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Contributor
Posts: 75
Registered: ‎10-30-2007
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BEST BUY STORE & REWARDS MC

I went in this past weekend to buy a new TV with the intent to pay cash. I got approached by an employee that started telling me about the the special financing if I applied for the store card. It was 18mo 0% if you spent 499 +. So I said what the heck, why not free money for 18mo. The only thing that was holding me back was that I didn't want a ding on my FICO score since I just recently joined the 700 club, and I plan on buying a new vehicle in the next 3-4mo.

I got approved for for a lousy $750! Now I was really thinking what a waste of a score hit. They also pre-approved me for the Rewards MC issued by HSBC but couldn't  give me a CL unless I applied. They told me it would only count as one inquiry so I went for it. At first she tells me they declined me! At this point I'm really ticked off and couldn't believe that HSBC would decline me with the scores I have plus I already have a HSBC MC with a 0 bal.

So I go about my way and start looking at a new TV to buy when I noticed the gal who ran my app comes running up to me and says they made a mistake and I was approved for $2500! She brings me back to her computer and shows me that they must have hit enter 2X when they submitted it. On the screen it showed my info on there, one saying "NO" and the other saying "CL 2500".

I would have much rather received the higher limit on the store card for the 18mo 0% cuz the MC only earns rewards points that are only good on store purchases.  O'well.

Anyone know how long it will take for my FICO score to recover?  

Contributor
Posts: 75
Registered: ‎10-30-2007
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Re: BEST BUY STORE & REWARDS MC

OH...BTW I ended up buying a Toshiba 40" LCD for $799.99Smiley Happy
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Senior Contributor
Posts: 4,336
Registered: ‎09-06-2008
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Re: BEST BUY STORE & REWARDS MC

so you got the rewards card with a 2500 CL?

 

you don't shop there enough to make use of the rewards?

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Contributor
Posts: 75
Registered: ‎10-30-2007
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Re: BEST BUY STORE & REWARDS MC


laz98 wrote:

so you got the rewards card with a 2500 CL?

 

you don't shop there enough to make use of the rewards?


yeah...Rewards MC $2500CL. I hardly ever shop at Best Buy, may be 1-2 a year. I might just keep it as a sock drawer card and PIF or just cancel it.

Regular Contributor
Posts: 231
Registered: ‎02-16-2008
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Re: BEST BUY STORE & REWARDS MC

Inquiries only affect your scores for 1 year, but it can stay on your report for up to 2 years, but I have noticed that when your 1 year mark hit you gain back the points that you lose.

 

 

Fellow forumer My2centsSmiley Wink

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Re: BEST BUY STORE & REWARDS MC

Congrats on the approval
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