In looking at my experian report today I noticed that my saks acct changed ownership to household bank instead of great lakes bank. I always kind of associated household with the subprime market so I'm suprised that saks would sell our accts to them. The most suprising thing was this change of ownership appeared to lower my equifax score 13 points because everything else on my credit has stayed the same. Maybe the scoring method is seeing it as a new acct even though it is one I've had for over 8 years. Or maybe it sees household bank as a finance company and that has lowered the score. Has anyone else's score been lowered because of this change of ownership? Is anyone else suprised saks would sell to household?
You should wind up with 2 trade lines - a saks account noted as transferred and a new, separately listed HH tradeline. The eventual net result should be the same score-wise. I'm guessing that you temporarily show only the transferred saks account (without the new HH listing) since you took a score hit. Is my guess correct?
No, actually one is being shown as a transferred actt (the original one, national bank of the great lakes/saks) and the new one household/saks is also being shown. Thats why I cant understand why it would effect the score at all. it is not like I applied for or even got a new acct. It really is strange. Hopefully it will eventually go back to normal. All I can think of is maybe the score model is treating it as an entirely new acct without keeping in mind that it is really a transfered acct.
I was afraid of that. Other possibilities are that the new HH account doesn't reflect the true date your saks account was originally opened so you've lost the time factor (and points) or...the loss of points is unrelated to saks/HH.
Don't know about a score change BUT I was surprised to see my Saks acct transferred too. I don't know about anyone else but I received NO notification from HH Bank or Saks re the transfer. Looks like HH kept the same acct # and opening date for me. The original acct listing is shown as transferred. And I agree w/ Luxury, I wouldn't have associated the subprime, historically problem riddled Household w/ Saks.
FYI, a co-worker has a Parisian account (part of Saks) and her account was transferred to HH, too. Bottom line - if the deal made finanancial sense to Saks that's all that mattered. HH's reputation/history was obviously of no consequence. Her Parisian transfer caused a score hit, but it balanced out when the HH account with the original account open date appeared a couple of weeks later.
Hey, if you do a search on this you will find that I came across this problem also, here is the link: http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=47304
Thanks for the link. But did this change initially effect your score? Or was it just a change of ownership?
