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Discussion in 'Credit Talk' started by Tom, Sep 3, 2000.
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Here are the definitions:
1. A charge card is one where you must pay the full balance each month. Examples would include a green Amex, and most gas cards (although I recall that Chevron allowed revolving if any single purchase was over $100 [like for repairs.])
2. A revolving account is one where you must make at least a certain minimum payment, like 2% - 3% of the balance, each month, so that most of the balance can roll over to the next month. Examples include most Visa and MasterCard accounts.
Some/most department store cards allow revolving, with higher interest rates than the average Visa/MasterCard. Check the specific terms listed on the application.
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As far as gas cards go, my Texaco and Shell cards from Associates allow 3% mimimum payments with any remaining balances rolled over or "revolved." My Chevron card allows a 20% minimum payment. I found one card that doesn't offer revolving terms unless the individual purchase totals more than $50. That would be Union 76, quite common in California and Arizona but maybe not so common further East.
I have a 'revolving account' from SEARS
I got turned down for instant credit from Sears. They claimed "length of credit history" as one of the reasons, but I've had one credit card for over six years.
Which CRA does Sears use?Some creditors don't report to Equifax.
Sears pulled a Trans Union report on me, and I live in Arizona. Trans Union is probably my best report, but they cited collection items, recently opened accounts, and the bogus "length of credit history" as reasons/excuses.
It couldn't be the reason 'length of credit history' because I have less than 1 year credit history.
I have a sears card, I asked for an increase and they pulled Trans Union denied me for "history of deliquent accounts", I have ONE 30 day late a year ago, bunch of bull I think
Maybe your "length of history of delinquent accounts" wasn't long enough.
What does that exactly mean??
It was just a bit of gallows humor. I was making fun of Sears and their twisted ability to create excuses out of nothing, and then perpetuate them seemingly forever.
Perhaps this is a case of them being obliged by law to give three reasons for refusal. Since they couldn't come up with 3 valid one's and there were no (recent?) delinquincies they did what all creditors do when they do not wish to grant somebody credit i.e. pulled a reason out of a hat, made it up, outright lied. You know the score.
Sears is the pits I NEVER shop there.
I wish sears merchandisers were as picky about the merchandise they sell as they are with their credit accounts.