Does Samsung financing affect credit score? Here’s what you need to know

Samsung financing can be a big help when buying a new Samsung phone or TV. But does the service request affect your credit score?

Samsung Financing is a great payment option for buying a new Galaxy smartphone or Samsung TV, but does the financing feature affect your credit score? With each passing year, it seems that tech gadgets are getting more and more expensive. This is the case of phones, laptops, smart watches, etc. If you want the latest and greatest, chances are you have to pay a pretty penny.

Try as best you can to keep its products somewhat affordable, it’s a trend that even Samsung can’t avoid. Just look at the company’s Galaxy S22 series. The base S22 starts at $799, the S22+ retails for $999, and the S22 Ultra starts at $1199. If someone decides to get the Galaxy S22 Ultra with 1TB of storage, they will pay $1599. If paying that much money is too much to handle, that’s where Samsung Financing comes in. It’s a monthly financing service available exclusively on Samsung’s website. Instead of paying $1,599 all at once for an S22 Ultra at most, Samsung financing lets you pay a lower amount each month.

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Similar to other financing programs, Samsung Financing affects your credit score. When submitting your application, the bank that feeds Samsung Finance (TD Bank) checks your credit score. Whether your application is approved or denied, the simple act of submitting an application means that TD Bank will ask you for a favorable opinion on your credit report. Although it may sound scary, it is a perfectly normal procedure that occurs when applying for a new line of credit.

Why the Effect on Your Credit Score Isn’t a Big Deal


Someone holding a Galaxy S22

A few credit score points are usually lost with any hard draw, although they should come back in a few months. Hard draws can also stay on your credit report for up to two years, although some may disappear sooner. Seeing those lost points right off the bat can be worrying, but don’t worry too much. Not only will your credit score bounce back after a while, making all your Samsung finance payments on time can improve your score from what it was before you applied. Along the same lines, missing Samsung finance payments can hurt your credit report. If you’re considering using Samsung financing, make sure you can actually afford what you’re buying.


Assuming you’re ok with all of this, Samsung financing can be really helpful when making a major purchase. Eligible TVs and smartphones sold on Samsung’s website typically offer different Samsung financing options, allowing you to pay over 24, 36, or 48 months. Take the $1199 Galaxy S22 Ultra for example. 24 monthly payments would only cost $50.01/month, while the 36-month plan drops payments to $33.34/month. And there are a few other advantages to Samsung Financing. Using Samsung financing to buy a new phone lets you get it for $0 down payment, customers don’t need to reapply for Samsung financing for additional purchases, and some purchases come with an option upgrade to a new model with credit for your old device.


If that all sounds good to you, having your credit score temporarily affected by Samsung financing is probably worth it in the long run. Any lost credit points will eventually come back, you’ll have more flexibility with what you can buy, and you’ll still have it as an option going forward. Samsung shopping along the way.

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Source: Samsung

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