GE Money CC

[missambitious]

I just purchased a couch at a local furniture store and decided to try and get a 'loan' to add some variety and a line to my short & bland history. Turns out that this loan is actually a cc through GE but has no major name on it (visa, mc ect) and under my name has the name of the place I got the furniture at. I've been reading that the cli occur often with this company and in quite large spurts but the limit i have now is much higher than my loan and thats fine with me for the ratio aspect of the situation...but what can i even do with this card? I dont think it will work anywhere online or in any stores because it doesnt have a logo on it, and i refuse to buy anything else at the furniture place. The card is interest free as long as i make all the payments on time ect and I plan to pay it off early (12 mos vs the 18 mos i signed up for)

Has anyone else been in a similar situation? I'm a bit bummed out that there was also a hard inquiry added to my record but i guess i'll just not app for anything for a while

[Datx]

What you apped and was approved for, was a store card. Good for that funiture store only unfortunately. In your case, that would be a con, since you are not looking to do future business with that particular store. GECRB has alot of store cards, such as Amazon, Walmart, etc and really is ideal if you shop there alot. But unfortunately in your case, you probably wont be using that card again after your initial purchase.

[LittleCat]

On the flip side, I have one from Sleep Train with a $7500 limit. While I will likely never use it again or at least for a long long time, its a paid in full, on time every time account  on my report that also reports the $7500 as available credit thus helping my utliization. When I was down to $500 balance I paid it off in full and my score up. Lives in the sock drawer but it benefits me.

[missambitious]

So being as this is a store card, does that mean there will never be an opportunity to upgrade to a visa/mc? 

[missambitious]

I thought sock drawer cards still had to be used from time to time to continue reporting as active? Do you have plans on one day canceling that card? 

[Datx]

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@missambitious wrote:

So being as this is a store card, does that mean there will never be an opportunity to upgrade to a visa/mc? 

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Only if GECRB offers it. If the store has a MC or Visa card offer, that is also issued by GECRB, then you can work your way in getting upgraded. Like there is a Walmart store card, and a Walmart Discover card. Both issued by GECRB. Same with the Chevron store card, and the Chevron VIsa card. Check the website for your furniture store to see if there is a Visa or MC card offer. Then check the details to see if its issued by GECRB.

[webhopper]

Sock drawer cards might be open for yrs with no use without being cancelled by the issuer for inactivity. Perfect example: I opened a jcpenney account in 2003, shredded the card when it came in, and never touched the account again. I called GECRB, answered a few questions, they reopened my account with a SP, showing as open since 2003 with perfect history. This was in 2012. I used it recently twice and PIF the charges in the same week, they increased my CL to 1100 after having it at 600 from 2003 to 2012

[Datx]

One thing im afraid about SDing cards, is that you forget about it and the creditor closes the card. I dont know why, but I just rather have it report as Me being the one to cancel/close the card, rather then it showing the creditor cancelling it on me.

[learnin113]

1. There should be no need to repeat this on this site...but NEVER app for anything that you are not quite sure what the terms/rewards are. It seems kinda silly to lookup the benefits of the card AFTER apping for it. 2. Yes it's a store card, but as another poster said it will help a lot with your UTI if the limit is as high as you say. 3. I just gotta warn ya...and you seem on top of it...BUT make sure you pay off that card before the promo ends...it may be 0.00 APR now, but it could easily jump to something outrageous as 29.99% when that promo ends.  Good luck.

[missambitious]

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@Datx wrote:

One thing im afraid about SDing cards, is that you forget about it and the creditor closes the card. I dont know why, but I just rather have it report as Me being the one to cancel/close the card, rather then it showing the creditor cancelling it on me.

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Exactly ^ I think I will close it in a few years when I feel the ding won't be too harsh