Samsung financing will check your credit score before you can buy anything using this credit line. There is no official credit score requirement for Samsung financing but depending on the price of the product you might require a minimum good credit score of around 640 to 700 for the approvals. The FICO score requirement for Samsung Financing is 680.
Key Takeaways
- You must have a Samsung.com account and your age must be above 22 to become eligible for the Samsung Financing
- You can use the Samsung financing line of credit to buy various Samsung products at 0% APR for up to 24 – 36 months
- Your credit score must be between 640 to 700+ to become eligible for the line of credit
- You can get 6, 12, or 24-month financing terms on orders over $49
Samsung financing is a type of line of credit by TD Bank and it is only available for Samsung.com account holders. If you are a Samsung user then you can use the Samsung financing to buy your next TV, phone, or appliance. Samsung financing lets a user buy the latest TVs, phones, home appliances, and many more for $0 down with convenient terms up to 36 months at 0% APR.
Samsung Financing Pre Approval Terms (And Credit Jargons)
- You must have to be at least 22 years old.
- You will get financed only one time under the program.
- If you return the product – your premiums will be refunded.
Features Of Samsung Financing
If you have a Samsung Financing account then you will have exclusive access to:
1. Instant credit upon account approval
2. Buy now and pay later with $0 down
3. Upgrade every year with Samsung Financing, with credit back for your old device
4. Revolving line of credit, no need to re-apply for additional purchases
5. Use your financing on Samsung.com and the Shop Samsung app
6. 0% APR for 24 months on eligible Galaxy phones
7. 0% APR for 36 months on eligible TVs
8. 12 months of financing on home appliances
9. 6, 12, or 24-month financing terms on orders over $49
How Samsung Financing Works
If you have a decent credit score then your Samsung financing application will approve instantly. You have to get the approval of your Samsung financing account before you shop or choose Samsung Financing during checkout. Samsung financing allows you to pay overtime for any order of $49 or more. After ordering and successfully making the purchase you will receive monthly billing statements with plan details and the next due dates of your payments.
How to Get Approved for Samsung Financing
It is very easy to get approval for Samsung Financing. You have to meet the 4 requirements before your application will get approval. They are –
FICO Score: You must have a FICO score of at least 680 or higher to get approved for Samsung Financing. Well, you can apply with a FICO score below 680, your chance of approval will be very limited.
Age: You must be at least 18 years old to apply for Samsung Financing. If your age is below 18, then you are not allowed to apply for any kind of credit.
Social Security Requirements: You must have a valid SSN to apply for Samsung financing. If you are applying for a business then you won’t require an SSN.
Valid Address: You must have a valid physical address within the USA or your application won’t be approved.
FAQs About Samsung Financing
1. How Hard Is It To Get Approved For Samsung Financing?
The answer to this question depends on your credit score. Usually, Samsung financing is powered by TD bank, therefore; TD bank will check your credit score before approving your application. If you have a decent credit score then your application will approve quickly. For Samsung financing, only the TD bank has the power to approve/decline the financing plan based on the credit history.
2. What Credit Score Does Samsung Finance TD Require?
It is quite easy to get the approval of Samsung financing. Many users said they got the approval with a 640+ credit score. Though; depending on the price of the product you might require more or less credit score. If you have a 700+ credit score then you will get approval for any amount of credit line.
3. Does Samsung Do A Hard Credit Check?
The Samsung financing is offered by TD bank. So Samsung won’t check your credit but the TD bank will check your credit score and credit history. In fact, the TD bank will do a hard credit check that might affect your credit score.
4. How Do You Pay Samsung Financing?
There are three convenient ways available to pay your Samsung Financing Program Account which is issued by TD Bank. They are:
1. Online via myonlineaccount.net
2. Using the phone via automated touch-tone bill payment by calling 1 (888) 382-6665
3. By your mail which is designated on your monthly billing statement
5. Is Samsung Financing A Credit Card?
No, Samsung financing is not a credit card. It’s a line of credit that you can use to purchase the latest phones, PCs, wearable, accessories, TVs, appliances, etc. from Samsung.
6. What Credit Score Does TD Bank Use?
There is confusion among the users/account holders about the TD bank’s credit score check. Many people think that TD Bank pulls credit data from Experian and Equifax. However, the official statement stated that TD bank uses all three credit reporting agencies that include Equifax, Experian, and Transunion to check the credit score.
7. What Bank Does Samsung Financing Use?
The Samsung financing is issued by TD bank. TD bank will check your credit background before approving your account.
8. Does Financing A Phone Affect Credit?
Usually, financing a phone won’t affect your credit because in this type of situation your account status is not reported to the credit reporting bureaus. So, if you don’t make your payments on time they won’t be reported to the credit reporting bureaus and won’t affect your credit score.
9. Does 0% APR Affect Credit Score?
Usually, the interest rate on the credit card or loan doesn’t affect the credit score. There are many loans or credit cards that will offer you a 0% annual percentage rate (APR) for a period of time. The 0% annual percentage rate means it won’t accrue interest for the money you have borrowed. Therefore, the 0% APR won’t affect your credit
References:
- https://coineworld.com/samsung-financing-credit-score-requirements/
- https://credit-facts.com/loans/requirements-for-samsung-financing/
Last Updated on October 1, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.
