Geesh...a 7 point drop after apping...

[po3jjkb]

and receiving a Banana Republic credit card! Didn't know the inquiry would knock me that far out of the park. Also, I thought I was apping for the "store" card, but at the end of the transaction (apped in store), I was told I got the "Visa" instead...bah humbug; common courtesy would have let me make the choice! I guess the good thing is I'll get a higher CL on the Visa versus just the store card...so the associate says.

Now I'll just have to ride out the next six months or so so that my scores will shoot back up. Sitting at 690 on Equifax. But of course Amex is NOT reporting yet...How many more points am I looking to lose

Please tell me you guys have had good experiences with GEMB...as I am new to them.

[haulingthescoreup]

I think that your scores will bounce back much sooner than six months; more like 2 or 3.

Do you have any other store-only cards (no Visa/MC etc logo on them.) If not, and if the higher CL isn't needed, you might want to argue back to a store-only card. And believe me, the CSR's will think that you're nuts.

The main thing with GEMB is to behave yourself, no lates, no drama, no questions. And they're not terribly generous with CLI's. But as long as you stay clean, you should be fine. (They're not my favorite bank, lol, but WFNNB is much, much worse --J.Crew, etc.)

[po3jjkb]

whew...thanks Hauling! I think I can stand 2 or 3 months better than 6!

The only other store card I have is The Roomstore (HSBC) and I haven't used that since I paid them off in Nov 07' (year no int no payments). And unfortunately I won't be buying anymore furniture anytime soon...which is why the Banana Republic card. I love them and the Gap; figured I'd get more use out of them.

I don't necessarily need the CL. Maybe I will go ahead and give them a call and switch! Call me crazy...ahhh well.

[haulingthescoreup]

It's completely your call. I didn't think that having a store card was that big a deal, but several people have reported score changes from gaining or losing a single store card. Since you're not running out and picking up a new dining room table every few months, your furniture store card might get closed down on you.

From what I understand, all that you "need" for scoring purposes is one store-only card. That's why I now have a Home Depot card --J.Crew is headed for the guillotine, if I can ever get them to update the fool thing and get it current again. (Might be why they're not updating, lol.)

[Anonymous]

In my case I lost 19 pts for 1 inquiry on EX.  When you go from 4 inqs to 5 it costs you.  I had one fall off the next month and got the 19 pts back.  This is definately a game to play.