topic Re: My Jewelers Club getting dropped from TU in General Credit Topics

My Jewelers Club getting dropped from TU

Anonymous — Sat, 06 Mar 2021 20:31:41 GMT

Just a heads up. TransUnion is dropping My Jewelers Club LOC from all reports.

MyJewelersClub / MJC / Majr Financial - No Longer Reporting to TransUnion?

SMB85 — Sat, 06 Mar 2021 19:08:51 GMT

I received an alert this morning that a bankcard account was removed from my TransUnion report. Scouring my report and looking at the change in TCL (-$5000) I realized the Majr Financial tradeline is gone! It appears to still be reporting on EX and EQ as of today.

Has anyone else experienced this? Did they stop reporting to TU? Why would they remove the existing TL in any event?

Re: MyJewelersClub / MJC / Majr Financial - No Longer Reporting to TransUnion?

OmarGB9 — Sat, 06 Mar 2021 19:40:17 GMT

If I recall, they require you to make a purchase every so often for them to report regularly, don't they?

Also, it is up to the creditors who they wish to report to, if at all. They can stop reporting to 1,2, or all 3 bureaus at any time.

Re: MyJewelersClub / MJC / Majr Financial - No Longer Reporting to TransUnion?

SMB85 — Sat, 06 Mar 2021 21:34:41 GMT

I don't know about regular purchases but I paid the annual fee last fall to keep it for another year. I know it's a junk TL and I'm going to ditch it when the renewal comes up this year, but I was mostly just curious if anyone else has had a similar experience or if TU dumped them, or if you don't do a real purchase they just stop reporting. It was just odd that not only did they stop reporting, they punted the entire TL from TU.

The util padding was a great rebuilding tool and MJC served its purpose.

Re: My Jewelers Club getting dropped from TU

kittycreditmeow — Sat, 06 Mar 2021 22:34:03 GMT

I wonder if that's what was removed from my TU. I got an alert on myFICO that my score dropped 6 points because a card was removed but It didn't say which one and I couldn't tell.

Myjewlers

Anonymous — Sun, 07 Mar 2021 02:14:21 GMT

Anyone have there myjewlers club fall off their trans union report today? Mine did and I have clue why... any thoughts.

Re: Myjewlers

AllZero — Sun, 07 Mar 2021 02:15:44 GMT

@Anonymous wrote:
Anyone have there myjewlers club fall off their trans union report today? Mine did and I have clue why... any thoughts.

@Anonymous I think I saw a post about it. https://ficoforums.myfico.com/t5/General-Credit-Topics/My-Jewelers-Club-getting-dropped-from-TU/td-p/6271695

Re: My Jewelers Club getting dropped from TU

Anonymous — Sun, 07 Mar 2021 02:16:18 GMT

Mine got removed too, but I have had it for two years. I always paid my fee and my dues are in June so I'm confused to why they stopped reporting.

Re: Myjewlers

Anonymous — Sun, 07 Mar 2021 02:17:09 GMT

I just saw that too, when I searched that post didn't show up but after posting my post I then saw it.

Re: My Jewelers Club getting dropped from TU

Anonymous — Sun, 07 Mar 2021 02:55:51 GMT

I also checked and sure enough , MJC gone from my Transunion report .

It was literally there yesterday. Utilization went up %10

Ive had the account for 2 years , made 1 purchase that whole time.
I was up for renewal next month but looks like it's serviced it purpose . I'm going to cancel at this point. It was nice for utilization padding while it lasted .

Re: My Jewelers Club getting dropped from TU

OmarGB9 — Sun, 07 Mar 2021 03:14:22 GMT

So, it seems OP wasn't alone in this issue...either MJC doesn't report to TU anymore, or TU refuses to report their TLs?

Re: MyJewelersClub / MJC / Majr Financial - No Longer Reporting to TransUnion?

soccer21 — Sun, 07 Mar 2021 18:01:22 GMT

The credit reporting agencies is dumping these kind of tradelines as of January 2021

Re: MyJewelersClub / MJC / Majr Financial - No Longer Reporting to TransUnion?

Anonymous — Sun, 07 Mar 2021 21:49:07 GMT

Is there any particular reason?

Re: MyJewelersClub / MJC / Majr Financial - No Longer Reporting to TransUnion?

Horseshoez — Sun, 07 Mar 2021 21:52:17 GMT

The concensus is the credit bureaus have figured out the Jewelers Club thing was a scam and they are no longer allowing reporting.

Re: MyJewelersClub / MJC / Majr Financial - No Longer Reporting to TransUnion?

Iusedtolurk — Tue, 09 Mar 2021 08:19:30 GMT

@Horseshoez wrote:
The concensus is the credit bureaus have figured out the Jewelers Club thing was a scam and they are no longer allowing reporting.

Even in my initial rebuilding phase I was wary (watching youtube vids about ways to increase your credit score-companies like MJC, buying AU accounts and various other schemes) I didn't feel comfortable about utilizing any of these type services.

I'm glad that feeling in my stomach of things not turning out right guided my decisions. The old if it sounds too good to be true mantra kept playing in my mind.

I felt safer starting on a slow steady foundation than a quick not-so-steady one. I started my journey with a secured card and a ssl and did the solid marathon instead of the quick sprint.

There are so many pitfalls out there (one of my biggest was falling into the Consumer Finance Account penalties).

Wouldn't we all be better off if the Myfico forum was required reading in schools...yes indeed!

Re: MyJewelersClub / MJC / Majr Financial - No Longer Reporting to TransUnion?

Horseshoez — Tue, 09 Mar 2021 13:22:18 GMT

@Iusedtolurk wrote:
Wouldn't we all be better off if the Myfico forum was required reading in schools...yes indeed!

LOL, wouldn't have done me much good if it had, I haven't been in school since the mid 1970s; I kind-sorta think myFICO didn't exist back then.

Re: MyJewelersClub / MJC / Majr Financial - No Longer Reporting to TransUnion?

kittycreditmeow — Tue, 09 Mar 2021 15:35:05 GMT

I don't know why My Jewelers Club would be considered a scam tradeline. You legit get a $5,000 credit line to spend at their jewelry store. I mean yeah the majority would never buy $5,000 in jewelry but it's no different from fingerhut or those other store credit catalogs.

AG Jewelers is definitely a scam because they stole peoples money.

I wish I had known about MJC a few weeks ago though because I just paid the $99 annual fee that was due. Not sure how that's going to work out if they bureaus are dropping them.

Re: MyJewelersClub / MJC / Majr Financial - No Longer Reporting to TransUnion?

Anonymous — Wed, 10 Mar 2021 01:23:59 GMT

@kittycreditmeow wrote:
I don't know why My Jewelers Club would be considered a scam tradeline. You legit get a $5,000 credit line to spend at their jewelry store. I mean yeah the majority would never buy $5,000 in jewelry but it's no different from fingerhut or those other store credit catalogs.

AG Jewelers is definitely a scam because they stole peoples money.

I wish I had known about MJC a few weeks ago though because I just paid the $99 annual fee that was due. Not sure how that's going to work out if they bureaus are dropping them.

Mainly because it's not a tradeline earned based on your credit handling history. Literally anyone with $99 can get it and purchasing it to artificially inflate scores and misrepresent the actual amount of risk in your history is misleading at least, fraudulent at most. It makes your score less reliable as a measure of creditworthiness. Being that lenders and the bureaus alike realize this, lenders may discount it when assessing an application, and the bureaus will dump it to preserve the value of providing scoring and history to their paying customers.

Re: MyJewelersClub / MJC / Majr Financial - No Longer Reporting to TransUnion?

Anonymous — Wed, 10 Mar 2021 02:51:50 GMT

@Anonymous wrote:
@kittycreditmeow wrote:
I don't know why My Jewelers Club would be considered a scam tradeline. You legit get a $5,000 credit line to spend at their jewelry store. I mean yeah the majority would never buy $5,000 in jewelry but it's no different from fingerhut or those other store credit catalogs.

AG Jewelers is definitely a scam because they stole peoples money.

I wish I had known about MJC a few weeks ago though because I just paid the $99 annual fee that was due. Not sure how that's going to work out if they bureaus are dropping them.
Mainly because it's not a tradeline earned based on your credit handling history. Literally anyone with $99 can get it and purchasing it to artificially inflate scores and misrepresent the actual amount of risk in your history is misleading at least, fraudulent at most. It makes your score less reliable as a measure of creditworthiness. Being that lenders and the bureaus alike realize this, lenders may discount it when assessing an application, and the bureaus will dump it to preserve the value of providing scoring and history to their paying customers.

Basically, Fingerhut still requires certain credit levels, while low, an applicant may still be denied a Fungerhut account, crazy, right?

I believe like mentioned above, basically a SSN and $99 gets you a $5k CL. That does not seem to be credit based whatsoever. That is why they are probably being dropped from the credit bureaus reports

Re: MyJewelersClub / MJC / Majr Financial - No Longer Reporting to TransUnion?

Anonymous — Wed, 10 Mar 2021 16:03:29 GMT

Majr Financial as of 3/1/2021 no longer reports to TransUnion. It was TransUnion that deleted the data and that is still being researched as to why. Majr Financial continues to report to Experian and Equifax for MyJewelersClub.