Department store credit cards

I have a Hecht's credit card, too. They will not report the CL no matter what. They won't even send you a letter stating what your CL is (I tried this, in hopes of sending proof to the CRAs). I also disputed the CL with the CRAs and it came back verified (which we all know isn't true).

At this point, I'm scared to do anything else, because it is my oldest account at 5+ years old. It's sad that this is way the system works and the only one getting screwed over is the customer.

Dani

 

You can try sending a copy of your bill (TO THE CRA'S) with the CREDIT LIMIT highlighted in BRIGHT PINK...

 

George,

Unfortunately, Hecht's refuses to report your CL on your statement. The only way you can find out is by calling customer service. I have tried continously to have Hecht's send me something with my CL on it and they refuse.

Dani

 

The CRA'S can do it WITH-OUT the credit card companies permission!!!

 

Dani, when they sent you the card, that little card board thing it was stuck in didn't show the limit? How did you know what your limit was? I thought they HAD to disclose your limit based on TiL (okay...I'm making this up because I don't really know, but seems to me like they would have to).


L

 

You have a $200 credit limit...BUT because they REFUSE to tell you what the limit is...you are DENIED a purchase of $273.58...

 

Your limit is posted on the credit card sheet when you first receive your card, but the standard Hecht's credit line is around $300 when you first apply. After 4-5 years you can get up to $1500-$2000, but the only way you can find out your CL is by calling Hecht's automated line, which tells you your balance, your CL, last payment received, etc.

When your statement comes in the mail it only states your balance and any credits/payments made. No CL. Hechts operates a lot like Cap One, they only report the high balance. I don't want to run up my account to $1400 so they will report my CL (which is something they should do anyway). I guess I could make a $1400 purchase and then take it back, but why can't the CCCs report the limit? Who are they hiding it from? All it does for consumers is lower the FICO score, because it looks like we have a higher balance and smaller credit line. It's really pathetic how the system works.

Dani

 

All May cards work the same (Hecht's, Filenes, Robinsons-May, Lord & Taylor, etc.).

They dont' have a "Credit Limit" -- they have a "Credit Guideline" and it's not reported - EXCEPT [in my case] Filene's reporte CL on TU only (go figure).

Anyway- the way to "prove" the credit guideline is to call, report that the bar code is unreadable (or 'I accidentally left my card in my pocket and it got washed & dried - it's unusable') and get them to send you another one. That card mailer will list your guideline,

WHOOPS - I just checked my mailer - and it doesn't list the limit, so "nevermind" ... but the above is still a good way to get a "fresh" card

-mj

 

I think the Cap 1 reporting system is devious and should be illegal.

I know someone with perfect credit who was approved
for a 10K Miles One card. They offered 5000 bonus
miles with a transfer of at least $5000 dollars at 0% interest till Sept 2002.

Sounds like a no-brainer, right?

Transferred 5K, paid off every other card. Less than
7 days later (way before the pay-offs would report)
Cap 1 reported 5000 highest/ 5000 owed-- killed the ratios, dropped 40-50 points on all 3 bureaus.

How the heck is that "complete and accurate" reporting?

Someone here posted a link to a fascinating article about companies purposefully distorting scores to "hide" their best customers. Your score goes down 50 points and (they hope) a competitor will not tempt you with a better offer.

I believe that there should be legislation that forces
companies to report ALL the information in a timely
matter if they are going to report any info at all.

That means credit lines, not highest balances, and reporting balances when they go down, and not just when they go up.

(Stepping off soap-box-- it just irritates me that the system is so skewed against consumers)

At least if we arm ourselves with information we have
a chance. Ignorance may be bliss, but it is dangerous to our credit scores.

Calypso
(Learning a little more every day)

 

well, I totally agree.

The only upside is that you know how to tell him how to fix it. Have him run the card up for only one cycle and it will artificially show the limit.

I had to do that. But, once I showed 8k of my limit, I stopped. I do actually like hiding some of my available credit... so there can be a purpose to it.

 

Has anyone actually sent their statement to a CR for their CapOne card and had the limit start showing? I'd like to consider this but only if it will help.

Thanks

 

COMPLETE AND ACCURATE!!!

With-out a CREDIT LIMIT...it is neither COMPLETE NOR ACCURATE!!!

 

You are right Marie-- there is the "trick" to get the reported limit higher but as someone
here cleverly commented, it is definitely a Hassle.

And what is especially annoying, is that after you charge it to the max and then pay it off,
while you wait for Cap 1 to report the paid-off balance, your score is lower and depending on the individual situation, that can start an avalanche.

My entire credit saga began with Discover raising
my APR because of an error. The error caused the score to go lower, and they immediately pounced. (They did lower it again when everything was straightened out)

Even Amex (whom I usually love) dropped a friend's credit limit and froze his flex-pay when an error on his report caused his score to temporarily drop.

He fixed it and had all 3 bureaus send them corrected copies but to date, they still have not restored the old limit.

So, you have to be very careful manipulating the system.

IMHO, Cap 1 is really hurting themselves, because
when people figure out their reporting policy, many
will just stick the card in the proverbial sock drawer.

The deeper I get into this convoluted system, the more I want to reward the companies who treat me fairly.

I find myself using the cards that report accurately
and fairly (and send me fabulous BT offers


Onward & Upwards
Calypso