has anyone had any dealings with these two companies? BENEFICIAL NATIONAL BANK -issues "BEST BUY'" CREDIT CARD OR HOUSEHOULD CREDIT SERVICES/ HOUSEHOLD BANK- issues the "GM CARD" Are these companies considered finance companies or actual banks?
I've dealt with both and they are both considered finance companies. In 1999, Beneficial sold their Best Buy/CompUSA accounts to Household Bank. There is a thread going on titled rescoring posted under Marie's name. Apparently, the credit reporting agencies tier the finance companies at a level 3 or 4 (the worst levels) depending on your credit situation. How much do they hurt your score? Don't know, but it ain't looking good. I'm considering dropping CompUSA (Best Buy was closed two years ago), but I hate giving up my six months interest fee financing. Dani
They are affiliated with the finance co part of HFC. Check out their website. That is why my equifax score analysis said I had too many finance company accounts when I pulled my report in MAy. I had an auto loan with HFC, a Gm card, a household gold card and a orchard visa (which I had closed). I closed the GM and the HB gold card and refinanced the HFC auto loan which is marked paid now and I long ago closed the orchard card in Feb(orchard is HB right, i cant remember anymore...anyway). The analyzer said that my score will continue to be effected by finance co accounts even after I close them...that's a bummer.
If you dump them because you think the are FINANCE COMPANIES...your BALANCE TO CREDIT LIMIT IS NOT AS GOOD...SO YOUR F.I.C.O. GOES DOWN... To see how bad they really are...You would have to get your credit report every month...YOU COULDN'T MAKE ANY OTHER ADDITIONS OR DELETIONS AND YOU COULDN'T MAKE ANY REALLY LARGE PAYMENTS... It may cost you 10 F.I.C.O. points to have a FINANCE COMPANY... But what if by closing the account you lose 12 F.I.C.O. points because you have a different BALANCE TO CREDIT LIMIT??? (I HAVE FIRST HAND KNOWLEDGE ABOUT CLOSING TOO MANY ACCOUNTS, HURTING MY F.I.C.O.)...my total available credit limit went way down... EXPERIAN said I need an INSTALLMENT LOAN in my "MIX", but the inquiry may not be worth it... I may gain 5 points but lose 7...
I wonder if I can dispute the 3 accounts off my report all together. If I hire JUNUM I bet they can get those postive, never late accounts deleted.....lol
I am fighting Beneficial National Bank over my mother's Costco account. I had an AU card when her health went down. She filed BK in 1998 and they reported to my accounts. I've got it off all but Equifax and they keep verifiing it but I keep fighting it. Now I have sent Certified letters to Beneficial and Equifax, copied the FTC. It is showing disputed but they have a little over a week before 30 days is up. I'm going to the courthouse Tomorrow to get the papers to file a suit. I don't know what I'm going to claim but I have to take stronger action. Anyone know why Equifax is the last holdout for Beneficial? Are they a team? I'll never knowingly do business with Beneficial ever again in my life. Actually, until the reports came I did not know Costco used them. John
Send them a copy of this lawsuit, along with your dispute: http://lawyerphillips.com/Phillips v. Trans Union et al -- Complaint.htm breeze
zcraws33, I think there is a difference between Beneficial Bank and its sister co Beneficial Finance. I would assume that banks are banks. Finance companies are usually loan companies and subprime. Otherwise why would they need to be separate entities? Citifinancial is a finance company. It is the sister company of Citibank. The Associates Financial was the sister company of Associates Capital Bank. Yet they were separate entities focused on different markets. I now see Wells Fago peddling in the finance sector, yet a separate entity from the "mother ship". I would do a little more searching b4 getting rid of the card. Best of luck, PuuOoPaul
