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Epic Contributor
Posts: 28,677
Registered: ‎10-23-2007
0

Re: Best Buy

all I know is I got fat declined, so waiting for the letter to see if they pulled credit report. I hope not
Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
0

Re: Best Buy

Well, I took a deep breath and tried it out, and I got a message that there was a technical error, and to try again later. But it did say, before the "submit" button, that I was authorizing HSBC to pull something called "VERID" that would presumably verify my ID. There was nothing that said that I was authorizing them to pull my report.

So maybe (?) it's a genuine soft pre-app? But I wouldn't try it unless you'd really like to have a BB card. And BTW, don't go with the icky MC. It's the store card that you want, from all that I have read.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
0

Re: Best Buy

WHOA, NELLY, STOP, DON'T DO THIS!!!!!

I am now the owner of a Best Buy store card with a CL of $2500. When you hit that button, you do get a hard. In my case, it was on EQ. (Poor old EQ, but at least it wasn't EX.)

Even though my supposed soft app didn't go through initially, the HSBC CSR cheerfully told me that the inq had already gone through, and they just needed to verify my identity, don't know why. They asked if I had ever had various professional licenses, including electrician and private investigator, and they asked me to confirm what city my son lives in (he has a BB card.)

So oh well, I guess I have another place where I can go by a fridge. But this does not appear to be a soft app, or at least, it wasn't for me. Smiley Tongue

PS: just checked my EQ full report (God bless Equifax Credit Watch Gold), and yup, there it is, Beneficial Financial Bank, Wilmington, DE.

BTW, I would not have done a trial app if I hadn't been willing to live with the consequences. I can promise you, I would not have done this with a WFNNB card. Smiley Wink So, cool, I have a Best Buy card. Time to figure out what I can do with it!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Epic Contributor
Posts: 28,677
Registered: ‎10-23-2007
0

Re: Best Buy

is benificial owned by HSBC??
Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
0

Re: Best Buy


Creditaddict wrote:
is benificial owned by HSBC??



Yep, they're the consumer financing arm, along with mortgages and debt consolidation. Per their website, They Care. They do the HSBC store cards and the HSBC and Orchard CC's. And if you get a loan from Beneficial, it's probably going to be a CFL (consumer finance loan), which dings your scores, so don't go there.

Beneficial
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Frequent Contributor
Posts: 495
Registered: ‎06-26-2007
0

Re: Best Buy

I have 2 accounts with Beneficial and are now run by HFC because our Beneficial branch closed. Neither account reports as a CFL. So I don't know where you got that?
01/31/2008 EX 502 EQ 466 TU 481
3/14/2008 EX 578 EQ 539 TU 543
4/16/2008 EX 622 EQ 532 TU 578
5/19/2008 EX 604 EQ 591 TU 592
1/1/2009 EQ 625 EX 576 TU 569
02/13/2009 EQ 648 EX 617 TU 590
09/28/2009 EQ 568 TU 591
Thanks to all Fico supporters for your encouragement and advice
Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
0

Re: Best Buy

I'm glad that is working for you! The big problem with CFL's is that they are not identified as such on your reports.

So I should have said, GENERALLY, be careful about getting a loan from Beneficial, as any lender with the word "financial" in their name typically codes as a CFL.

I have no problem at all with CFL's. I got a mailer from Wells Fargo Financial for a personal loan, just when my util on my USAA MC sky-rocketed due to an unexpected tuition increase for DD#1. I took it and paid off the 3 year loan in 10 months, and life was good. But EX at least terms this as a CFL, and marks me down for it.

I don't agree with the scoring penalty on these loans, because I think that First Premie CC's and others are much, much worse. But I do think that people should be aware that there is an asterisk associated with these loans.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Contributor
Posts: 853
Registered: ‎03-21-2008
0

Re: Best Buy



haulingthescoreup wrote:


I don't agree with the scoring penalty on these loans, because I think that First Premie CC's and others are much, much worse. But I do think that people should be aware that there is an asterisk associated with these loans.


  It is kind of strange that they do that. I suppose their logic is that it may be a marker for those on the verge of some financial difficulty.  Those places historically have higher rates and are relentless when it comes to collecting on missed or late payments.  But I agree, they should have some disclaimer saying that taking a loan out from them dings your score.  First Premier...no matter how lame they are, you gotta love 'em.  They don't hide anything, they'll send anyone 270 dollars worth of fees and then relentlessly pound your mail boxes with offers to take the same deal again....lol. 
 
 
07/26/2007 TU-688
EQ-656
EX-649
Regular Contributor
Posts: 196
Registered: ‎07-25-2007
0

Re: Best Buy

I Tried to apply for the store card or at least thats what I selected. The next screen gave information on the rewards master card??? Then when I hit submit they told me to call 877-338-3048 right now to verify my identity. I answered some questions and they told me they approved me for the M/C and a really low limit. I know I read somewhere thats why people try to go inside the store to get the regular best buy because they didn't want the M/C.
Established Contributor
Posts: 661
Registered: ‎07-17-2007
0

Re: Best Buy

It seems I am now also the unhappy owner of a Best Buy store card. Smiley Mad
Not the end of the world I guess, but all I wanted was to see what limit they'd give me.

Now what lesson did we learn today? Never take a CSR at their word.

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