@chnceit wrote:
Thanks for the info and I do hope they will follow in GE's footsteps because GE is coming really popular and known
Oh yes they are! I am not sure if it is the best business sense or not!?! It seems like they might be opening themselves up to losses, but I am sure they must have some risk management model going on. Maybe they are giving higher limits to those who have truly proven themselves and less to the more riskier people. I mean I could go hog wild with all the credit I have! (I am not going to, but just saying!) I just wish GE were better about interest rates. They are definitely geared to the people at the lower end and to those who don't carry balances. I imagine this is part of their risk model! I wouldn't mind doing a study on it one day if I have free time.
I think Comenity is nice for the fact that they don't really do hard pulls often, even for some new accounts. Once they have you as a customer it becomes less of a need for a hard pull as a soft pull can pretty much give the same information coupled with how you have handled your other accounts with them.
I remember in the 90's many gas stations were doing promotions that if you had another gas card or credit card you could get an account with them. While you weren't always approved there were many that went by the fact that if you already had a card, then you must be OK. This was obviuosly more riskier than what Comenity is doing. I think Comenity uses another service which better analyzes you credit. I keep seeing the companies name on my credit report for soft pulls on occassion but I have not ever actually thought about who was doing it, maybe it is Comenity or GE. Actually it is two; Credco and True Credit; both of which say afterward My Credit Health.
It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
