Building Credit: does Les Schwab have installment loans for tires?

Factual Questions
1

Hey guys,

Building Credit: does Les Schwab have installment loans for tires?

I called there shop asked around and no seems to be able to answer this question?
I guess they don’t anything about building credit.

I’ve reach 715 credit score in 8 months now discover credit is telling me I need an installment loan?

What are some other good installment loans?

And yes I’ve called multiple les schwabs and even checked there site…

Thanks guy.

2

If there’s no corporate program, individual shops might have loan plans through providers. They are very unlikely to be a financial advantage.

3

Is a “1 year same as cash” deal an installment loan? I’ve seen a tire shop advertise that, but it was a small independent shop, not a chain.

4

I’m not 100% sure about The Schwabs, but financing at tire places is usually handled by a issuing you a store credit card or by giving you a line of credit from some institution or other. I believe that in either case, it’ll have the same effect on your credit score as getting a new credit card. I’m not an expert but I think that “installment loans” for purposes of your credit score are pretty much always collateral-secured loans. Despite the salesman’s claim that those 22" spinners are a great investment, wheel and tire financing is unsecured and if you don’t pay the things off in one year, the interest can be pretty mind-boggling.

5

I’m curious about this too, because my sister told me about it (Les Schwab). I screwed up my credit in my 20s, and have spent the last 20 years fixing that problem (paying off those old debts) … and using no credit since then. I’ve been turned down for credit cards because of “no recent credit history”. So I’ve been looking for a way to re-establish some credit. She said the local Les Schwab has extended credit to her …

6

If I understand the situation correctly, you are young and trying to build a credit history. You have a Discover card, and their monthly statement or website shows you have a credit score of 715. Is that right?

I then guess that the Discover website or whatever says one of the factors “hurting” your score is lack of an installment loan, right?

Don’t worry about it. 715 is high enough for most purposes. You don’t “need” an installment loan just for the purpose of further improving your credit score.

Is the bit about the tires because you need tires, or are you just trying to find someplace that will extend you an installment loan because that’s what you were told you need in order to boost your credit score?

Having a high credit score is a means to an end, not an end in itself. And it is certainly not like a video game with quests. (“Search out and secure an installment loan for 30 credit score points!”) Just keep paying all of your bills on time, pay down the balances if you are running balances, and with the passage of time your score will go up.

If you need the loan to buy something essential, go for it. But don’t get a loan just for the sake of your credit score.

7

Last time I got tires at Discount Tire, they offered 6 months at 0% interest…it was through GE Capital.