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Will Layaway Help My Credit Score?

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Credit Scores
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Q: Can putting something on layaway hurt my credit score?

A: I don’t see how a layaway plan can help or hurt a consumer’s credit — mainly because no credit or loans are being provided.

With a credit card, you charge what you want, take immediate possession of the merchandise, and then pay the bill AFTERWARDS. In other words, you’ve been granted credit which allows you to take something today that you haven’t yet paid for. But with layaway it’s the exact opposite. You put up cash and make small incremental payments BEFORE taking possession of your purchase. You only get your merchandise when its paid in full. So no credit is extended to the consumer.

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About

Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.

Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.

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