How can I get an engagement ring with bad credit?

What credit score do you need to finance an engagement ring?

Take financing with your jeweler

When it’s best: A jeweler payment plan may be the right choice if you qualify for a low- or no-interest plan and can pay the ring off in full before the promotion ends. Qualifications: You need good or excellent credit (690 or higher FICO) to qualify for many store credit cards.

Can you buy an engagement ring on a payment plan?

Financing an engagement ring allows you to purchase a ring that costs more than the cash you have on hand. When you finance, you agree to a payment plan or contract with the loaning entity. Promotional periods, interest rates and monthly payments are agreed upon upfront.

Does Zales finance bad credit?

Approval Requirements & Application

Although store credit cards are often easier to obtain than open-loop cards, there is no evidence that the Zales Credit Card accepts bad-credit applicants. Instead, you’ll likely need at least fair credit or better to qualify.

Who finances Kay Jewelers?

Minimum interest charge is $2.00 per Credit Plan in any billing period in which interest is due. Existing Cardholders: see your credit card agreement for Account terms. Credit card offers are subject to credit approval. KAY Jewelers Credit Card Accounts are issued by Comenity Bank or other lenders as applicable.

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How much do you put down on an engagement ring?

General Rule: You should spend at least 2 months salary on the engagement ring. If, for example, you are making $60,000 per year, you should spend $10,000 on the engagement ring.

Do jewelers offer payment plans?

Most major jewelers offer financing plans, some of which feature 0% interest for a limited period of time. For example, Jared offers interest-free financing for 12 months, or 12 months at 0% followed by low-rate financing for six months. Kay Jewelers offers 12 months interest-free.

Is 10k too much for an engagement ring?

$10,000 is quite a generous budget for an engagement ring. It’s certainly much more than the median amount spent on an engagement ring, which, according to the NY Times, is generally less than $3,000. … In short, you’ll have no problems affording a beautiful, elegant engagement ring with a $10,000 budget.

Do you have to pay off an engagement ring before you get it?

When financing an engagement ring, taking out a personal loan should be your last resort. Ideally, you’ll want to secure a 0% financing deal with the jewelry store or put the ring on a low or 0% APR credit card. With those methods, you should pay the ring off before the promotional period expires.

Does Zales have a layaway plan?

Zales. Local Zales’ stores offer a Ten for Ten Layaway Plan that is not available for online purchases. Customers put down 10 percent of the purchase price at the start. From there you pay ten equal monthly installments for the rest of the cost.

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Does the price of an engagement ring matter?

The place where you buy your ring also matters, so shop around before you commit. At the end of the day, it’s not the price that matters when buying an engagement ring. It’s the dedication and commitment you put into the relationship, proposal, and the eventual marriage.