Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Path: utzoo!linus!decvax!ittvax!swatt From: swatt@ittvax.UUCP (Alan S. Watt) Newsgroups: net.consumers Subject: Re: Sears Credit Cards Message-ID: <1316@ittvax.UUCP> Date: Tue, 28-Feb-84 13:27:47 EST Article-I.D.: ittvax.1316 Posted: Tue Feb 28 13:27:47 1984 Date-Received: Thu, 1-Mar-84 02:24:06 EST References: ihuxw.724 Lines: 91 Regarding credit card applications, all I can say is keep at it. The following story should illustrate the wide diversity of credit standards applied. Several years ago, I finally could not manage any more without credit cards (ITT practically forces you to have one in order to make business trips), so at about the same time I applied for both a MasterCard through my bank, and for a Getty Oil card, as I happened to buy most of my gas at a Getty station. The two applications asked essentially the same information, which I supplied truthfully and in full. The Getty application had a space for how much I expected to charge each month, which I gave as $30. The MasterCard application wanted me to select a credit limit, which I put as $1000. Several weeks later I got a letter from the Getty offices in Oklahoma (I think), rejecting my application. The letter was of course very polite and said I could request the reasons for the rejection. I promptly did this, referring to the file number in the rejection letter. My reply was also very polite and matter-of-fact. In due course, I got the information from Getty. They explained they had a standardized credit rating system which took many factors into account, etc., etc., and that my rating was too low because: [1] I rent rather than own a house. [2] Their credit experineces with people in my age category. [3] The length of time with my present employer. [4] I did not list any other oil company or major credit cards. And should I have any corrections or additions to make to my application, they would be delighted to hear from me, etc., etc. This was rather ironic, as in the interim I had received my MasterCard from the bank. So I promptly wrote back to the person handling my Getty file and said: [1] Guilty as charged. [2] Did the application get smeared? Are you sure you recorded my date of birth as 1951? [3] About average in the hi-tech programming industry. [4] True at the time, but based on exactly the same information I supplied to you, my bank just granted me a MasterCard. The bank is ...; the account # is ... Please re-consider my application in light of above, etc., etc. Hot on the heels of my new MasterCard came an "invitation to apply" for an American Express Card ("The Card") by none less than Scott V. Marks, V.P. of Marketing. He said (I paraphrase): Dear Mr. Watt: The Card is not for everyone. It is designed for those people who have demonstrated maturity and responsibility in their personal spending patterns ... Based on your credit history, I am sure you qualify, and I invite you to apply for The Card. [Quite obviously, either my bank, or some credit agency they used to investigate my references passed my name on to Amex]. I was rather tickled by this, but aside from amusement, the no fixed limit to the American Express card had a definite appeal to me for use on company trips, so I applied. By now you have no doubt guessed the outcome: Getty thanked me very much for the additional information, but regretted that they could not extend me the privilige of their credit card at this time. American Express was delighted to offer me the services of their card. No, I didn't bother writing back to Getty a third time. My conclusion from all this, if I have one, is that applications through your bank, especially if you have had an account for a year or more, have a better chance than through "commercial strangers" like Sears and the like. Once you have one major credit card, the problem then becomes how to prevent proliferation of new cards as every store in creation wants to give you "instant credit" rather than accept your check. Alan S. "Capitalism may not be better than Socialism, but it sure is a lot more amusing" Watt