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Valued Contributor
jaybee
Posts: 1,088
Registered: ‎03-18-2007

Saks Fifth Ave

I opened a Saks account in 2000 and I closed it in 2004. It had perfect history. I have a few questions about this.
 
If I reopen this account will it hurt or help my score?
 
What scores are they looking for?
 
What bank do they use? And...
 
What credit bureau? Or...
 
Should I even worry about any of those questions because I previously had a good standing account with them and they will just reopen it?
 
I want to do this because according to myfico my util is at 19%; I have read on here that it is better to have 9 or 10%--I can't remember. Any thoughts would be greatly appreciated.
 
If at first you don't succeed... hang up and try again!!
Valued Contributor
jaybee
Posts: 1,088
Registered: ‎03-18-2007

Re: Saks Fifth Ave

One more thing, I also want to have mixed credit. So far I have 2 store cards and 6 majors (2 of which I am about to combine). One installment loan also. 
If at first you don't succeed... hang up and try again!!
Mega Contributor
Creditaddict
Posts: 18,943
Registered: ‎10-23-2007

Re: Saks Fifth Ave

Saks has changed banks a lot... so you might actually just have to re-apply for a new card which they would probably give you based on previous experience... but check with them first just to make sure they can't re-open.  Also Saks now has a Saks Mastercard... you may want to consider upgrading to if you get your account re-open.
Fico Scores: EQ 657 Cabelas, TU 653 Barclay, EX 699 Wells (07-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Express $300
Over 30 Cards in between :smileytongue:
Moderator Emeritus
psychic
Posts: 1,518
Registered: ‎04-20-2007

Re: Saks Fifth Ave

[ Edited ]


jaybee wrote:
I opened a Saks account in 2000 and I closed it in 2004. It had perfect history. I have a few questions about this.
 
If I reopen this account will it hurt or help my score?
 
What scores are they looking for?
 
What bank do they use? And...
 
What credit bureau? Or...
 
Should I even worry about any of those questions because I previously had a good standing account with them and they will just reopen it?
 
I want to do this because according to myfico my util is at 19%; I have read on here that it is better to have 9 or 10%--I can't remember. Any thoughts would be greatly appreciated.
 


I've had a Saks Fifth Avenue account since 1978.  I can only answer a couple of your questions.  Currently, HSBC is handling their credit card accounts.  They review my Equifax report once a year. 
 
I do receive numerous pre-approved offers from Saks to upgrade my card to their new "Saks Fifth Avenue World Elite MasterCard."  The reason that I don't accept these "invitations" is that the new MC is a separate, distinct card from their regular retail store card.  It would mean an inquiry (hard) on my credit reports.  From what Saks' Credit Department has explained to me, should I accept one of these "invitations," I would keep my old Saks account, and the new MC would be in addition to my existing Saks card.  Supposedly, my current Saks retail store credit card number would be on the back of the MasterCard.   I would receive 2 different billing statements--one from my Saks purchases (using the retail account number) and another one from purchases using the MasterCard.  Sounds like fun?


Message Edited by psychic on 11-07-2007 09:03 AM

Message Edited by psychic on 11-07-2007 09:05 AM
EQ 814 / TU 815 / EX 842
Valued Contributor
jaybee
Posts: 1,088
Registered: ‎03-18-2007

Re: Saks Fifth Ave

OMG!!! psychic
 
So would it look like I have a new card on my CR or would it have the same open date as the first one? I saw on the site that it said upgrade, not add another card. That is not cool. 2 statements!!
If at first you don't succeed... hang up and try again!!
Mega Contributor
Creditaddict
Posts: 18,943
Registered: ‎10-23-2007

Re: Saks Fifth Ave

You all worry to much... I say go for 2 cards!!!! hehe
Fico Scores: EQ 657 Cabelas, TU 653 Barclay, EX 699 Wells (07-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Express $300
Over 30 Cards in between :smileytongue:
Moderator Emeritus
psychic
Posts: 1,518
Registered: ‎04-20-2007

Re: Saks Fifth Ave



jaybee wrote:
OMG!!! psychic
 
So would it look like I have a new card on my CR or would it have the same open date as the first one? I saw on the site that it said upgrade, not add another card. That is not cool. 2 statements!!


Saks' Credit Department explained to me that if I decide to get their new MC, my existing Saks (retail store use only) account would be the same--it would remain active,  and my 11/1978 opening date would remain unchanged.  I was very obsessive-compulsive with them about this point, because Saks Fifth Avenue is my oldest account on my credit reports.  I don't want to lose that 1978 opening date.  However, their new MasterCard would have a different account number, and a different opening date.  That's why I just decided to stay with my old Saks (retail store use only) credit card. 
EQ 814 / TU 815 / EX 842
Valued Contributor
jaybee
Posts: 1,088
Registered: ‎03-18-2007

Re: Saks Fifth Ave

When I do decide to reopen my account I will not upgrade. Besides, I already have a few major's. I am not really looking for rewards, I do not plan on using the card much, the interest rate is not too good. I will buy moisturizer or some makeup every month just to let it appear to be active.
If at first you don't succeed... hang up and try again!!
Frequent Contributor
TheCynicalOne
Posts: 741
Registered: ‎11-05-2007

Re: Saks Fifth Ave



jaybee wrote:
When I do decide to reopen my account I will not upgrade. Besides, I already have a few major's. I am not really looking for rewards, I do not plan on using the card much, the interest rate is not too good. I will buy moisturizer or some makeup every month just to let it appear to be active.



I like you specialize your "lame card activity" to the Saks image.  My lame card activity is going to McDonald's and a Slushee at Sonic.
Time is credit's best friend...it can heal any wound.
Valued Contributor
jaybee
Posts: 1,088
Registered: ‎03-18-2007

Re: Saks Fifth Ave

TheCynicalOne
 
Yummy, make my slushee cherry limeaide!! Too bad they do not have those at Saks!
If at first you don't succeed... hang up and try again!!

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