topic Re: Chase Store Card in Credit Cards

Chase Store Card

Anonymous — Tue, 23 Apr 2013 23:00:28 GMT

Does having a store card such as the Coldwater Creek Preferred Visa Credit Card (http://www.coldwatercreek.com/CustServ/ChaseInfo.aspx) that is ran by Chase help with getting a regular Chase card in the future? Would this be considered a store card or a Chase card? My mother was instantly preapproved at checkout. Would this be a SP?

Re: Chase Store Card

daybreakgonesXe — Tue, 23 Apr 2013 23:08:49 GMT

@Anonymous wrote:
Does having a store card such as the Coldwater Creek Preferred Visa Credit Card (http://www.coldwatercreek.com/CustServ/ChaseInfo.aspx) that is ran by Chase help with getting a regular Chase card in the future? Would this be considered a store card or a Chase card? My mother was instantly preapproved at checkout. Would this be a SP?

Good question...haven't heard anything at all about this card, though I figured coldwater creek had a CC, just didn't know it was backed by Chase!

Since it is co-branded (a store card with the Visa payment network, so it can be used anywhere), it will be considered a Chase card in the sense that it is a major network card. It will not be labelled as a store card on your reports.

I recommend having her check her reports to see if it was a soft pull or hard pull. I assume the preapproval was a soft, but accepting it could've resulted in a hard pull.

All the best!

Re: Chase Store Card

Anonymous — Tue, 23 Apr 2013 23:13:47 GMT

@daybreakgonesXe wrote:
@Anonymous wrote:
Does having a store card such as the Coldwater Creek Preferred Visa Credit Card (http://www.coldwatercreek.com/CustServ/ChaseInfo.aspx) that is ran by Chase help with getting a regular Chase card in the future? Would this be considered a store card or a Chase card? My mother was instantly preapproved at checkout. Would this be a SP?
Good question...haven't heard anything at all about this card, though I figured coldwater creek had a CC, just didn't know it was backed by Chase!

Since it is co-branded (a store card with the Visa payment network, so it can be used anywhere), it will be considered a Chase card in the sense that it is a major network card. It will not be labelled as a store card on your reports.

I recommend having her check her reports to see if it was a soft pull or hard pull. I assume the preapproval was a soft, but accepting it could've resulted in a hard pull.

All the best!

Thanks for the response! store cards and cobranded cards are sort of confusing to me but your explaination really helped. They also insisted the rate would be 15.24% at the register and the paperwork says so as well, however, the website claims that it is 19.24%? Can she call into Chase and find out information about the card or does she need to wait until the card comes in the mail?

Re: Chase Store Card

daybreakgonesXe — Tue, 23 Apr 2013 23:15:59 GMT

@Anonymous wrote:
@daybreakgonesXe wrote:
@Anonymous wrote:
Does having a store card such as the Coldwater Creek Preferred Visa Credit Card (http://www.coldwatercreek.com/CustServ/ChaseInfo.aspx) that is ran by Chase help with getting a regular Chase card in the future? Would this be considered a store card or a Chase card? My mother was instantly preapproved at checkout. Would this be a SP?
Good question...haven't heard anything at all about this card, though I figured coldwater creek had a CC, just didn't know it was backed by Chase!

Since it is co-branded (a store card with the Visa payment network, so it can be used anywhere), it will be considered a Chase card in the sense that it is a major network card. It will not be labelled as a store card on your reports.

I recommend having her check her reports to see if it was a soft pull or hard pull. I assume the preapproval was a soft, but accepting it could've resulted in a hard pull.

All the best!
Thanks for the response! store cards and cobranded cards are sort of confusing to me but your explaination really helped. They also insisted the rate would be 15.24% at the register and the paperwork says so as well, however, the website claims that it is 19.24%? Can she call into Chase and find out information about the card or does she need to wait until the card comes in the mail?

I'm sure she can do both! It's possible that because she received a pre-approval, she may have received a "tailored" offer, hence the lower APR, compared to those who apply out of the blue on the website!

Re: Chase Store Card

Anonymous — Tue, 23 Apr 2013 23:47:35 GMT

How furstrating! She was only approved for $400 but did recieve the 15.24%. I guess $150K income doesn't get you very far with 50K in balances and a few baddies. Back to the garden!

Re: Chase Store Card

LS2982 — Tue, 23 Apr 2013 23:49:40 GMT

50K in cc debt???

Re: Chase Store Card

Anonymous — Tue, 23 Apr 2013 23:55:50 GMT

@LS2982 wrote:
50K in cc debt???

Yes quite a bit, I know. I just found about she had any debt a few months ago. I am currently helping her form a plan and a budget to get out of debt. She was denied for the discover IT that we planned to use as a balance transfer. There is plenty of disposable income, she just needed someone to show her that the families current spending habits were not healthy. It will take a few years but we are learning this credit thing togther. Thanks for all the replies!

Re: Chase Store Card

webhopper — Wed, 24 Apr 2013 00:40:56 GMT

@Anonymous wrote:
@LS2982 wrote:
50K in cc debt???

Yes quite a bit, I know. I just found about she had any debt a few months ago. I am currently helping her form a plan and a budget to get out of debt. She was denied for the discover IT that we planned to use as a balance transfer. There is plenty of disposable income, she just needed someone to show her that the families current spending habits were not healthy. It will take a few years but we are learning this credit thing togther. Thanks for all the replies!

I think that she may have success by doing a personal loan of some type to pay off the cards.

In my opinion, shopping habits may need to change..

Re: Chase Store Card

Anonymous — Wed, 24 Apr 2013 00:47:06 GMT

@webhopper wrote:
@Anonymous wrote:
@LS2982 wrote:
50K in cc debt???

Yes quite a bit, I know. I just found about she had any debt a few months ago. I am currently helping her form a plan and a budget to get out of debt. She was denied for the discover IT that we planned to use as a balance transfer. There is plenty of disposable income, she just needed someone to show her that the families current spending habits were not healthy. It will take a few years but we are learning this credit thing togther. Thanks for all the replies!
I think that she may have success by doing a personal loan of some type to pay off the cards.
In my opinion, shopping habits may need to change..

Thanks webhopper! A personal loan is a good idea and I will look into it. She was just the type to not understand credit and think they a $10,000 CL meant she was supposed to use the whole limit. We are learning lots about how to handle credit better. The $50K is at about 95% UTI. Will that prevent her from being approved for any personal loans? What about a home equity line of credit?

Re: Chase Store Card

webhopper — Wed, 24 Apr 2013 01:03:18 GMT

@Anonymous wrote:
@webhopper wrote:
@Anonymous wrote:
@LS2982 wrote:
50K in cc debt???

Yes quite a bit, I know. I just found about she had any debt a few months ago. I am currently helping her form a plan and a budget to get out of debt. She was denied for the discover IT that we planned to use as a balance transfer. There is plenty of disposable income, she just needed someone to show her that the families current spending habits were not healthy. It will take a few years but we are learning this credit thing togther. Thanks for all the replies!
I think that she may have success by doing a personal loan of some type to pay off the cards.
In my opinion, shopping habits may need to change..
Thanks webhopper! A personal loan is a good idea and I will look into it. She was just the type to not understand credit and think they a $10,000 CL meant she was supposed to use the whole limit. We are learning lots about how to handle credit better. The $50K is at about 95% UTI. Will that prevent her from being approved for any personal loans? What about a home equity line of credit?

A home equity line of credit is a great idea as well, as long as there is sufficient equity in the home.

I also like the concept of 401k loans because the interest is paid back to yourself.

Once the cards are paid off / down, then she can request the limits to be lowered so that she doesn't get herself in that situation again. At this point scores are less important than losing financial security fromgaining too much debt again.

She can also look at liquidating assets if she is at the point where she must make required minimum distributions from certain retirement accounts.

Re: Chase Store Card

Anonymous — Wed, 24 Apr 2013 02:25:26 GMT

They are lowering her limits as she is paying the cards down, keeping her UTI high and making it impossible to use any nice balance transfer cards. She understands now what she has to do but it will take some time to become free of debt. Thanks for all the advice! I will help her look into a 401k loan also. I am 20 years old and have learned from lots of her mistakes. Together we are building healthy spending habits and rebuilding her credit as we go!