topic Crown Jewelers - am I escaping quick enough? in Credit Cards

Crown Jewelers - am I escaping quick enough?

Candice — Mon, 15 Sep 2008 04:54:22 GMT

I guess I should not say escaping as CJ seems like it can serve a very good purpose, however, after reading multiple CJ threads, I have begun to doubt my decision to go the CJ route.

First, I did it after being certain that I would be decline for a B of A secured, however, I have found out that I am not declined but have been approved for the B of A secured.

I have also gotten my Macys re-opened and gotten an unsecured Orchard MC.

So...here is my question: I set up with CJ. They have shipped my item and it is scheduled to come on Tuesday. They are not reporting to the CRAs yet. I have not even received my item.

I just sent them an email requesting that I return the item w/in their 30 day return policy, receive a refund, and that any reporting to the CRAs be stopped (I asked politely!)

My question is, has anyone had this situation? I was not aware that the 2500 limit dropped after 6 months. This was the major reason I wanted a CJ card (high limit) and because I wanted some jewelery, but I think I can hold off on the jewelery (there are probably much better jewelers available from me about 50 points from now, lol!) and I want a card that will keep my high limit when I finally get one, not drop it down to $500 after 6 months.

Re: Crown Jewelers - am I escaping quick enough?

Anonymous — Mon, 15 Sep 2008 05:03:09 GMT

I'm not sure if you got out quick enough. If you didn't, I think other people were posting that they were sent an email stating if they didn't use the card within 30 days, it would be closed.(This was after a year of having the account) If they do that and you don't want the card, then ask them to close it so it will atleast report as closed by consumer and keep the $2500 CL.

Re: Crown Jewelers - am I escaping quick enough?

Candice — Mon, 15 Sep 2008 05:42:39 GMT

Good point Stef37. Thanks!

Re: Crown Jewelers - am I escaping quick enough?

Tons_of_Debt — Mon, 15 Sep 2008 11:56:46 GMT

Yikes, no way around the 6 month drop? Should I close at 4-5 months to avoid the drop?

Re: Crown Jewelers - am I escaping quick enough?

fishbjc — Mon, 15 Sep 2008 13:43:16 GMT

They only drop you if you don't make another purchase.

Re: Crown Jewelers - am I escaping quick enough?

n2win — Mon, 15 Sep 2008 19:19:17 GMT

I don't understand the "drop" thing?

Does this affect your credit negatively?

Thx

fishbjc wrote:
They only drop you if you don't make another purchase.

Re: Crown Jewelers - am I escaping quick enough?

fishbjc — Mon, 15 Sep 2008 20:40:03 GMT

They'll stop reporting after six months if you don't make another purchase.

Re: Crown Jewelers - am I escaping quick enough?

n2win — Mon, 15 Sep 2008 21:08:06 GMT

If they stop reporting, is the negative just the loss of the TL and the CL?

I have several other account now (though the CJ is my highest CL at $2500)

Also, will they keep the CL at @2500 if you purchase something small? I thought I read here somewhere that the CL goes down to $500 or your largest purchase, something like that?

thx again

fishbjc wrote:
They'll stop reporting after six months if you don't make another purchase.

Re: Crown Jewelers - am I escaping quick enough?

Candice — Mon, 15 Sep 2008 21:14:24 GMT

Yes, they drop your limit to $500 or the total cost of your purchases, whichever is higher. The drop comes at 6 months. And they close the account after 6 months of inactivity (not buying something).

Re: Crown Jewelers - am I escaping quick enough?

moonman — Mon, 15 Sep 2008 22:18:25 GMT

this is from my trans union report recently from my fico 2 days ago.i have not ordered anything from crown jewelers since my first order and left them alone but it is still reporting.

PO BOX 155100
FORT WORTH , TX 76155-0100
(817) 695-1614

Balance:
$0
Date Updated:
08/2008
High Balance:
$1
Credit Limit:
$2,500
Past Due:
$0
Pay Status:
Paid or Paying as Agreed
Account Type:
Revolving Account
Responsibility:
Individual Account
Date Opened:
04/2007
Date Paid:
05/2007
Loan Type: Charge Account

Re: Crown Jewelers - am I escaping quick enough?

fishbjc — Mon, 15 Sep 2008 23:56:00 GMT

YMMV.

I think it's worth shooting for the $2500 limit...I'd keep it open.

Re: Crown Jewelers - am I escaping quick enough?

frazman — Sat, 03 Jul 2010 01:07:20 GMT

Crown Jewelery has been sold, they still have a website, guaranteed credit cards, and high prices, BUT THEY NO LONGER REPORT TO CREDIT AGENCIES! I found out the hard way. NOT a word on the Crown website about the change, so I called was given the bad news. She had to repeat many times for me because ENGLISH was not her native language.

Guess my hard earned cash is going to edited for the next year untill I get this junk paid for.

See comments on your previous post here:

http://ficoforums.myfico.com/t5/Credit-Cards/Crown-Jewelers-CLD/m-p/690573#M219725

Re: Crown Jewelers - am I escaping quick enough?

haulingthescoreup — Sat, 03 Jul 2010 00:52:26 GMT

Old news, I'm afraid.