GEMB Accounts

[Anonymous]

I'm scared to get a store card.

I've heard it's good to have one in the mix, was eyeing a Best Buy offer.

But I really don't think Fico cares because they're all revolving lines.  Isn't that right?

[haulingthescoreup]

OK, I just spent 10 minutes on the Credit Education tab on this site, looking for the part that says that FICO wants at least one retail or gas card, and I can't find it!

And yet I see this repeated constantly, along with the one about FICO doesn't like personal finance installment loans. Can't find that either.

How much of this is left over from that somewhat-outdated FICO Scorecard powerpoint deal that surfaces periodically? Do we really know that a retail or gas card is still important to scoring in late 2007?

Because I'm like you --I regard store cards with deep suspicion. Other than Nordstrom (none within 300 miles of where I live) and Best Buy (really don't need any more electronics), I can't think of any that I might want.

Well, OK, maybe Kohl's, I'd forgotten about them. For my two shopping trips there every year!

[Anonymous]

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haulingthescoreup wrote:
OK, I just spent 10 minutes on the Credit Education tab on this site, looking for the part that says that FICO wants at least one retail or gas card, and I can't find it!

And yet I see this repeated constantly, along with the one about FICO doesn't like personal finance installment loans. Can't find that either.

How much of this is left over from that somewhat-outdated FICO Scorecard powerpoint deal that surfaces periodically? Do we really know that a retail or gas card is still important to scoring in late 2007?

Because I'm like you --I regard store cards with deep suspicion. Other than Nordstrom (none within 300 miles of where I live) and Best Buy (really don't need any more electronics), I can't think of any that I might want.

Well, OK, maybe Kohl's, I'd forgotten about them. For my two shopping trips there every year!

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It sounds so outdated to have those requirements.

I looooove Kohls.  The sweatshirt I'm wearing right now is from Kohls.  They have deep, deep, deep discounts this month.  I go at least twice a year.  Kohl's originated in Wisconsin, where I'm from.  Woot, woot.

I keep eyeing Best Buy.  I've heard really good things about it.

Message Edited by TheCynicalOne on 11-12-2007 01:34 PM

[Kooliad]

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Sylviatob wrote:
indy, that's why I now NEVER pay on my cc at a Penny's store. It says in the terms of agreement that making a payment AT a store can take up to 10-15 days to post properly.

I HAD a Sam's Club cc through GEMb, and made the horrible mistake of paying my bill at the register. The payment sat in the accounting office of the store for 5 full days before sent in to GEMb. That caused me a late payment fee, which I refused to pay.

GEMb, closed my account and charged off that $16.00 late fee, and was on my credit report, until last September when I explained the situation to them(debt recovery dept. I have the # if anyone needs it), and they deleted the baddie off the acct.

I think they are like any other ccc. Get on their bad side and they can make that card a nightmare for you. Pay WELL in advance, or even PIF, and you will be rewarded. I started with a Penny's card last year at this time with $300 cl. Today the cl stands at $1,500.

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Sylviatob can I get that # that you have. Thanks

[Anonymous]

kooliad, here's the # I have for the GEBb Recovery Dept.

800-964-1917

Good luck

[Kooliad]

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Sylviatob wrote:
kooliad, here's the # I have for the GEBb Recovery Dept.

800-964-1917

Good luck

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Thanks Sylviatob

[Anonymous]

I've never had much of a problem paying at Penney's - mine has almost always posted within 2 days. And even if it didn't, any late charges that occurred were rectified with no problem.

[Anonymous]

I had a horrible experience with GEMB. This misapplied several payments on my old navy gemb account and after numerous letters to the FTC, CRAs, and GEMB it was finally resolved...2 years later.

And to think, 2.5 years later, GEMB sends me an apology note and asks me to come back---phhh! -lol

At least the 120 day late notices are removed...in part to the advice and help of everyone here!

[MidnightVoice]

One thing I always do with a new account, when the first bill hits, it to pay more than the minimum via mail and more than the minimum electronically.  I then check on line to see how it all posts and when, and to make sure BOTH payments are credited.  This allows me to know when and how to pay without getting caught out

[haulingthescoreup]

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@MidnightVoice wrote:

One thing I always do with a new account, when the first bill hits, it to pay more than the minimum via mail and more than the minimum electronically. I then check on line to see how it all posts and when, and to make sure BOTH payments are credited. This allows me to know when and how to pay without getting caught out

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You are skilled and cunning in the ways of credit, O wise one...