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neonlinux

When to apply for a Sears card?.

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Ok the wife wants me to ask this.

 

We wish to apply for a Sears card as it covers so much. From electrical to clothing. Seems like a great deal and we love Sears for most of our large buys.

I shall be applying in my name as my wife sadly has very bad credit from way before we met. She had a bad ex who got her into debt.

 

I have now got 9 months of credit history. 1 credit card in good standing order, was maxed but is now on its way down, which I am so happy for.

I got 2 small bank loans that were paid fully and are now closed. 1 current small car loan which is in good standing order and finally one collection on my report. My bank account has only been open since February 2009 and is in great standing order. Anything we have applied for has been denied due to insuffiecent credit history. Which is cool as I know it takes a good amount of time to build a good report. As par my other thread here, I am currently in at the start of a Hipaa thing for my collection. So that should be sorted soon. I hope.

 

My PLUS score is rated at 566. My PLUS score did raise from 542 to 566 within 7 weeks. So that is a good sign for me and hope it continues over the coming months.

Anyway, we are looking to buy a few large items for our move in September. I am in the military so we are relocating then. Is there perhaps a certain credit score that Sears generally looks for?. Say 620 upwards?. Will 20 months be enough history to consider myself as sufficient?. My plan is to just let it all mature and pay all my things on time and apply for nothing till then. Is this ok or should I maybe look into an Orchad bank secured CC to help got my rating up?.

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They might give you a break being military.

 

I apped for an HSBC rewards card (I believe HSBC underwrites Sears) with

a 600 FICO and got a $320 limit. 12 months later, I have a $420 limit and

my scores are all 650+ with TU 9 points short of 700.

 

I'm not saying dont app, but understand that mid 500s is a very low

score these days. In the end, the worst case is you burn an INQ

and 1 INQ is not going to change your credit picture by much at all.

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Sears is known as one of the tighter lenders. For the bare bones store card, a myFICO score of 680+ usually means that you'll be in good standing with them. It's quite unlikely that you'll find approval below 660.

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OP, its a very handy tool. Its in the Red Bar at the top of the page.

If you didnt notice it before, check it out..

 

Here's what the Credit Pulls Database shows for Sears.

 

searscreditpulls.jpg

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I was reviewing the Credit Pulls database after my post (which was based on my own application experience in 2005/2006). It gives good reason to believe that someone with a clean report could receive approval at lower scores than I suggested (I had a 30-day and 60-day late).

 

Interesting is the report earlier this year of someone with a <600 score who applied for the Sears MC and was offered an a/c with fee. Not a bad entry into the card. Presumably they would waive the fee once score strengthened.

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I was in Sears yesterday and asked whether they pull Transunion or Equifax. The very young sales guy had no idea what I just asked him. He went away, asked someone, came back and stated they pull Telechex. So, pretty much, no help to me at all.

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They might give you a break being military.

 

I apped for an HSBC rewards card (I believe HSBC underwrites Sears) with

a 600 FICO and got a $320 limit. 12 months later, I have a $420 limit and

my scores are all 650+ with TU 9 points short of 700.

 

I'm not saying dont app, but understand that mid 500s is a very low

score these days. In the end, the worst case is you burn an INQ

and 1 INQ is not going to change your credit picture by much at all.

 

 

sears is backed by citibank...

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Sears was one (I think the only) store card that I could not ever get approved for. I was rejected by them when my scores were all mid to high 700's, back when I was getting 15K+ CL approvals with prime CC issuers. I have no clue, but I was rejected by them more than once.

 

But as usual, YMMV.

 

WalMart would probably be a better shot with those scores. I'd probably wait til I was at least at or near 600 though. Just my $.02 :ph34r:

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OP why not apply for a Military Star Card. There's nothing your really gonna find at sears that you won't be able to buy with that. Clothes, Jewelry, Furniture, Appliances, friggin Scuba Gear. If your in the Military, I would go that route.

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sears is backed by citibank...

 

"The Sears Solutions MasterCard is issued by HSBC Bank Nevada, N.A. and is serviced by HSBC Card Services, Inc., and/or HSBC Card Services (II), Inc."

 

Like Best Buy, Sears nows has multiple card types with different backers.

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