My Jewelers Club getting dropped from TU

[Anonymous]

Just got off the phone with them. TU and Equifax are apparently at fault here. MJC doesn't know what the issue is, but they are aware. The lady said call back in 15 days if the problem isn't sorted out by then.

[Horseshoez]

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@Anonymous wrote:

Just got off the phone with them. TU and Equifax are apparently at fault here. MJC doesn't know what the issue is, but they are aware. The lady said call back in 15 days if the problem isn't sorted out by then.

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I wouldn't say TU and EQ are "at fault", they have made the decision to exclude this type of a lender as it is considered kind of credit a bit of a fake.

[Anonymous]

I say at fault because I suffered a loss...

[OmarGB9]

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@Anonymous wrote:

Just got off the phone with them. TU and Equifax are apparently at fault here. MJC doesn't know what the issue is, but they are aware. The lady said call back in 15 days if the problem isn't sorted out by then.

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The issue is TU and EQ have caught on to the use of these "tradelines" for utilization padding, and they are no longer reporting them. As mentioned above, anyone can get these and alter their report to make themselves appear less risky, thus defeating the purpose of credit reporting and accurate information. I'm sure EX is not far behind in dropping them as well.

[Anonymous]

You do realize that these are store cards, just like jc penney, sears, home depot, etc., and there are literally hundreds of tradeline accounts out there, don't you? Only difference is the sign up (club fee, like Sams Club) and reporting pocesses.

[Anonymous]

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@Anonymous wrote:

You do realize that these are store cards, just like jc penney, sears, home depot, etc., and there are literally hundreds of tradeline accounts out there, don't you? Only difference is the sign up (club fee, like Sams Club) and reporting pocesses.

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No, the difference is that all of the store cards you named are credit accounts that follow the laws and standards for approval - one's profile has to be good enough to merit approval and the lender is required to limit exposure to what you as a borrower can reasonably repay based upon financial disclosures during the application. 

By contrast, MJC and others like it are simply lines of "credit" that one gets by paying a fee. There is no vetting of a profile or other lending standard put into place for approval or denial. If you have $X and give it to them, you get a $5000 "tradeline".

In short, that's crap, and the bureaus know that having such a tradeline in no way represents one's creditworthiness, nor a level of financial risk tolerance by which other lenders can judge a potential client. That's why they are not reporting them. Their charter is to provide a means for lenders to assess creditworthiness for banks and other lending institutions and these kinds of tradelines do not in any way do that.

[Anonymous]

So, if I get aproved for $5000 credit with Fingerhut or Lowes or something and I spend $100 bucks/year, you saying they won't report to the 3?

[Anonymous]

I didn't say anything of the sort. FH is pretty much the same as MJC. Lowe's is a legit card with an approval process and backed by a bank. They report monthly to each major bureau regardless of spend.

[Horseshoez]

Speaking of Fingerhut, I guess they finally figured out my Chapter 13 was discharged last year and suddenly I'm getting a bunch of Fingerhut offers in my E-Mail.  What they failed to see was I already have three very good unsecured and fee free credit cards.  Yeah, thanks but no thanks!

[kittycreditmeow]

MJC not reporting to experian anymore or transunion as predicted. I only have it reporting to equifax at this point. I emailed MJC to see if they would cancel and refund the $99 annual fee that I literally just paid in March. I don't know if they will but it's a total bummer because that was helping my utilization percentage a lot. Oh well, life goes on.