So just how does one qualify for a Sears financial product? They keep turning me down left and right. I think they have declined me more times than Citibank did! I applied at 682, no derogs and 2 inquiries and got declined for not a long enough credit history (12+ years and about 20 tradelines total) and balances too high (its sitting at around 50% right now until an au and my new Citi card starts reporting, at which time it should drop down to about 20% or less). I can't believe they are so hard to get! At any rate, I thought I'd try it in store since I had to buy a new washer and dryer today. I went with the Sears Plus and they turned me down in a blink as soon as the guy hit enter on the computer. So anyway...what are they looking for? L <---who now wants a Sears card almost as bad as an Amex card...lol.
Wow, That is weird Whyspers. It seems that the cut-off for so many retailers is a FICO of 680. I wonder if maybe they got a 679, or something like that. I bet if you get your utilization down to 20%, and your FICO up to 690 - 700 it'll go through. On the other hand, doesn't it take the computer at least a few seconds to run the check? Since it was denied instantaneously I wonder if Sears just has ya blocked or something. Did an inquiry occur??? P.S. Since it's you, I'll go beat them up if ya want me to.
I don't know, still trying to figure sears out too, but 682 fico isn't that bad. As for the credit history length thats BS, but the debt to credit ratio might be the key reason that I can see.
Thanks, guys. Butch, if they don't approve me the next time I apply, you can have at them LOL. I'm going to wait a while though and make sure my inquiries are back down to 1-2 and my credit ratios are good before trying again. Yes, it did pull an inquiry. Now three of my five EQ inqs are from Sears...lol. I have always heard that they are pretty easy, but I guess times have changed. L
The length of time of credit seems strange to me, and the credit utilization. When I was young and stupid, I had a $1500 MC, a $500 Visa when I applied for Sears. The 2 CCs were new and this was ALL I had on my CR. I was approved for $500 w/o and trouble! Length of credit history was about 6 months!
Sears is tough and I don't know why. I applied time and time again and was denied. In the meantime I accumulated lots of credit, including amex and citi both with good limits. I believe Sears uses TU and they were my worst cra. Also, I had applied to Sears years ago when my credit wasn't so good. Perhaps they keep records for a long time and check them. Anyway, about a year ago they finally approved me for a whopping $300 credit limit. About a month they gave me another whopping $200 increase! That was only after about 100 requests on-line. Constant denials. Finally, I wrote them a note on their website and that got me the increase. Anyway, don't give up. Persistence is the name of the game with credit. If at first you don't suceed, try, try, try, try, try, try, try, try, try, try, try, try, try, try, try, try, try, try, ... well, you get the picture.
Whyspers, I said this one other time when someone was asking about Sears. I got my Sears card in late 2000. I had a foreclosure in 1999. I'm sure I had a charge off or two. At that time I believe I had two active CC - one Cap One, one Providian. I'd just gotten out of CCCS and my credit reports surely still said I was participating in CCCS on most of my accounts. Oh, and I had two car loans showing. My score COULD NOT have been 600 at the time and I was approved for a $2100 CL. I've applied before - twice. Once when I was an employee and they were like, "No way". I applied online this time and got the "We'll make a decision.." message. A week or so later, I got the card. I don't know if they are tightening their belts on extending credit or if my approval was a case of a generous person (or a drunk one) pushing approved.
A relative of mine bought a new house this year. She went to Sears to purchase a W/D got 2K no problem. One of her scores was in the high 500's the other two were low low 600's. Go figure. EdG
Sears sucks. They sent me an "preapproval" about 1 1/2 years ago and then denied me. It is the only preapproval to ever deny me. Since then, they have sent me at least 4 more. I rip them up and send them back. I have no reason at this point to consider them worthy of my business.
Whyspers- I'd look very carefully at the reason codes and make sure that you're looking at the same report Sears is looking at ... Case & point- I discovered that EXP had 2 files on me - one was really new and one was the correct one. If the reason codes don't add up to what you're looking at, it may be a case of multiple files. You can always call Sears and try to negotiate with a human ... I did that with a 1 YR old BK in '96 and they were willing to work with me. Now I have a Sears Gold MC with an $18k limit. Not bad for 6 years. -mj
They pull Equifax for me. I've got three inquiries out of five that are from Sears...lol. I don't believe I have a split file, if only because Citi finally approved me. I just can't figure it out. I think I'm going to wait until my ratios are better and try again (after another couple of weeks when these inquiries...hopefully...fall off). Thanks everyone! L
Hubby got a Sears card in Jan. The lady from the store told me that they are MUCH more lenient with credit criteria during the holidays. She also told me that only 1 of 5 apps she usually gets are approved, during the holidays it is more like 1 in 3. She could have been pulling my leg, but then again he got the card with a 610 Equifax score.
I would say do not aply for their card at all. The APR is crazy unless you want to just have it and keep a zero balance on it. Anything you want to buy at Sears you can buy with any other major CC. Right now my husbands Sears card is a charge off and I am /was an authorized user. They are fighting me to remove it . Make sure you keep it in good standing. One person said that the only creditor that showed up at her Uncles Bankruptsy hearing was Sears and they wanted all thier merchandice given back including his underware. The card is supposidly easier to get but they play dirty if you can't pay.
I have never bought anything with my Sears card that I have had to finance. They ALWAYS have offers for 0 percent financing. If I can not pay it off in within those terms at the time I DONT BUY IT
