Credit Cards

[MsMS]

I just got a fancy computerized embroidery machine- the store offered "financing" by way of a GEMB credit card.  36 months, no interest- not bad at all! 

Well, the opening balance was $8082, and the limit was $8100 when I got my first statement.  (Yes, the sewing machine cost more than my husband's car.  It's for our business, hopefully it should more than pay for itself.)  They didn't mention the credit limit at the store; you're basically expected to only use it to finance the machine.  I wasn't happy about that.  I've been working on getting my util. down, and this card started at 99.78% maxed.

I was happy with GEMB's customer service, though- the first lady I talked to either a: didn't understand about how credit limit to balance ratio affected FICO scores, or b: wasn't authorized to give CLI's- and she transferred me quickly to another lady who not only understood, but was able to give me a $1500 CLI.  She even said it should be a soft inquiry, when I asked if it would be a hard or soft inquiry.  That should bring it down to 84.19% util., and get my overall util. back under 50%.

As long as that store doesn't go out of business any time soon, I might have to hang on to that card!  I'll need needles, thread, and stabilizer anyway...

-MsMS

[FretlessMayhem]

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MsMS wrote:

I just got a fancy computerized embroidery machine- the store offered "financing" by way of a GEMB credit card. 36 months, no interest- not bad at all!

Well, the opening balance was $8082, and the limit was $8100 when I got my first statement. (Yes, the sewing machine cost more than my husband's car. It's for our business, hopefully it should more than pay for itself.) They didn't mention the credit limit at the store; you're basically expected to only use it to finance the machine. I wasn't happy about that. I've been working on getting my util. down, and this card started at 99.78% maxed.

I was happy with GEMB's customer service, though- the first lady I talked to either a: didn't understand about how credit limit to balance ratio affected FICO scores, or b: wasn't authorized to give CLI's- and she transferred me quickly to another lady who not only understood, but was able to give me a $1500 CLI. She even said it should be a soft inquiry, when I asked if it would be a hard or soft inquiry. That should bring it down to 84.19% util., and get my overall util. back under 50%.

As long as that store doesn't go out of business any time soon, I might have to hang on to that card! I'll need needles, thread, and stabilizer anyway...

-MsMS

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You said you are only supposed to use it to pay for the machine. Is it possible this reports as installment instead of revolving? I know it's a long shot, but it might be worth checking.

[Creditaddict]

My parents got a Brand Source card backed by GEMB for remodeling there kitchen. It reports as a credit card not installment.  They also maxed out the new card when the granite went in.  They are paying it off this month though, so back to good.

[beenthere]

I just got a GEMB account with Ritz Camera. I bought a $1300 camera (financed $950) on a 10 month interest free offer. GEMB gave me a $4500 line. I'll easily pay off the camera in a couple months and it will be 3 years before I need anything else from Ritz Camera but the TL sure helped.

[MsMS]

I pulled EQ, and it does show as revolving.  Not sure how it's affecting my score- I got a Scorewatch dip (12 points or so) around the time the inquiry showed up, but no further dip when the new account appeared.  Less than 20 point loss for adding a maxed-out card seems odd.

We'll see what it does when the new CL reports!

-MsMS