topic Re: Mervyns CC Closure. in Credit Cards

Mervyns CC Closure.

Anonymous — Wed, 05 Nov 2008 00:23:14 GMT

Looks like Mervyns is going to close most (or all) of its stores. Also people's mervyns card are being closed by mervyns..

Can anyone let me know how it is reported in the Credit history, closed by creditor or closed by comsumer?

Thanks.

Re: Mervyns CC Closure.

laz98 — Wed, 05 Nov 2008 04:03:11 GMT

do you think GEMB will let people do a product change to another card?

Re: Mervyns CC Closure.

Anonymous — Wed, 05 Nov 2008 22:27:03 GMT

@Anonymous wrote:
Looks like Mervyns is going to close most (or all) of its stores. Also people's mervyns card are being closed by mervyns..

May I ask where you heard this ?

I was hoping that GEMB might convert the Mervyns card to something else.

Re: Mervyns CC Closure.

Anonymous — Wed, 05 Nov 2008 22:29:54 GMT

May I ask where you heard this ?

I was hoping that GEMB might convert the Mervyns card to something else.

The store close to my home in CA has now out of business sale, plus if you check their website, try appliing for a new mervyns card, it says that they have stoped doing that also, there will be no returns after Sep 14... and ofcource its been in the news about its closure for a while.

Re: Mervyns CC Closure.

kay82 — Sun, 16 Nov 2008 17:59:13 GMT

I got a message on my statement advising me that I could no longer make anymore purchases on my card after Nov. 1, but they're still reporting to the CRA as an open charge account.. Im really bummed about this because this was my oldest and only store charge card and now they're closing.... Super Bummed

Re: Mervyns CC Closure.

Anonymous — Sun, 16 Nov 2008 18:11:28 GMT

@kay82 wrote:
I got a message on my statement advising me that I could no longer make anymore purchases on my card after Nov. 1, but they're still reporting to the CRA as an open charge account.. Im really bummed about this because this was my oldest and only store charge card and now they're closing.... Super Bummed

Yeah, i am in a similar situation, it is the only store card that I have. I have not got any mail from Mervyns about it like you have got. I am in CA in the bay area, where are you living?

Re: Mervyns CC Closure.

haulingthescoreup — Sun, 16 Nov 2008 19:03:45 GMT

voidman wrote:

@Anonymous wrote:

May I ask where you heard this ?

I was hoping that GEMB might convert the Mervyns card to something else.
The store close to my home in CA has now out of business sale, plus if you check their website, try appliing for a new mervyns card, it says that they have stoped doing that also, there will be no returns after Sep 14... and ofcource its been in the news about its closure for a while.

But just to clarify, does it actually say that the cards will all be closed, or just that they're not taking apps for new ones?

Generally, when a store goes out of business, or they discontinue the CC relationship, the issuing bank offers some sort of replacement. It seems like Chase used to have some sort of Disney-type thing, and they ended it and offered cardholders a non-co-branded Chase bank card.

In fact, if Barnes and Noble buys out Borders, I'm hoping that this will happen with my Borders Visa.

Re: Mervyns CC Closure.

Anonymous — Sun, 16 Nov 2008 20:43:29 GMT

I recently closed my Mervyn's account. I got a letter stating they appreciated my business and they hoped I would continue to shop with them. It also said I could reapply. I just received the letter a few days ago. I am sure it hasn't been updated as far as the "you can reapply"--because you can't.

I hope they do offer to switch people to another card. For me though I was pulling weeds, and Mervyn's happened to be one of them. To clarify though they didn't close my card. As far as I know the store was still accepting them 2 weeks ago. However they are no longer accepting payments on the card and they are no longer accepting gift cards or merchandise return credit.

If GEMB were to allow you to change to another line what would you change to?

Re: Mervyns CC Closure.

Anonymous — Sun, 16 Nov 2008 20:50:57 GMT

I would prefer a GEMB backed gas card, i guess that would be more usefull than the mervys... I hardly shop at mervys....

Re: Mervyns CC Closure.

kay82 — Sun, 16 Nov 2008 23:47:11 GMT

Im in SoCal just got approved for a target card but with that card closing that takes away 8 years of credit history....but on the statement it said no more purchases can be made with the card ....

Re: Mervyns CC Closure.

kay82 — Sun, 16 Nov 2008 23:50:06 GMT

It would be nice if they offered to let TL holders take the CL somewhere else but no such luck yet keep your fingers crossed Ive read my last 2 statements and nothing yet

Re: Mervyns CC Closure.

haulingthescoreup — Mon, 17 Nov 2008 00:06:14 GMT

kay82 wrote:
Im in SoCal just got approved for a target card but with that card closing that takes away 8 years of credit history....but on the statement it said no more purchases can be made with the card ....

Don't forget that even closed accounts should remain on your reports, helping your age, for 10 years.

Still a PITA if they don't convert you and keep the opening date, though!

Re: Mervyns CC Closure.

kay82 — Mon, 17 Nov 2008 00:24:58 GMT

I truly hope so as I would hate to lose that type of history I wanted to pay it off and get it below 10% util, to help bump my score but it seems as if its going to be of no use I had the card since 2000 and didnt know it was open so it had a 0 bal for many years with no CL increase whatsoever so should I put the extra cash towards paying down my secured? Im trying to keep hope alive I was so tempted to apply for a Macy's but I dont want to waste an inquiry and get denied for my EX Fico is only 581

Re: Mervyns CC Closure.

laz98 — Mon, 17 Nov 2008 07:54:59 GMT

@kay82 wrote:
It would be nice if they offered to let TL holders take the CL somewhere else but no such luck yet. keep your fingers crossed. Ive read my last 2 statements and nothing yet

no kidding. we haven't had this card as long as some people (just under a year), but it's still a positive tradeline that we would like to keep open. i emailed them about what kind of action gemb is going to take. still waiting for a response, though. i will share with you all when/if i get one.

Re: Mervyns CC Closure.

kay82 — Mon, 17 Nov 2008 18:16:16 GMT

That wuould be great and I will do the same if I get any info. as well !!

Re: Mervyns CC Closure.

laz98 — Tue, 18 Nov 2008 23:28:21 GMT

Well, this is what stupid Mervyns emailed me today (boy, they took FOREVER!!!)

Please understand that a Mervyns credit card account cannot be converted to an account offered by GE Money Bank for another merchant. To receive an account for another retailer, please submit an application for that retailer. Most merchants offer applications in store and online.

BOOOOOOOOOOOOOOOOOOOOOOOOO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Re: Mervyns CC Closure.

Anonymous — Tue, 18 Nov 2008 23:31:55 GMT

@laz98 wrote:
Well, this is what stupid Mervyns emailed me today (boy, they took FOREVER!!!)

Please understand that a Mervyns credit card account cannot be converted to an account offered by GE Money Bank for another merchant. To receive an account for another retailer, please submit an application for that retailer. Most merchants offer applications in store and online.

BOOOOOOOOOOOOOOOOOOOOOOOOO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Thanks Laz for the info.

Re: Mervyns CC Closure.

haulingthescoreup — Tue, 18 Nov 2008 23:35:24 GMT

Just posted on the other thread:

You know, there's a reason why I don't like GEMB.

Other banks do this routinely. This is shoddy, terrible "service" by GEMB.

eta: "this" as in offering a replacement card.

Message Edited by haulingthescoreup on 11-18-2008 03:35 PM

Re: Mervyns CC Closure.

Anonymous — Wed, 19 Nov 2008 02:49:03 GMT

I'm glad I closed it then--I beat them to the punch!

Re: Mervyns CC Closure.

Lel — Mon, 06 Apr 2009 17:51:10 GMT

Okay, I'm going to briefly resurrect this thread. My wife has a Mervyn's credit card. As many people know, Mervyn's has gone the way of the dodo, and its card issued by GEMB is useless and won't be replaced with another card to keep people's tradelines open. At least one person on another thread mentioned that her husband's Mervyn's credit account has been closed as of last November.

My wife just pulled her TU credit report, and the Mervyn's card is still open and reporting zero balances. She hasn't had a balance on this account for over a year, long before Mervyn's entered bankruptcy. The report states that it was last reported in February.

What to do about this account? It contributes relatively little to her account age (only about 2-3 years old) and has a low CL ($1000). However, it is one of only a handful of cards for which she is the individual owner - most of the cards we have list me as the account owner and her as an authorized user.

My inclination is to just let GEMB close the account whenever they get around to it. Does anyone disagree with this approach?