Hello! I'm a long time lurker, first time poster. This board has been really helpful and encouraging as I've worked my way over Credit Repair Mountain. Anyway, I was taking a look at the FICO scoring criteria and I was wondering if Spiegel would be categorized as a department store card. I've got some major cards and a gas card, plus Spiegel. I'm wondering if I should add another department store card to make sure I have the right mix of cards to maximize my score. What do you think?
Gas cards in most cases don't report, and neither help nor hurt F.I.C.O. SPIEGEL is a store card. http://www.SPIEGEL.com/home.asp
The major non-reporting gas cards are issued by Associates National Bank. I believe that Exxon/Mobil (issued by Monogram Bank) and Chevron (issued in-house) both report. Associates issues Texaco, Shell, BP, Amoco, and CITGO, and I'm trying to get a complete collection. BP is the only one I don't have yet. As far as retail cards go, I think the category is just that--retail cards rather than just department store cards. The somewhat higher minimum payments on retail cards provide another test of creditworthiness.
My Mobil reports too. It started reporting when MGBA took over in Jan. Yes gas cards will report...if you are late with payments otherwise only Mobil reports activity like any other credit card. It reports as a revolving charge account. Spiegel also reports as a revolving charge account.
Spiegel was FCNB, same as Eddie Bauer, Eddie Bauer Home, and a couple of othe dept stores. At one time they were relatively easy to get with a 200-500 limit, I don't know how they are now. Spiegel reported (then) as Spiegel/FCNB Revolving on my ex's report (she used to work for EB, thats where I got this info). Reps could do credit apps right in the store through a dumb terminal. Shawn
Mine is reporting as a "charge account" department store. I hope this helps over all the other junk posted for a simple question. M
Mike, I noticed that you didn't answer her question about whether she should add another department store card. You also put "charge account" in quotes but then called Spiegel a department store on your own. That certainly didn't help answer her other question: whether the CRA's or scoring models classify Spiegel as a department store. You might consider whether your own answer was "junk" if it didn't answer her simple questions.
hay whats the credit line increase outlook for my spiegel card? I spose i should purchase some clothes, let it roll a couple of months then quite using it till they give me more?? anyone have experience with line increases? I just want this card to keep my debt ratio looking happy.
Before I applied for my own Spiegel card, I did a lengthy search for "Spiegel" in the message archives here. I believe Roni and Dogman got impressive limit increases from Spiegel, and Roni without ever using the card. I've had my Spiegel card for about 6 months, haven't gotten around to using it, and haven't been notified of any limit increase. My initial limit was $400, very common for Spiegel.
I started out with $1000.00 and it seemed that when I ordered from Spiegel or Eddie Bauer and Newport news, my credit limit was increased every month at $1000.00 until it reached $6600.00. Since then it has stopped. Also prior to it reaching 6600.00, you were allowed to get cash advance or write checks for bt. I think they have since changed their credit allowance or some Manager came in and said Hey thats too much credit too easily.
I have had my card since the end of 1998 and started at $500. I don't use it very often and for the most part have used it on Newport News merchandise. My limit is at $1900 right now.
Sam, Just use it a few times. I started with $850 about a year and a half ago and have gone to $3450. It seems that everytime you use it they up the limit. Good luck. M
Your Speigel card is still welcome at Eddie Bauer and the whole family of stores, right? I think there are a lot more places you can use that card if you are looking to exercise your credit. Shawn
IRREGARDLESS.....Spiegel's NICE! I got the Spiegel At Home Catalog with furnishings today. They have a really great wingback chair and ottoman in wicker with beige cushions, really contemporary. I have never seen a wingback chair in wicker, then also in a herringbone pattern wicker! $799 for the chair - $299 for the ottoman. Hmmmm! They have really nice things - similar to Macys or Marshall Fields. FYI - I decided it NOT IMPORTANT to charge $1300 w/(S/H) and stay with my current recliner. Good dog - dogman! LOL
Re: IRREGARDLESS.....Spiegel's NICE! I started out with 250 in May 99. Today 2750.00. I received 500 the first 6 months. 1 year anniversary another 1000.00, 6 months later another 1000.00. It seems to have stopped with the increases....I don't care it was my only retail card for a couple of years until I got best buy a week or so ago.
They do report as revolving w/limit RichGuy - they start at $400, then in six months give you $1400, then in six months $2800. That was the way it went for me. Get lots of deferred payment for 6 month type offers also. That was a nice chair and ottoman. cya dogman
I used the card twice - the first for a couple of NICE cashmere sweaters, then a $499 pine armoire for the bedroom. carried both payments for a couple of months each then paid em off ever since.
