Financing Jewelry with Bad Credit
Bad credit shouldn’t be the reason you don’t buy the jewelry you love. There are always options, even if you have bad credit.
Find out more about how anyone can get jewelry financed by Daniel’s Jewelers.
What Is Bad Credit?
Everyone is given a credit score with a range between 300-850. While there is no official rank of what is good or bad credit, there are some general guidelines most lenders recognize.
- 720 or higher - Excellent credit
- 690-719 - Good credit
- 630-689 - Fair credit
- 629 and below - Poor credit
The score represents how much of a potential risk you are to a lender. If you have a low credit score, that means there is a higher chance you might make late payments or entirely miss your payments.
Your credit history determines your credit score. Six key parts of your financial history determine your final credit score.
- If you have skipped payments or made late payments, this negatively affects your score. If you have made it a habit to make payments on time, it will help raise your credit score.
- Having credit will not automatically lower your credit. This part of your credit score weighs how much outstanding credit you have versus your income. If you are using a majority of your available credit, it could mean that you are overextended and can be at a higher risk of default.
Length of Credit History
- A longer history of credit will increase your credit score. If you are new to the market and have no credit history, you pose a risk to lenders because they don’t know what to expect if they lend you money.
- Part of your score is determined by your mix of credit cards, retail accounts, installment loans, finance company accounts, and mortgage loans. It is not necessary to have one of each, but having different accounts can highlight your ability to manage different types of credit and improve your score.
- Opening several lines of credit in a short amount of time presents a greater risk. If you don’t have a long credit history, avoid opening too many accounts too rapidly, or else it can damage your credit.
Can You Buy Jewelry With Bad Credit?
Yes, anyone can buy jewelry at Daniels Jewelers because we approve everyone for credit. Even if you have bad credit, we make it possible for you to get financed to purchase the jewelry you desire for yourself or gifts for your loved ones.
Unlike other jewelry companies, Daniel’s Jewelers provides in-house financing, which means we have more control over who we approve.
Officially, there are no credit score cutoffs for many types of financing. However, many lenders refuse to lend to people with lower credit scores because they provide a higher risk of being late on payments or even defaulting on the debt. At Daniel's Jewelers, we will help you finance your jewelry regardless of your credit history and income status.
How Can I Get Financing?
Daniel’s Jewelers offers easy credit approval. Get financing with only a few clicks! We make it simple to apply for financing online.
All you’ll need to fill out your application are some basic details about you, including:
- Your name, address, and contact information
- Employer’s name and contact information
- Basic information about your job (start date and job duties)
- Your monthly net income
Daniel’s Credit is managed in-house, which allows us to approve all of our customers for financing. We cut through the red tape, making Daniel’s Credit’s approval process fast and easy.
How Does Buying Jewelry Help My Credit Score?
Your credit score is mainly determined by how well you’ve managed your finances in the past. By choosing to finance your next jewelry purchase, you can start to make a new credit history and work to change your score.
Choosing to finance your jewelry with bad credit will help improve your credit score because when you make consistent on time payments, your credit score will improve. Each on-time payment is one step closer to having better credit!
Our Rewards Program
When you choose to finance your jewelry with Daniel’s Jewelers, you also sign up for our rewards program. Benefits of the program include:
- Customized Credit Options (We customize credit options for each customer)
- Fixed Monthly Payments (We’ll work with you on how much you can afford)
- Free Gifts Throughout the Year, Even On Your Birthday!
- Earn Exclusive Discounts and Offers
- Earn VIP Awards For Making On-time Monthly Payments
Financing Options For Everyone
Just like with our products, we don’t believe in a one size fits all financing option. We know your financing needs are unique to you. That’s why we create customized credit options for each of our customers. We’re able to make sure each customer can be pre-approved for financing before you start shopping, no matter your credit score. Buying online is just as easy because you can apply for financing as part of the online checkout process.
If you want to learn more about our in-house financing options, contact us today. We’ll walk you through the entire financing process and show you that everyone can be financed at Daniel’s Jewelers.