I have this theory that I use whenever I apply for store credit now that I never use to consider in the past. Maybe some of the credit experts here can chime in on whether or not this has any basis for fact. During big sales events, special promotions and close to, or during the big shopping season (black friday and up until xmas), many retail stores lower their lending standards and allow people like me who are rebuilding their credit an opportunity to get approved. Also, I believe that towards the tail end of the year, if retailers havent met their goals on the amount of consumer retail accounts in their portfolio, they will also start lowering their approval standards. I've also found that applying in store yields better approval results and higher credit limits. Take my recent history into consideration. I went on a recent app spree after only gardening for 3 months. On my previous spree I was denied for Old Navy, Walmart, and TJX (Marshalls, TJ Maxx, Home Goods stores). I applied for all of these online and was promptly denied every single time. All of these cards are GECRB backed cards. I thought GE hated me. I've never in my life had a GE backed card or included them in BK. I had heard GE was bk friendly and thought my odds were pretty good since there were many people that got approved post bk7. I tried to recon all of them and got denials for all!! I was told by an underwriter that I could reapply again in 30 days for Walmart and 90 days for the two others. So I waited at least 90 days to try again for all three and changed my approach. This time I would apply in store and wait for special promotions or a big sale to see what would happen. The first sign I saw that an approval was likely was when Walmart had an 18 months no interest financing option on electronics purchases over 400 dollars. I applied in the electronics section and told the cashier I wanted to make a large purchase and wanted to take advantage of the 18 months no interest promo. Approved...$2100. Reconned to $3700 literally minutes later after talking to an underwriter and making up a story about wanting to buy a tv but didnt get approved for enough credit. Next stop, Old Navy where they were having their "Stuff and Save Sale". 40 percent off everything in store including clearance items. In addition, new card holders will receive an additional 10 percent off for 60 days. Plus......for every 25 dollars you spend, you get 10 dollars in Old Navy Super Cash to use in November. The salespeople were promoting the card very aggressively and everyone that I saw who applied got approved immediately. I applied in store and was approved for $400. Wound up buying $300 in merchandise for $150. Bought 50 items total for my kids. Paid nothing over $6 dollars for anything. A lot of the shirts I bought for my kids would up being only $1.48. The kids were happy! Finally over to Marshalls where they were having 25% off on already reduced clearance items for two days only and an additional %10 if approved for credit. Once again, employees were agressively promoting the card and people were getting approved left and right. Applied...Approved $600 dollars. Bought 2 jackets. One for me, one for the wife. Original prices $200 and $149. Clearance prices $50 and $30. Total after all the savings tallied: $18 and $11. Sorry to sound like a shopaholic but these are things that my wife and I had to learn how to do in a tough economy. If its not on sale or clearance, I'm not buying it. Also, if the money is not in the bank to pay off these purchases in full....I'm not buying it. I hope this information is helpful to anyone looking to apply and save some money during these sales events! Thanks everyone!
