sears

[jimc]

i want to get a sears card but dont want to get an inquiry. plus get turned down. my scores are 606 573 and 567. what are my chances? i have 2 cc now and want 1 sears card

[haulingthescoreup]

Sears is a ridiculously tough card to get, and once you do, they're crazy tight with credit limits unless you have stellar scores.

I would definitely hold off until you're well into the 670's or better. Remember that they are backed by Citi, so you might read up on Citi's likes and dislikes when it comes to applications.

[jimc]

okay thanks

[Anonymous]

If you were turned down if you applied in the store, you'd be automatically considered for the HSBC-serviced "Sears Solutions" card.

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posted Jan 5 2008, 01:03 PM

The main Sears store card and Sears mastercard are indeed backed by Citi. Sears started another program a few months ago. They noticed like 75% of all credit apps were denied by Citi. They wanted to strengthen their credit base, so they introduced Sears solution card. If you get denied by Citi, HSBC reviews the app. They are reporting that over 50% of previously denied apps will be approved this way. The terms are different and some have an AF. I think you might get hit with an extra hard INQ though. I also think it must be done instore, not over the internet. I got this information from working for Sears.

From what I have heard from several cashiers is that about half of the people who get denied by Citi are approved by HSBC. But it is a typical HSBC account, usually a 300 CL with an AF.

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Message Edited by MojaveMoon on 04-25-2009 10:23 PM

[Anonymous]

But based on the feedback on that card, I don't think that'd be a good alternative

Here are five reviews that were posted at epinions.com:

http://www.epinions.com/HSBC_Sears_Solutions_Mastercard/display_~reviews

Message Edited by MojaveMoon on 04-25-2009 10:21 PM

[Anonymous]

Also, I read that depending on your credit history, there is an annual fee of either $0, $ 19, or $59.

And I think I've read that if you're turned down for the Citi Sears card, then when the computer system considers you for the HSBC Sears Solutions card you'll incur a second hard inquiry.

Message Edited by MojaveMoon on 04-25-2009 10:33 PM

[Anonymous]

One more thing about the HSBC Sears Solutions card

http://blogs.wsj.com/wallet/2008/11/03/why-you-might-actually-want-a-retail-credit-card/

By Mary Pilon


The Wallet got a tip that holders of the Sears-Kmart MasterCard were receiving notices that they could see their TransUnion FICO credit score for free. And HSBC, the financial institution that manages the Sears and KMart cards (in conjunction with Citibank) confirmed to us that the rumors are true.

Message Edited by MojaveMoon on 04-25-2009 10:33 PM

[haulingthescoreup]

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MojaveMoon wrote:
One more thing about the HSBC Sears Solutions card

http://blogs.wsj.com/wallet/2008/11/03/why-you-might-actually-want-a-retail-credit-card/

By Mary Pilon

The Wallet got a tip that holders of the Sears-Kmart MasterCard were receiving notices that they could see their TransUnion FICO credit score for free. And HSBC, the financial institution that manages the Sears and KMart cards (in conjunction with Citibank) confirmed to us that the rumors are true.

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I'm glad you mentioned this, because in fact, I've heard that you can get the genuine, elusive EX FICO score with the HSBC Sears/ KMart card. Interesting debate as to whether it would be worth the aggravation, if it really is EX rather than TU.

*suddenly envisions hordes of 780's+ FICO folks fighting to get this card, simply for the EX score*


eta: just went all over their website, and there is no mention of any credit score, not to mention an EX or TU FICO score, being provided, and yet I'm certain that they do. You'd think that they would realize what a great marketing draw this would be!

eta yet again: The HSBC Sears KMart card offers a FICO TU classic score, not an EX, and not a PFICL

Sorry to make any innocent members as confused as I am!

Message Edited by haulingthescoreup on 04-26-2009 07:18 AM

[Anonymous]

You can only apply for instant credit at Sears if you are making a purchase. The "Rapid Credit Process" is fast-

You key in your social security number and they ask to see your drivers license number.

[Anonymous]

sorry, I meant to say, "they ask to see your drivers license."