Some CC questions

[wmarat]

Lowes is backed up by GEMB. GEMB is a PITA. Do your research.

If you need store card, you'll have much better experience with Macy's/Kohl's/Nordstrom.

Try to avoid GEMB store cards.

[Anonymous]

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@wmarat wrote:

Lowes is backed up by GEMB. GEMB is a PITA. Do your research.

If you need store card, you'll have much better experience with Macy's/Kohl's/Nordstrom.

Try to avoid GEMB store cards.

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+1 (Complete ditto.)

[Majick]

Apologies, GEMB? I am unfamiliar with the abbreviations of companies.

As for the source of my score, well Myfico is the where I got my Equifax score from. 

As I stated before I am completely new to this and you guys, from other threads I have read and your answers, seem like pros.

I'll be starting out with BoA while I try and figure out the best choice for the second card. I'll make sure to skip over Lowes. Thank you very much for the information.

[Anonymous]

GEMB = General Electric Money Bank. They issue many different credit cards. There is no consistent policy from product to product. Each is run separately according to the policies established by its management. Many have found GEMB products difficult it many various respects.

I would not chose a GEMB for the pole position in my credit card portfolio!

(Personally I have zero GEMB issued cards.)

Message Edited by creditwherecreditisdue on 08-27-2009 03:50 PM

[haulingthescoreup]

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Majick wrote:

Apologies, GEMB? I am unfamiliar with the abbreviations of companies.

As for the source of my score, well Myfico is the where I got my Equifax score from. 

As I stated before I am completely new to this and you guys, from other threads I have read and your answers, seem like pros.

I'll be starting out with BoA while I try and figure out the best choice for the second card. I'll make sure to skip over Lowes. Thank you very much for the information.

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Then your EQ score is a FICO, which is good. Do be aware that you have two other FICO scores, one from TransUnion (TU) and one from Experian (EX.) You can get your TU FICO from this site, or from www.transunioncs.com (note the -cs at the end; this is not the regular TU site.) No one can buy their EX FICO score any more, as of 2/13/2009, when EX picked up all their marbles and went home. You can only find it out via a mortgage app or by membership in a Pennsylvania credit union called PSECU.

So anyway, as for the Lowe's card, it appears that it's one of the better GEMB cards, especially if you have better credit reports and FICO's. It's probably not great for those just starting out, though. When you're ready, and if you wanted a store card, you'd probably do better with Macy's. Even if there isn't a store where you live (the nearest one to me is 200 miles away), they do a brisk online business, and once you get on their e-mail list, you can expect a new little message every day.

Message Edited by haulingthescoreup on 08-27-2009 03:47 PM