My Jewelers Club

[Anonymous]

What are the pros and cons of using this card to help rebuild credit?

[OmarGB9]

The pro is that it'll pad your total credit limits/utilization with $5,000. The con is that it only reports when you buy a ridiculously overpriced piece of jewelry. Also it costs I believe $100 a year to have.

[Anonymous]

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@OmarGB9 wrote:

The pro is that it'll pad your total credit limits/utilization with $5,000. The con is that it only reports when you buy a ridiculously overpriced piece of jewelry. Also it costs I believe $100 a year to have.

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Hmm. Based on this information it doesn't seem like an ideal card for rebuild IMO

[blindambition]

As stated above, many reasons not to go that route. Many have though. Have you tried Cap One or Discover pre-qual? Open Sky has no HP. Better ways to build... cheaper too! GL2U 👍🏻 

[Anonymous]

Yes, I've looked into that for helping my son build credit, but the attractive part of Jewelers club is the $5000 credit line it offers.

[Anonymous]

$5000 in such a line for someone building a credit profile implies that it's needed for utilization padding. That's the wrong approach to take. When starting out especially, careful usage of credit lines one can actually use in daily life, and full or near-full payment behavior is what should be happening. MJC sells crap trinkets for jewelry store prices. Skip it and use the fees for a secured deposit on a legit card like Discover or Citi which will graduate and give rewards.

[FireMedic1]

FICO doesnt care what credit lines you have. A $300 credit line that reports $10 is just as good as a $5000 credit line that reports the same. Its whats reported each month.

[Anonymous]

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@Anonymous wrote:

$5000 in such a line for someone building a credit profile implies that it's needed for utilization padding. That's the wrong approach to take. When starting out especially, careful usage of credit lines one can actually use in daily life, and full or near-full payment behavior is what should be happening. MJC sells crap trinkets for jewelry store prices. Skip it and use the fees for a secured deposit on a legit card like Discover or Citi which will graduate and give rewards.

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+1

[tricie17]

I have this for utilization.  It is not bad for that purpose.  The amount you have to purchase to start is minimal.  Less than $200.00.  I purchased a braclet for my arm which cost me $130.00 and paid $30.00 each month until paid off creating a buffer for reporting each month.  Now I can say that I have the $5000.00 credit line for utilization and will keep it there until sometime before my next yearly fee or maybe longer.  The fee is the same as any credit card with a yearly fee.

[Anonymous]

Did you see an improvement in your score? So many mixed reviews. It interesting.

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@tricie17 wrote:

I have this for utilization.  It is not bad for that purpose.  The amount you have to purchase to start is minimal.  Less than $200.00.  I purchased a braclet for my arm which cost me $130.00 and paid $30.00 each month until paid off creating a buffer for reporting each month.  Now I can say that I have the $5000.00 credit line for utilization and will keep it there until sometime before my next yearly fee or maybe longer.  The fee is the same as any credit card with a yearly fee.

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