Shopping Cart Trick

For just about anything you want to get off your chest about credit cards.
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CarefulBuilder14
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Shopping Cart Trick

Postby CarefulBuilder14 » Sun Aug 03, 2014 11:19 am

I've heard this mentioned as a way some people get more cards easily. My limited understanding is that you go to a retailer's website, put something into your electronic 'shopping cart' and then get an offer to open a credit card with that store.

Do I have that wrong? How could the website do a soft pull without the last part of your SSN? Is it ever smart to do? Or people just do it to get bonus offers for cards they think they can get approved anyway?
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yfan
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Postby yfan » Sun Aug 03, 2014 11:37 am

You have this correct. What this means is that the softpull is already done when they show you the offer. They may have gotten it through business relationships they have with some other company you do business with - these kinds of information is generally shared for advertising purposes. You can limit that, but you have to do so with each of your credit card companies separately.

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otter
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Postby otter » Sun Aug 03, 2014 12:41 pm

The "shopping cart trick", while a most useful maneuver on the myfico board, is somewhat an inside joke here on ccf... the joke being that we are going to drapp(drunk app) for a bunch of comenity store cards by doing the shopping cart trick and get 20 cards all with $200 limits.

I suppose the SCT could be useful in certain circumstances- if you have marginal credit which might be dragged down by a few hard pulls, but it's rare to get even a four digit CL that way. I'm not a big fan of store cards anyway (unless your credit is poor and that's all you can get). I do believe they do ask for the last four of your SSN at some point in the process though... much like Chase, Citi, BoA do when they do their non-hard preapprovals.

You should pick your cards carefully- not apply simply because a window pops up saying you are preapproved. That's my dos centavos para tu...
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

MemberSince99
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Postby MemberSince99 » Sun Aug 03, 2014 2:55 pm

Like otter said, it can be useful if you have lousy credit to get something re-established, if you do it right and don't go nuts and get 20 of them because that's REALLY stupid just about any way you look at it.


I could see someone who is re-establishing or trying to establish credit doing it for a store they would shop at anyway, using it for 6 months to build a history, getting ONE card this way, then going on to a prime card or two after that. Then it's smart. When they do it just because they can and get a pile of them that they'll never use while intoxicated, that's not so smart.

flan
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Postby flan » Sun Aug 03, 2014 3:16 pm

otter wrote:I suppose the SCT could be useful in certain circumstances- if you have marginal credit which might be dragged down by a few hard pulls, but it's rare to get even a four digit CL that way. I'm not a big fan of store cards anyway (unless your credit is poor and that's all you can get). .


Store cards generally suck, but there are some that have benefits -- free shipping, a useful discount program, good financing offers, etc -- that make them useful, even if you have good credit.

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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Aug 03, 2014 6:00 pm

But if you apply for a card you get through the SCT, presumably there is at least one hard pull involved before you actually get a full approval? So it's sort of like getting an 'invitation to apply' in the mail - you'll probably get approved, but it's not guaranteed?

I can see the appeal of the technique for people with really bad credit. What puzzles me a little is that I thought store cards generally had slightly stricter credit standards than, say, Capital One. I, at least, was rejected by GECRB in my first-ever credit application. If someone is so desperate for a new account that they will take a $200 line, I'd think it unlikely that they would be approved.

Does Comenity have much looser credit standards than GECRB? Or the idea is that you shop around different retail websites until someone will offer you a $200 limit?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
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Letting new accounts cool off since May
Really not sure what I'll add next or when

flan
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Postby flan » Sun Aug 03, 2014 7:11 pm

CarefulBuilder14 wrote:But if you apply for a card you get through the SCT, presumably there is at least one hard pull involved before you actually get a full approval?


There isn't a hard pull involved, apparently. You don't have to do a hard pull to extend someone credit, though it's usual. (Which is why the fico cultists like it, because they're deathly afraid of inquiries.) A credit union gave me a loan (an unsecured, personal loan, with only my signature on a form as collateral.) a few years ago (okay, a decade...), without doing any credit inquiry. It wasn't a big loan, and it wasn't for a long term, but they knew I had a job, because I had direct deposit, they knew I had a reasonable amount in accounts there, and I've been a member since before I was born.



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