Established credit history
- Good credit score: 700 plus
- Not default or credit score penalties
- No delays in payments in other programs
- Income streams to support the financing options
- Good income-to-debt ratio
The points mentioned here are just a guideline. TD Bank will apply its credit score requirements and approval criteria similar to its other credit facilities.
It is also worth mentioning that Samsung is not evaluating your credit score and history. It is TD Bank that reviews and verifies your application to determine your eligibility.
Like any other financing program, Samsung Financing can affect your credit score. When submitting your application, TD Bank will have access to your credit score. That means you will get a hard pull from TD Bank. It may sound intimidating, but this is a normal procedure when applying for a credit line.
During the process, a few credit scores are lost but they will return after a few months. Your credit score will not only bounce back, but it may also increase (or decrease). When you make all your Samsung Financing payments on time, it can make your credit score better than before. Likewise, if you fail to pay on time, it can be detrimental to your credit standing report.
Word to the wise: if you are using your Samsung Financing, make sure you can afford it!
Bonus: Samsung Upgrade Program
Samsung upgrade program is an added option for Samsung credit account holders. Currently, it is offered for its selected TV models. Eligible customers can apply for an upgrade that entitles them to a 33% waiver.
Here are the requirements for the upgrade program:
Final Thoughts on Samsung Financing
Samsung Financing offers its customers to purchase Samsung products through flexible payment terms. This financial product is offered by TD Bank and therefore applies the necessary protocols in approving a credit line facility. There is no exact credit score requirement but it is TD Bank that will check your credit score and standing.
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