topic Re: Best Buy Rejection in Credit Cards

Best Buy Rejection

Jishosan — Mon, 20 Aug 2012 00:07:09 GMT

Applied for the Best Buy Reward Zone Mastercard, and was rejected. However, the process was a little odd. When I called the indicated number to determine why I was rejected, it was due to "verification". The person on the phone said that it was probably having a hard time matching me to my current address, and if I went into the store and applied manually, they could call in the verification there. The validation issue wasn't odd to me because I had applied for a Chase SW card on the same day, and they had needed me to call and confirm my address information to approve me as well. Chase had approved me after that.

I went into the store, and the customer service called in for me, but didn't have me complete any other applications. They told me that I had not been approved. When I called back a second time to inquire about it, they told me that I wasn't approved because my average age of credit was too low. This seemed odd to me, because my AAoA is 6.5 years.

Anyone else have issues with Best Buy? Was I just given the runaround?

Re: Best Buy Rejection

JusdoNit — Mon, 20 Aug 2012 00:10:29 GMT

I know you might feel crappy, but don't. Yes. I got a similar run around last year after I wanted to chnge from the store card to the mastercard. I ended up canceling everything and have not looked back.

Re: Best Buy Rejection

Mike360 — Mon, 20 Aug 2012 00:26:41 GMT

Your AAoA is fine. I got approved for $3K with only 3 years AAoA. Customer support is pretty useless. I would just wait for your letter in the mail and go from there.

Re: Best Buy Rejection

jsucool76 — Mon, 20 Aug 2012 00:36:10 GMT

You cant change UP from store to mastercard with best buy. The store card is more difficult to get, and if you don't qualify for that then you get the mastercard. The mastercard is garbage, $59 AF, usually low limits, and ots a gold card, not even platinum. Best buy is the only store i know of that works like this, usually it is the other way around.

Also, OP be happy you didn't do a second app, that would have resulted in another HP most likely. I would wait for the letter, then call again if you want, otherwise just wait it out, you'll get there eventually.

Re: Best Buy Rejection

Jlu — Mon, 20 Aug 2012 00:36:30 GMT

I would consider yourself lucky you didn't get approved. This is a rebuilder card with little growth potential and a high AF. Your scores should qualify you for much better choices.

Re: Best Buy Rejection

Jishosan — Mon, 20 Aug 2012 00:50:50 GMT

Thanks for all the great replies! Didn't realize BB was considered a rebuilder card. I was going to spree app, but I plan on buying a car in a month or so, so I decided I would wait it out. My Chase card is the first one I got with a "real" opening CLI. Tried to get a CLI with Cap One, but as you can see from my scores, I've been focused on paying down my debt ratio, which means I haven't been using the cards. Now, I'm working on plans to keep my cards "moving" while keeping my balances low, which should help me get my CLIs raised.

Thanks for the tips and the fast community support.

Re: Best Buy Rejection

jsucool76 — Mon, 20 Aug 2012 01:08:22 GMT

I wouldn't say its subprime, the store card is supposed to be pretty good, someone from this forum had a 30k+ limit. The mastercard is trash though.

Re: Best Buy Rejection

iMacDrew — Mon, 20 Aug 2012 01:09:39 GMT

why do you say that the MC is trash?

Re: Best Buy Rejection

jsucool76 — Mon, 20 Aug 2012 01:12:06 GMT

Its their lower version. It has a $59 (or so) AF and its not really worth it. Cap1 does the opposite of others (GE, WFNNB) and gives the mastercard to those who don't qualify for the store card. The store card has no AF and is just all around better.

Re: Best Buy Rejection

iMacDrew — Mon, 20 Aug 2012 01:27:59 GMT

hmm very interesting

Re: Best Buy Rejection

jsucool76 — Mon, 20 Aug 2012 01:31:40 GMT

@iMacDrew wrote:
hmm very interesting

Yeah, almost all store cards (so long as both the store and visa/mastercard/discover/amex versions are offered by the same lender) will consier you for both. They usually consider you first for the regular version, and if you don't qualify they'll give you the store version. Cap1 just likes to make things difficult. A lot of people get excited because they get approved for the "MasterCard" version and assume "OMG I got the MC" and don't realize it has more lenient requirements and a large AF attached.

Re: Best Buy Rejection

Anonymous — Mon, 20 Aug 2012 02:14:01 GMT

adjust applied for the BB Storecard after going on an application spree. I was accepted with a limit of 1250 but Ididn't run into problems. I had a low limit so I called for an increase and got 250 more. I would call the back door number.

Re: Best Buy Rejection

Anonymous — Mon, 20 Aug 2012 03:37:05 GMT

From the threads I've read, the BB can't be referred to as a rebuilder card considering how hard it is to get.

Re: Best Buy Rejection

youngandcreditwrthy — Mon, 20 Aug 2012 06:06:39 GMT

Yeah, I got approved for the BB MC a couple of years ago with a $500 limit, once they asked if I accepted the AF, I said no and had them cancel the account asap... Never showed on my CR and the inquiry has since fallen off. It is weird that BB store credit is more difficult to obtain, but remember...HSBC/Cap1 is the subprime backer of the BBMC, I think at least haha.

I just don't believe in credit cards with AFs! Ugh

Re: Best Buy Rejection

youngandcreditwrthy — Mon, 20 Aug 2012 06:15:05 GMT

Also... I'm pretty sure only the BB store card, not the MC, has the 0% for like 12,18,24, 36+ months.
So the MC doesn't have the 0% promos! Grrr!

Re: Best Buy Rejection

mxp114 — Mon, 20 Aug 2012 07:13:31 GMT

So much misinformation in this thread...

The highest tier would be the Best Buy RewardZone Platinum MasterCard. This is the hardest to qualify for, and has a lower rate than the store cards plus it has more benefits and services without an AF. There is also a prime tier Gold MC with $0 AF but the majority are probably issued with $39 or $59 AF. Finally, all BB card products including RZMC qualify for the various 6/18/24 month 0% offers. I agree that it it a very weird product matrix.

Re: Best Buy Rejection

Jlu — Mon, 20 Aug 2012 13:13:40 GMT

When I said "I would consider yourself lucky you didn't get approved. This is a rebuilder card with little growth potential and a high AF. Your scores should qualify you for much better choices."

I was speaking of the Cap1/HSBC backed RZMC w/ $59 AF.

Re: Best Buy Rejection

jsucool76 — Mon, 20 Aug 2012 15:28:11 GMT

Maybe there was a plat mc before the cap1 buyout but in the application now it just says "if we cannot approve you for a best buy store card you will autpmatically be considered for a gold mastercard with a fee." Nothing about a platinum, and the mastercard fees range from $39-$59

Unless we're just not cool enough

Re: Best Buy Rejection

WhiteCollar — Mon, 20 Aug 2012 17:01:08 GMT

As a RZMC holder I can tell you that I get the exact 0% financing offers just like the Best Buy Store card provides. I also have a 4% cash back option, I know the store card does not offer that. My APR is 18.9% which is much lower than the store card. I PIF each month unless I use a special 0% financing offer. I only use the card at Best Buy Stores. When I was first solicited for the card via mail, it did say something about credit building. Upon approval in 2010, my CL was $1,500. I received a CL about 2 months ago and now its $2,500. There is a $59 AF however, it was waiver for me this year by request.

I really did not think this was a difficult card to obtain, I was under the impression that tge store card was harder.Maybe because they came looking for me I think differently. This card be prime or subprime to me. Before Cap one took it over from HSBC, I compared it to the a Cap One product. But now b/c Cap One now owns this card and I'm not a big fan of them, I'm considering getting an Amazon Store card. I here you get CLI every 4 months and they have 0% financing offers for 6, 9, 12 months.

Re: Best Buy Rejection

youngandcreditwrthy — Mon, 20 Aug 2012 17:45:45 GMT

Me too... That's the only one I've ever seen people be approved for- the gold with the $59 AF.
I just remember being told by the clerk at BB that I couldn't do the 0% with the MC. That was in 2009.
Furthermore, I have the Amazon store card, and it's great, esp for getting 0% on my schoool books :-). AND after two months, I got an auto-increase from $1,200-$1,900!