Final Decision (purchasing tomorrow)

[Yimmers]

Sorry to hear that it fell through.
I wouldn't recommend Helzberg. Perhaps a pre-loved within your budget may be a better option? You can start with the pre-loved forum here on PS.

Ex: Pearaffair is selling two rings - one is a round diamond and the other is a L colored radiant. I don't recall offhand what the budget is, but the round is in a setting reminiscent of the Tiffany etoile setting (now discontinued).

https://loupetroop.com/listings/rin...ter/platinum-diamond-ring-size-5-dot-25;20242

http://diamondbistro.com/category/2...673/Platinum-diamond-ring-size-525-$1250.html

 

[OoohShiny]

Can JA hold on to the stone until the reasons for credit rejection are clear?

Do either of you have a Bank of Mum and Dad that might be able to step in??

 

[ashjade]

@Yimmers nothing against anyone, just not looking for preowned.

 

[ashjade]

Can JA hold on to the stone until the reasons for credit rejection are clear?

Do either of you have a Bank of Mum and Dad that might be able to step in??

We do not, and I already cancelled the order from JA, the usual policy is 48 hour hold, and after all that my boyfriend is pretty disgusted himself, especially since it’s his credit and the guy at the bank wouldn’t tell him the reason even though he could see it.

We have locally owned jewelers, but I’ve been to them and I’m not exactly impressed with what they have.

 

[Matthews1127]

We do not, and I already cancelled the order from JA, the usual policy is 48 hour hold, and after all that my boyfriend is pretty disgusted himself, especially since it’s his credit and the guy at the bank wouldn’t tell him the reason even though he could see it.

We have locally owned jewelers, but I’ve been to them and I’m not exactly impressed with what they have.

I’d go to the local jeweler & ask them to try to source some diamonds for you, based upon your preferences, if you’re not impressed with their inventory. Most jewlers have outside vendors they contact for such things. That would be my next move, in your situation.

 

[ashjade]

@Matthews1127 okay, just so we’re clear, the local ones that are like “Mom and pop” places and not KAY? I live in a small town in eastern KY, and unless we drive 2 hours away, our “major” place is KAY, and we have 2-3 locally owned places, but I would only consider going to 1-2 of them. I’ve went to one of the two options already, and they couldn’t really specify their color/clarity in house.. I remember she gave me some books from places they deal with. One place is Gottlieb & Sons

 

[TreeScientist]

We do not, and I already cancelled the order from JA, the usual policy is 48 hour hold, and after all that my boyfriend is pretty disgusted himself, especially since it’s his credit and the guy at the bank wouldn’t tell him the reason even though he could see it.

We have locally owned jewelers, but I’ve been to them and I’m not exactly impressed with what they have.

I wouldn't be turned off from James Allen just because they didn't approve for your credit. They don't do these things to "be mean" or "just because" so I'm sure there's a reason for this, or there may have been a mistake in the credit check. Either way, I would ask them why they denied your credit and wait for an answer from their financing company.

Did they give you a credit score after the denial, or does your boyfriend know his credit score? Keep in mind that to qualify for their 6-month deferred interest plan, you really need to have excellent credit.

Please don't go to a place like Kay or Helzberg unless you want to pay thousands more for a lower quality stone. Either wait until the credit problem is sorted out or check with some other financing options that would still allow you to purchase online.

 

[ashjade]

@TreeScientist he was going to do the 24 month payment option. The crazy thing was that in the application there were things saying he had loans he didn’t have, and one of them he does for student loans but his company wasn’t listed in the choices. He has a good score, he’s had lines of credit and still does - we checked his report and nothing is showing that would lead us to think someone’s used his name.

I know him though, and I know that JA is out of the question for him now. I tried to explain to him how it sucks for me because now other rings don’t really compare, and I feel like I’ve done all this research for nothing lol. I was like “I even joined a website specifically to get more info about all of this!”

Even IF, and that is a huge if, he considered them still, the diamond options I had are not on hold. 7-10 days is a while to hear from them through the mail, I’ve seen diamonds before that I like go in a days time.

 

[ashjade]

@TreeScientist only other option JA has is to use credit cards - but we don’t carry multiple credit cards, so that isn’t an option. Also the guy on the phone confirmed that the issue wasn’t his credit score, so, I don’t know.

 

[ashjade]

My stepdad tried to get me to look at pompeii3.com but I was iffy on it, but maybe because I got used to JA - is this a good place, or?

 

[TreeScientist]

@TreeScientist only other option JA has is to use credit cards - but we don’t carry multiple credit cards, so that isn’t an option. Also the guy on the phone confirmed that the issue wasn’t his credit score, so, I don’t know.

If you have decent credit, and you could pay it off in the first year to 15 months, it may be worth looking into getting a card with a 0% promotional interest rate like the Chase Slate or Chase Freedom. I'm a huge fan of Chase cards (I have their Sapphire Preferred and Freedom cards) as they have IMO the best rewards program in the industry. They also give fairly high lines of credit, so it may be worth apply for the Chase Freedom and try to get a $5000 credit limit. Just make sure that you pay off the cards at the end of the month once the promotional period is over, because their normal interest rates are fairly high (not a problem for me, as I use my cards purely for the rewards points now. Already got 3 free flights from them ).

https://creditcards.chase.com/0-intro-apr-credit-cards

Yes, the stone you're looking at now may be gone in a few weeks, or it may not. But James Allen has new diamonds listed every day, so I'm sure you would be able to find another one.

 

[rockysalamander]

I'm so sorry. If it was me, I would ask my mom, dad, bff or anyone else to keep putting the stone on hold (even sequentially) until he gets the letter. Hopefully, there is a mistake than can be cleared up. With all the online data breaches, a lot of companies are being extra careful. If not, I think PP suggestions are sound.

 

[TreeScientist]

Do you know your own credit score? The other option would be to apply for a line of credit in your own name (either through James Allen or for one of the credit cards I mentioned above). Just an option worth pursuing.

Your boyfriend may have trouble getting approved because he has a high debt to limit ratio, also known as the utilization ratio (for more on what that is, see here: https://www.investopedia.com/terms/d/debttolimit-ratio.asp). If he has only one credit card now with a small limit and has outstanding loans (even student loans) then some financing agencies are wary to extend lines of credit because it may be a potential risky investment. Most credit agencies like to see debt to limit ratios below 30% (ideally below 10% for the highest FICO score and least-risky investment).

 

[ringo865]

Please do not go to kay or Jared or helzbergs or zales or shaneco. Better off waiting until you can pay outright for what you want than to settle for something at some "less than equal" jeweler just cuz they offer financing (is approval at Kay/Helzberg, etc., even guaranteed? Who's to say that whatever problem that JA's bank is seeing isn't going to show up some/everywhere else?)

 

[ashjade]

@ringo865 that’s what I told him, but he said Bank’s go through a more thorough check than Kay’s would - however, Kay’s used to do their own financing but since October they go through comenity - like Walmart does. Helzberg has a credit card and they go through capital one. Boyfriend has capital one credit card already, so he said that should be fine.

@TreeScientist I myself use chase, and while my score is even better than his, I don’t really want to have another credit card out there for 15-24 months. We’re trying to get things paid down, and still get a ring lol.

What do you all think about pompeii3? I noticed you can order stuff directly from them through Walmart (not sure about this?)

I also just watched a Lauren B review on diamonds and Moissanite - somewhat interested, somewhat not?

I’m a realist, and even though I appreciate y’all saying don’t give up on JA, I pretty well have to. Even if the report comes back and it was just a mix up, I know he isn’t on board with them. It isn’t so much JA, but the bank - and they did the inquiry already, so I know he isn’t going to try to deal with them anymore.

Plus I’m not going to keep my hopes up on JA, this got to me, I had been looking and researching since at least December.

 

[rockysalamander]

@ringo865 that’s what I told him, but he said Bank’s go through a more thorough check than Kay’s would - however, Kay’s used to do their own financing but since October they go through comenity - like Walmart does. Helzberg has a credit card and they go through capital one. Boyfriend has capital one credit card already, so he said that should be fine.

@TreeScientist I myself use chase, and while my score is even better than his, I don’t really want to have another credit card out there for 15-24 months. We’re trying to get things paid down, and still get a ring lol.

What do you all think about pompeii3? I noticed you can order stuff directly from them through Walmart (not sure about this?)

I also just watched a Lauren B review on diamonds and Moissanite - somewhat interested, somewhat not?

I’m a realist, and even though I appreciate y’all saying don’t give up on JA, I pretty well have to. Even if the report comes back and it was just a mix up, I know he isn’t on board with them. It isn’t so much JA, but the bank - and they did the inquiry already, so I know he isn’t going to try to deal with them anymore.

Plus I’m not going to keep my hopes up on JA, this got to me, I had been looking and researching since at least December.

We can't discuss moissanite on this board, have a look over on Fabulous Fashion Jewelry. As a note, I've had a chance to view many brands of moissanite and prefer the near colorless. I also find the vintage cuts more successful and liked Harro; JHollywood and JYBJewels@Etsy. If you post over on FFJ, lots of folks can guide you. August Vintage also cuts their cushion in a moissinite.

https://www.pricescope.com/community/forums/fabulous-fashion-jewelry.95/

Zipping my lips on this board

 

[ashjade]

@rockysalamander okay thank you! So would you not recommend pompeii3?

 

[rockysalamander]

@rockysalamander okay thank you! So would you not recommend pompeii3?

They sell lab grown and clarity enhanced. I would not recommend them. On another board of buzzy wedding folks, they have found their settings not the greatest. Lab stones will only save you ~20% and I would recommend D.NEA if you go that route for a lab diamond. There is another board for lab diamond here also and they may have more thoughts.

What would be your budget without financing available? Would antique be an option?

 

[ashjade]

@rockysalamander I really don’t know. Y’all know I was set on that JA I picked out, lol.

My JA budget was under $5,000 total so I’d like to stay at that. It was actually $4420 before adding the interest in, but ended up at near $4,860 after that. Setting and diamind

 

[ashjade]

@rockysalamander oh without financing, probably $2,000

 

[TreeScientist]

If you're set on a cushion diamond, you won't find a much better selection than James Allen. Unfortunately, all of the other online vendors have very limited selections for cushions in that price range.

Regarding moissanite, I would check out the Amora Gem. I'd say it's the closest thing to a natural diamond out there. Good Old Gold has worked with them to develop an Amora Gem August Vintage Cushion. But as @rockysalamander pointed out, there are other boards to discuss the various moissanites.

 

[TreeScientist]

@ringo865
@TreeScientist I myself use chase, and while my score is even better than his, I don’t really want to have another credit card out there for 15-24 months. We’re trying to get things paid down, and still get a ring lol.

I really don't understand the reasoning here though. I mean, if you were against any form of financing for an E-ring (like many are), then I could understand. But the "trying to get things paid down" logic doesn't make sense if you were willing to take out a 24 month loan from James Allen. There's no difference between one line of credit vs another: They're still lines of credit. And having a credit card that you use responsibly is actually great for your credit score, per the utilization ratio I discussed above.

 

[ashjade]

I already have a credit card, my limit on it would have bought the ring from JA, if I didn’t owe on it already.

 

[Matthews1127]

I’m not suggesting Kay or any chain store. I thought, when you said “local jewelers”, you were referring to family-owned B&M’s you trusted, and with whom you were familiar. Apparently, I misunderstood.
I do hope the letter comes sooner than expected so you can resolve the issue & get back to your search. Perhaps, it may benefit both of you to try to use savings for the diamond, and set it in a temp setting, until you have the money for the setting you have your heart set on? Just an idea....

 

[ashjade]

Well I mentioned to him maybe he could get a personal loan through his bank, then buy from JA outright, then just pay the bank back, one he knows he can trust and what not.

 

[Matthews1127]

Just curious: have you considered Old Mine Cut Diamonds?
August Vintage, Inc. has created a line, and rejuvenated an old cut! Old Mine Cuts and Cushions are close cousins, and you may actually love them!

https://www.pricescope.com/community/threads/show-me-your-avc-avoec-diamonds.123446/

I’m NOT suggesting you use AV, or anyone specific, for that matter; rather, just making a suggestion on a cut with which you may not be so familiar...

 

[Matthews1127]

Just curious: have you considered Old Mine Cut Diamonds?
August Vintage, Inc. has created a line, and rejuvenated an old cut! Old Mine Cuts and Cushions are close cousins, and you may actually love them!

https://www.pricescope.com/community/threads/show-me-your-avc-avoec-diamonds.123446/

I’m NOT suggesting you use AV, or anyone specific, for that matter; rather, just making a suggestion on a cut with which you may not be so familiar...

There is also Yoram at GemConcepts...

Check out his Boutique:

www.gemconcepts.net

https://www.instagram.com/gemconcepts

I’ve had personal experience with Yoram, and I cannot recommend him MORE!! He is top notch & fantastic to work with!!! I am a “forever” customer.

Yoram is a diamond cutter, not a jeweler. He does not set diamonds; he cuts them.

 

[Krisking]

I already have a credit card, my limit on it would have bought the ring from JA, if I didn’t owe on it already.

Well I mentioned to him maybe he could get a personal loan through his bank, then buy from JA outright, then just pay the bank back, one he knows he can trust and what not.

@TreeScientist was suggesting an interest-free term on a line of credit (i.e. a credit card), that you would pay off before interest started accruing (in his examples, 15 months). Then you could close the card. Financially, this is better than a JA 24 months line of credit with 9.9% APR or taking out a bank loan.

However, based on this thread, I don't think you should buy a ring on credit. I would find something sentimental within your budget, save your money, and reassess down the road.

 

[TreeScientist]

@TreeScientist was suggesting an interest-free term on a line of credit (i.e. a credit card), that you would pay off before interest started accruing (in his examples, 15 months). Then you could close the card. Financially, this is better than a JA 24 months line of credit with 9.9% APR or taking out a bank loan.

However, based on this thread, I don't think you should buy a ring on credit. I would find something sentimental within your budget, save your money, and reassess down the road.

I think this is great advice. Many couples with student loan/credit card debt do exactly this when they're starting out: Buy a placeholder ring for now and upgrade to your dream ring later when you've paid off the other debt. Perhaps on the 5-year anniversary. Everyone on this board loves diamonds and would recommend getting the best within your budget, but almost everyone here would also recommend handling your existing non-appreciating debt* first before taking on debt for a ring.

There's plenty of great rings out there that would serve as excellent placeholder rings. Check out this one on loupetroop. It's a cushion moissanite and close to your size. Would look great and wouldn't break the bank:
https://loupetroop.com/listings/rin...-1-dot-4-ct-forever-one-moissanite-ring;20349

*By non-appreciating debt, I mean anything other than a home loan. A mortgage can be considered "good debt" because a house will generally appreciate and the interest rates on home loans are super low right now. Any debt on non-appreciating assets (car loans, personal loans, student loans, credit cards, etc.) can be considered "bad debt" and should be paid off ASAP.

 

[Irishgrrrl]

@ashjade I think you said you could spend around $2,000 without financing, right? I found this one on LoupeTroop and it's huge and gorgeous! Also, it comes in under your budget at $1,500.

https://loupetroop.com/listings/rings/4-carat-joseph-schubach-antique-cushion-moissanite-ring