Crown Jewelers

[Anonymous]

As I have no revolving debt, I thought I should take the plunge and get some. So, I decided on a Crown Jewelers card. I just applied online and it said it should be processed within 24 hours.

If I get this card, will it have to report 6 months before it affects my score or is that only when you have no other credit reporting?

[shawnette]

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sidewinder wrote:

As I have no revolving debt, I thought I should take the plunge and get some. So, I decided on a Crown Jewelers card. I just applied online and it said it should be processed within 24 hours.

If I get this card, will it have to report 6 months before it affects my score or is that only when you have no other credit reporting?

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The 6 months only comes into play when you have no other credit.

[llecs]

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sidewinder wrote:

As I have no revolving debt, I thought I should take the plunge and get some. So, I decided on a Crown Jewelers card. I just applied online and it said it should be processed within 24 hours.

If I get this card, will it have to report 6 months before it affects my score or is that only when you have no other credit reporting?

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The second it reports is the moment it'll have an impact on your score. You don't have to wait any, unless CJ has some sort of buying rules before they report.

I went 7 yrs without a CC and I got a better part of a 30-40 pt jump when the first one reported. It had a big impact on the mix of credit.

And to add...Credit One was that first card. It reported within two weeks of approval.

Message Edited by llecs on 04-06-2008 07:32 AM

[preci0uz]

Yes, you definitely have to buy something in order for them to report. Also, they don't report to EQ just TU and EX. They report at the end of the month/first week of April.

[Anonymous]

Approved for $1500. Hopefully this will improve credit score.

I want less than $150 to report to the CRA on this right, so util is below 10%?

I was looking on the site and found something under $100 that I'd purchase just so this reports....is too small of a balance reporting a bad thing?

Message Edited by sidewinder on 04-06-2008 01:37 PM

[Anonymous]

I just noticed this in the email they sent-

CREDIT REPORTING : Active Accounts are reported to Major Credit Bureaus once a month. Crown Jewelers DOES NOT report accounts that have not been activated with a purchase or are inactive for six months or more. It can take up to 90 days from the date of your first purchase before you see your account on your credit report. Since the credit limit is contingent upon down payment. We report the highest credit limit used or $500 which ever is higher.

So, I would want my balance less than $50, 10% of $500?

[shawnette]

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sidewinder wrote:

I just noticed this in the email they sent-

CREDIT REPORTING : Active Accounts are reported to Major Credit Bureaus once a month. Crown Jewelers DOES NOT report accounts that have not been activated with a purchase or are inactive for six months or more. It can take up to 90 days from the date of your first purchase before you see your account on your credit report. Since the credit limit is contingent upon down payment. We report the highest credit limit used or $500 which ever is higher.

So, I would want my balance less than $50, 10% of $500?

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I bought the cheapest thing that I would actually wear.  It was around $50 and my current balance is $37.  The entire $1500 limit is reporting, 0 balance. 

They are only reporting to Experian at the moment.  (my worst score, so thats fine with me.)

Message Edited by shawnette on 04-06-2008 03:48 PM

[Anonymous]

From what I've gathered, and at the moment this is speculation/my exp so far is as follows Side:

Apped March 15th approved for 1500 with in a few hours.

I made my purchase March 16th, after down payment the balance was 44ish dollars on my account.

CJ just reported to EX either Friday or Saturday so it took about 3 wks to hit, and they're currently reporting a balance of $0 on a $1500 CL.

Right now I'm tempted to say that they'll report the $1500 no matter the balance, since my balance is zero, but I won't know for sure until my balance updates to the proper amount.

I DO remember seeing something like what you posted though, specifically in conjunction with how they report the NON down payment accounts.  After 3-6 months of timely payments, they change your acct so you do not have to put a down payment I think that is when it starts doing the 500/1500 CL reporting rule depending on your current balance.

I could be wrong though, this is just based on assumptions from what's happened for me and one or two other people I've talked to so far.

[Anonymous]

Thanks all.

TU is my highest, then EX, then EQ. EQ is so much lower b/c I have NUMEROUS accounts on it which is decreasing my age. Only a few of those accounts are on EX and only 1 or 2 on TU.

My longest account is reported on EQ and EX, not TU. It is with Ford Motor Credit. Paid in full ahead of time but multiple lates.

As I said, I have no other revolving debt, so I'm hoping once my last few collections are removed and this reports, it will be give me a good boost.

I found a pair of earrings and Mother's Day is soon........so guess that is what I'll buy.....

[iltph]

I opened a CJ account three weeks ago and made a purchase right after the account was opened. I got a CL of $1500 and left a balance of $49. They just reported to EX two days ago and reported the $1500 CL, but they're showing my balance is $0. My wife did the same thing as my and the exact same thing was reported on CR as well. It's strange they didn't report a balance even though we both do have one.