topic Re: sears in Credit Cards

sears

jimc — Sat, 25 Apr 2009 23:19:23 GMT

i want to get a sears card but dont want to get an inquiry. plus get turned down. my scores are 606 573 and 567. what are my chances? i have 2 cc now and want 1 sears card

Re: sears

haulingthescoreup — Sat, 25 Apr 2009 23:26:46 GMT

Sears is a ridiculously tough card to get, and once you do, they're crazy tight with credit limits unless you have stellar scores.

I would definitely hold off until you're well into the 670's or better. Remember that they are backed by Citi, so you might read up on Citi's likes and dislikes when it comes to applications.

Re: sears

jimc — Sat, 25 Apr 2009 23:56:12 GMT

okay thanks

Re: sears

Anonymous — Sun, 26 Apr 2009 05:23:37 GMT

If you were turned down if you applied in the store, you'd be automatically considered for the HSBC-serviced "Sears Solutions" card.

posted Jan 5 2008, 01:03 PM

The main Sears store card and Sears mastercard are indeed backed by Citi. Sears started another program a few months ago. They noticed like 75% of all credit apps were denied by Citi. They wanted to strengthen their credit base, so they introduced Sears solution card. If you get denied by Citi, HSBC reviews the app. They are reporting that over 50% of previously denied apps will be approved this way. The terms are different and some have an AF. I think you might get hit with an extra hard INQ though. I also think it must be done instore, not over the internet. I got this information from working for Sears.

From what I have heard from several cashiers is that about half of the people who get denied by Citi are approved by HSBC. But it is a typical HSBC account, usually a 300 CL with an AF.

Message Edited by MojaveMoon on 04-25-2009 10:23 PM

Re: sears

Anonymous — Sun, 26 Apr 2009 05:21:14 GMT

But based on the feedback on that card, I don't think that'd be a good alternative

Here are five reviews that were posted at epinions.com:

http://www.epinions.com/HSBC_Sears_Solutions_Mastercard/display_~reviews

Message Edited by MojaveMoon on 04-25-2009 10:21 PM

Re: sears

Anonymous — Sun, 26 Apr 2009 05:33:47 GMT

Also, I read that depending on your credit history, there is an annual fee of either $0, $ 19, or $59.

And I think I've read that if you're turned down for the Citi Sears card, then when the computer system considers you for the HSBC Sears Solutions card you'll incur a second hard inquiry.

Message Edited by MojaveMoon on 04-25-2009 10:33 PM

Re: sears

Anonymous — Sun, 26 Apr 2009 05:33:18 GMT

One more thing about the HSBC Sears Solutions card

http://blogs.wsj.com/wallet/2008/11/03/why-you-might-actually-want-a-retail-credit-card/

By Mary Pilon

The Wallet got a tip that holders of the Sears-Kmart MasterCard were receiving notices that they could see their TransUnion FICO credit score for free. And HSBC, the financial institution that manages the Sears and KMart cards (in conjunction with Citibank) confirmed to us that the rumors are true.

Message Edited by MojaveMoon on 04-25-2009 10:33 PM

Re: sears

haulingthescoreup — Sun, 26 Apr 2009 14:18:33 GMT

MojaveMoon wrote:
One more thing about the HSBC Sears Solutions card

http://blogs.wsj.com/wallet/2008/11/03/why-you-might-actually-want-a-retail-credit-card/

By Mary Pilon

The Wallet got a tip that holders of the Sears-Kmart MasterCard were receiving notices that they could see their TransUnion FICO credit score for free. And HSBC, the financial institution that manages the Sears and KMart cards (in conjunction with Citibank) confirmed to us that the rumors are true.

I'm glad you mentioned this, because in fact, ~~I've heard that you can get the genuine, elusive EX FICO score with the HSBC Sears/ KMart card. Interesting debate as to whether it would be worth the aggravation, if it really is EX rather than TU.~~

*suddenly envisions hordes of 780's+ FICO folks fighting to get this card, simply for the EX score*

eta: just went all over their website, and there is no mention of any credit score, not to mention an EX or TU FICO score, being provided, and yet I'm certain that they do. You'd think that they would realize what a great marketing draw this would be!

eta yet again: The HSBC Sears KMart card offers a FICO TU classic score, not an EX, and not a PFICL

Sorry to make any innocent members as confused as I am!

Message Edited by haulingthescoreup on 04-26-2009 07:18 AM

Re: sears

Anonymous — Sun, 26 Apr 2009 23:51:09 GMT

You can only apply for instant credit at Sears if you are making a purchase. The "Rapid Credit Process" is fast-

You key in your social security number and they ask to see your drivers license number.

Re: sears

Anonymous — Sun, 26 Apr 2009 23:54:20 GMT

sorry, I meant to say, "they ask to see your drivers license."

Re: sears

Anonymous — Mon, 27 Apr 2009 07:25:21 GMT

I agree with you -- this FICO score is a feature that deserves to be promoted and communicated far better by HSBC. At another site someone commented that HSBC might be using this Sears Solutions card as a testing grounds for this free FICO service before offering it for other HSBC cards

As far as any mention of this FICO score service by HSBC (rather than by a third party), there is only a very tiny mention of it here:
http://www.searssolutionsrewards.com/ecare/home_nli

Towards the top of the screen there is a flash-animated banner. At the bottom of this banner when you click on "Credit Score Viewer" , the banner then says:

"View your updated FICO score each month, learn what is impacting it and track your score history over time -- at no cost to you."

Message Edited by MojaveMoon on 04-27-2009 12:25 AM

Re: sears

Anonymous — Mon, 27 Apr 2009 05:11:08 GMT

That's cool that there's an instant credit version of the application process. I wasn't aware of that and will make a mental note of that so I can pass that info along to others.

Re: sears

Anonymous — Tue, 15 Dec 2009 21:11:51 GMT

Hello, I have read repeatedly that a Sears card is hard to get, but some of these posts are quite old. Does this still seem to be the case? My Fico score is 699. I have an Orchard Bank card, car loan, student loans, but no mortgage. No other credit cards. If I am unlikely to be approved, I don't want to both applying. Any input? Thanks!

Re: sears

Jazzzy — Tue, 15 Dec 2009 21:43:06 GMT

Question: I have a Sears Citi MC. I think it was an old Sears and then became a MC.

How do you know, if you apply for a Sears card, whether you are apping for a Citi card or for an HSBC card?

Also, my Sears Citi MC gives us a free look at our TU TransRisk score, which, in my opinion, is useless.

Re: sears

Creditaddict — Tue, 15 Dec 2009 22:26:16 GMT

When you apply in store for MC, you are applying for the Citi backed card, if Citi declines you HSBC automatically gets the application to offer you the HSBC backed Sears Card with Annual Fee. I got it 2 months ago

Re: sears

Anonymous — Tue, 15 Dec 2009 23:07:45 GMT

Do you get an instant response in the store from HSBC, or do they contact you by mail later?

Re: sears

Creditaddict — Tue, 15 Dec 2009 23:21:15 GMT

instant, it pops up on the keybad that you sign and you click except or deny, if you except the sales associate pulls out another terms of agreement for HSBC instead of the Citi one you have already signed and you sign that one and they give you a gift card for applying.

Re: sears

Anonymous — Wed, 16 Dec 2009 00:05:07 GMT

OK, so then can you immediately use the HSBC Sears card for a purchase?

Is the only difference between these two cards (CitiBank or HSBC) the terms?

I already have an HSBC Orchard Bank card. Does this make a difference?

Does anyone know what the minmum credit score is to be approved for either card? My Fico score is 699. I have worked hard to get it here and I don't want it to go down a notch because I applied for more credit. However, I need to buy a new washing machine. I could pay for it in cash, but with the holidays here it would be more convenient to put it on credit.

Thanks!!!

Re: sears

Kay_Cee — Wed, 16 Dec 2009 00:57:45 GMT

If you apply in the store, you can get instant approval and the register will print out a one day shopping pass that you can use for that day's shopping. The shopping pass will also show the limit for which you were approved. I would guess with score of 699 that you could be approved for a Citi backed card. They actually issue a card for regular purchases, the Master Card and one designed for major purchases that comes with a much lower interest rate.

Good luck and let us know what you do.

Re: sears

haulingthescoreup — Wed, 16 Dec 2009 00:59:47 GMT

+1

699 + relatively clean reports. This is Citi we're talking about here. It's more than just the score, of course.