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07-04-2009 09:40 AM - edited 07-04-2009 09:41 AM
I applied about 2 years ago. The card is issued by a First Electronic Bank in Utah (Who?). They pulled Experian in California. They denied and said if I wanted to know the reason, I'd have to write them a letter requesting that information. WTF. I'd stay away. BTW, my Experian at the time was over 700 (Back in the day when it was a real FICO score).
07-04-2009 09:39 PM - edited 07-05-2009 09:14 AM
I applied about 2 years ago. The card is issued by a First Electronic Bank in Utah (Who?). They pulled Experian in California. They denied and said if I wanted to know the reason, I'd have to write them a letter requesting that information. WTF. I'd stay away. BTW, my Experian at the time was over 700 (Back in the day when it was a real FICO score).Message Edited by illtakecreditforthat on 07-04-2009 09:41 AM
I'll second that...RUN away from this company. Read this article below this is just one of many problems that this company has had. The first was allegations of selling their customers personal information i.e. credit card info, d.o.b.,ssn etc. They settle out of court in 2007 then this pops up a year later.
07-04-2009 10:29 PM
Good investigative work. Just as banks, cc companies, etc. scrutinize our credit history, its not a bad idea to do your homework on marginal or unknown credit providers.
I learned my lesson from the Fry's experience. Know thy potential creditor.
07-30-2009 12:58 AM
I was in Fry's Electronics today, and was asked by two salespeople and the cashier if I wanted to apply for a "free" Fry's card. Having learned a lot from these forums, and thinking about it a bit, I wanted to see what they could tell me so I could decide if it was worth a hit on the bureaus.
I asked the salespeople and the cashier the following:
That bank issues the credit card?
2. What is the interest rate?
3. Can I see the full disclosure statements as required by law?
4. What FICO range might be successful in getting approved?
5. Which credit bureau do they check? (One, two or all three?)
Sales person 1:
Q1: Uh, not sure - not on the slip of paper they gave me to read.
Q2: I think 22% unless it is 0% special for x$ amount...
Q4: What's a FICO score?
Q5: I dunno...
Sales person 2: I have no idea - ask the cashier. (I gave up after question 3. as I decided not to pursue a purchase in their area...)
Cashier, who unwittingly and not prompted by me, asked if I was interested in opening a card when I arrived at his register...Of course, I asked the same 5 questions....
Q1: Don''t know - here is the slip you sign and the privacy disclosure (Gives me a slip with some boilerplate but no real details, including no disclosure on interest rates, fees, etc.) - I will go ask the manager....(Slip says First Electronic Bank from Sandy, Utah at the top of the form...) The cashier comes back with a business card that has the bank toll-free number on it since the "manager" does not know.either...
Q2: Depends on your credit I think.
Q3: Huh? Let me go ask the manager....(goes to ask them for a cooy-comes back and says the register prints it out after you apply....)
Q4: FICO? Should I ask my manager?
Q5: No idea - let me ask the manager....(Makes trip #3 to manager several registers downwind...) Came back sans answers....
This poor cashier ran across the 80+ registers three different times to get "answers" for me. I called the toll-free number on my cell during run number three, and after pressing the option for non-account holders, the call is transferred to...dead air and then disconnects. (1-866-322-8008)
After the last dry run I asked if the "manager" could come see me...Cashier makes run #4 and comes back manager-less.since they just went around the corner, possibly leaving for the evening. The cashier then asks if I want to just pay for the items with cash....
I asked for the manager of the store. The cashier makes run #5 to the "service desk/return corral" and comes back to tell me she cannot come see me because she is in a post she cannot leave. (This, in a store with at least 80 employees in view on a weeknight). He told me I could visit her, so I start on journey #6 to the "post" and she actually meets us half-way. I repeat to her the five questions, and she was able to tell me the bank name, and that she can get a supervisor to call their "backdoor" number to the bank for the other questions. She then explains what I wanted to the supervisor (who was in the area this entire time from run # 1) and he makes the call. He comes back to advise that the interest rate varies, they pull Experian only, but will not advise on the FICO range due to bank policy. The supervisor says I am the first one in over 2 years to ask these questions before applying. I decided that I would pass on their "free" card for now.
I paid for my items with my current forms of payment, thanked them for the kindness and left. I was not trying to wear them down, but I take any decision for credit applications seriously.
Hope this helps - I know it is a long tale, but I would be cautious of applying with any retailer without knowing the answers to most of these questions, and I would check on the forums beforehand as well.
07-30-2009 07:42 AM
I imagine you would get the same from most retail stores. The cashier/salesperson is not trained on this information. It's their job to ask if you would like to app and enter the info into system(if in store approval is an option). The issuing bank would be responsible for providing you with the answers to the questions you had.
As a former manager of a big 3 gas station/convenience store,I know first hand this is not info that is shared even with mgmt. We would get apps in the mail,and the instructions were,make these available to customers. That's all!
You can't pay teenagers/young adults 7 bucks an hour and expect them to be financial wizards as well. With the exceptions of questions 4 and 5,that info can be found on app.
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