topic Re: My Jewelers Club in Rebuilding Your Credit

My Jewelers Club

Anonymous — Sun, 01 Mar 2020 20:22:53 GMT

What are the pros and cons of using this card to help rebuild credit?

Re: My Jewelers Club

OmarGB9 — Sun, 01 Mar 2020 20:35:19 GMT

The pro is that it'll pad your total credit limits/utilization with $5,000. The con is that it only reports when you buy a ridiculously overpriced piece of jewelry. Also it costs I believe $100 a year to have.

Re: My Jewelers Club

Anonymous — Sun, 01 Mar 2020 20:42:39 GMT

@OmarGB9 wrote:
The pro is that it'll pad your total credit limits/utilization with $5,000. The con is that it only reports when you buy a ridiculously overpriced piece of jewelry. Also it costs I believe $100 a year to have.

Hmm. Based on this information it doesn't seem like an ideal card for rebuild IMO

Re: My Jewelers Club

blindambition — Sun, 01 Mar 2020 21:33:04 GMT

As stated above, many reasons not to go that route. Many have though. Have you tried Cap One or Discover pre-qual? Open Sky has no HP. Better ways to build... cheaper too! GL2U 👍🏻

Re: My Jewelers Club

Anonymous — Sun, 01 Mar 2020 22:23:19 GMT

Yes, I've looked into that for helping my son build credit, but the attractive part of Jewelers club is the $5000 credit line it offers.

Re: My Jewelers Club

Anonymous — Sun, 01 Mar 2020 22:30:29 GMT

$5000 in such a line for someone building a credit profile implies that it's needed for utilization padding. That's the wrong approach to take. When starting out especially, careful usage of credit lines one can actually use in daily life, and full or near-full payment behavior is what should be happening. MJC sells crap trinkets for jewelry store prices. Skip it and use the fees for a secured deposit on a legit card like Discover or Citi which will graduate and give rewards.

Re: My Jewelers Club

FireMedic1 — Sun, 01 Mar 2020 22:31:43 GMT

FICO doesnt care what credit lines you have. A $300 credit line that reports $10 is just as good as a $5000 credit line that reports the same. Its whats reported each month.

Re: My Jewelers Club

Anonymous — Sun, 01 Mar 2020 22:33:55 GMT

@Anonymous wrote:
$5000 in such a line for someone building a credit profile implies that it's needed for utilization padding. That's the wrong approach to take. When starting out especially, careful usage of credit lines one can actually use in daily life, and full or near-full payment behavior is what should be happening. MJC sells crap trinkets for jewelry store prices. Skip it and use the fees for a secured deposit on a legit card like Discover or Citi which will graduate and give rewards.

Re: My Jewelers Club

tricie17 — Sun, 01 Mar 2020 22:35:37 GMT

I have this for utilization. It is not bad for that purpose. The amount you have to purchase to start is minimal. Less than $200.00. I purchased a braclet for my arm which cost me $130.00 and paid $30.00 each month until paid off creating a buffer for reporting each month. Now I can say that I have the $5000.00 credit line for utilization and will keep it there until sometime before my next yearly fee or maybe longer. The fee is the same as any credit card with a yearly fee.

Re: My Jewelers Club

Anonymous — Sun, 01 Mar 2020 23:00:34 GMT

Did you see an improvement in your score? So many mixed reviews. It interesting.

@tricie17 wrote:
I have this for utilization. It is not bad for that purpose. The amount you have to purchase to start is minimal. Less than $200.00. I purchased a braclet for my arm which cost me $130.00 and paid $30.00 each month until paid off creating a buffer for reporting each month. Now I can say that I have the $5000.00 credit line for utilization and will keep it there until sometime before my next yearly fee or maybe longer. The fee is the same as any credit card with a yearly fee.

Re: My Jewelers Club

AllZero — Sun, 01 Mar 2020 23:22:26 GMT

Excellent advice from above.

If building credit, consider a lender that has more products to offer as your son's credit profile improves. Example: secured / unsecured, low APR, cash back, travel cards, soft pull CLI Credit Limit Increases, checking and savings account, etc.

Utilization padding is great but if the fee outweighs the benefits, then perhaps re-evaluating the product is in order.

Lots of secured card options out there. I'll include Bank Of America, CITI, local credit union or the major ones such as Navy Federal Credit Union if eligible.

Re: My Jewelers Club

tricie17 — Sun, 01 Mar 2020 23:22:30 GMT

Yes I did. The credit line helps a lot. Everyones situation is different and there are many opinions on credit style. Do you. And make sure it is a good decision for your credit build. Keep reading for this board is full of great information.

Re: My Jewelers Club

Anonymous — Sun, 07 Jun 2020 16:02:14 GMT

Depends on what you need it for. If you're rebuilding I'd suggest against but if your utilization is high and you need an instant boost I feel it's the best

Re: My Jewelers Club

Anonymous — Tue, 09 Mar 2021 05:39:41 GMT

TY for asking because it's been recommended. I felt it was kinda pricey. But I might want the possible points it'll give me. 🙏🏻

Re: My Jewelers Club

Anonymous — Tue, 09 Mar 2021 05:45:04 GMT

Thanks for outlining why you like it. I appreciate that.

Secondarily, $100 is 2.5x my AF elsewhere. Plus, I'm looking to segue to No AF cards. I'm just citing that for the breadcrumb trail.

The additional credit in my total profile could make it worth it for 11.75 months. 🙏🏻

Re: My Jewelers Club

Anonymous — Tue, 09 Mar 2021 05:46:53 GMT

@tricie17 wrote:
Yes I did. The credit line helps a lot. Everyones situation is different and there are many opinions on credit style. Do you. And make sure it is a good decision for your credit build. Keep reading for this board is full of great information.

Do you recall about how many additional points it conferred when you added it, please? 🙏🏻

Re: My Jewelers Club

FinStar — Tue, 09 Mar 2021 07:19:25 GMT

Before anyone takes the plunge with AGJ, it would behoove to read the recent information posted here:

https://ficoforums.myfico.com/t5/General-Credit-Topics/AG-Jewelers-scammed-me-Is-there-a-way-to-reverse-this/td-p/6260510

https://ficoforums.myfico.com/t5/General-Credit-Topics/My-Jewelers-Club-getting-dropped-from-TU/td-p/6271695