     Christine Baker (Admin) | Wednesday, April 18, 2001 - 10:27 am 
I recently had a day to kill in Vegas and when I saw a Target store I thought I'd check it out.
Seems that all you need is a credit card and they'll instantly give you $200 credit, and 10% off.
Mervyn's seem to have a similar program. I tried to get Mervyn's underwriting guidelines on the phone but didn't get more info than "yes, they do have instant credit with a credit card" and of course they run the credit reports.
I had walked into a Mervyn's store to see if my old card still works. The lady at the counter told me to go to their office in the back, but I didn't want to waste my time and simply had her ring up the closest item. Bingo! It worked. Then I had her issue the credit for my return.
This should update my "date of last activity" of 2/98. Unfortunately Mervyn's reports the "HIGH credit" instead of the limit and I've never bought much there. Next time I get to town I'll find something expensive that I'll buy and return.
Why don't they just report the LIMIT and save themselves (and us) the hassle?
Those department store cards are a FANTASTIC way to add history to your credit reports!
And, I have seen MANY survive bankruptcies without a hitch. Actually, I can't recall ever having heard of a department store account that was closed because of bankruptcy (unless of course it was discharged.)
I call these accounts the totally free credit INSURANCE.
EVERYBODY should have about 4 department store cards. There is no annual fee and you don't need to use them.
I don't think you get statements if you don't carry a balance, which is why I didn't close them when I went to travel a few years ago.
I can not think of a reason to not have these cards unless you're a compulsive charger. |
