12-10-2012 12:11 PM
I have read on here that some cards (Macys for one) are better to app for in store versus online.
Why is that?
Which cards have you found better to app online? Which ones better in store?
If I am opted-out of promo mailings does that play a factor into which method is better? (No file freezes/locks, just opted out).
12-10-2012 12:16 PM
There are people that will argue that it doesn't make a difference, then there are people that have listened to me and others, gone into the store to app and been approved after online denials. Usually it's an ID issue.
That pretty much sums it up.
12-10-2012 12:20 PM
12-10-2012 12:29 PM
Yeah, some may say that it doesn't make a difference, but there's one thing that's for sure, and that's that it's easier for them to verify who you are in-store than it is online or over the phone.
12-10-2012 12:29 PM
I was going to app for Nordstrom online (something about the fear of rejection is not as harsh online) but I called their credit department and the rep STRONGLY suggested doing it in the store. She indicated that the process of approval would be much shorter cause of their verification process. Subsequently, I also read on this forum that when you apply online the 7-10 message is almost guaranteed and then you are asked to send in copies of your dl or other documents.
I apped in the store and sure enough my verification process included telling the CSR the full account number of one of my cc (which reports a CL) AND the security code on back. Keep in mind they also swiped my dl through their card reader. Two minutes later, I was given my approval.
Walmart and Chevron I had to call in with a reference number and then I was verified. However, PayPal MasterCard was an instant online approval. Penneys (my first card) didn't ask for anything....so I guess the moral of the story is...it's a toss up.
12-10-2012 01:21 PM
12-10-2012 01:35 PM
It's computer decision.......but you can alway call back door for second route.
12-10-2012 01:40 PM
Its been about 2 years so I don't know if the process has changed, but I worked at BestBuy and Radio Shack here is my experience. While working at Radio Shack you would have to call the credit department 75% of the time and a lot of people with good income and credit (so they would say) would be denied it was always 1000+ or declined nothing lower. At Bestbuy very rarely would you have to call credit services (HSBC at the time). People who would say I have bad credit or its not so good would a lot of the time be approved for the purchase amount at the time or if it was high 1500+ they would usually be approved for about 700-900. Note that's in BBY only card not the everyday card.
And on a side note I also worked at lowes for a time after that and people rarely got denied very simple and easy to get approved. I did do much with Credit Card Apps there so can't say more then that.
this was 2 yrs ago so things might have changed.
12-10-2012 02:51 PM
at my store, you would get declined in person, just the same as online. credit is credit is credit.
While this may apply in some circumstances at your specific retail business, this does not fare the same principle for other retail companies that offer instant credit promotions.
Ultimately, it all boils down to marketing incentives or seasonal promotions associated with the retail business and its credit/lending arm's portfolio.
During any sustainable growth period, lenders evaluate their growth strategy to stay competitive in the market. From a lending perspective associated to their bottom line -- no credit, no sales, no growth.
Various retail companies can sometimes provide more flexible credit underwriting criteria using multiple channels (in-store, online, phone, apps/social media, etc.) at different times throughout the year. Of course, no one (except those who work directly for the lender or its retail marketing division) will know for sure the advantage of you being approved online versus in-store, or any other channel as applicable.
Hence the anecdotal threads cited by individuals applying online and not getting approved instantly then visiting the store and getting approved or viceversa. This usually stems from a couple factors, primary identification risk and/or borderline credit eligibility. The ID verification and risk algorithm varies from in-store (POS) versus that of applying online or via telephone, etc.
Additionally, different retail credit products and eligibility requirements are only offered by specific channels. For instance, both the Macy's and Bloomingdale's American Express cards are only offered in-store if you currently do not have a Macy's credit relationship. Or, in the case of Comenity (fka WFNNB), some of their credit products will display a preapproval (SP) offering (for qualified individuals) during the checkout process online but not in-store.
12-10-2012 03:02 PM
Maybe in-store you get approved a higher amount (along with supposed discount or sign-up bonus) because you are there and you may buy stuff out of impulse due to the new found 'extra spending power'.
I currently have 3 store cards and my experience has been the following (applied in this order)
Wal-Mart: Online approval for $1K discover GE backed (have had an account with them for over a year and a half, pay on time and with less than 5% reporting balance)
Sears: In-store approval for $2.5K CITI backed, never had anything with them before.
Home Depot: Underwriter approval after verifying information for $1250 CITI backed, never had anything with them before. initial app was Online, this card was approved after 4 inquiries on record and still had a higher balance than the GE backed discover.
Don't know if it is coincidence, but from a logical point of view they might assume online customers 'may' plan ahead before buying and store customers go with impulse or?
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.