Banana Republic store card - hard or soft inquiry! Any idea?

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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jumbo
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Banana Republic store card - hard or soft inquiry! Any idea?

Postby jumbo » Mon Mar 26, 2012 2:29 pm

Hello all+++

Recently I did some shopping at Banana Republic outlet and was asked if I want to apply for a store card at checkout and I'd get some extra discount too.

I was a bit concerned and asked the employee if the application would cause a hard or a soft inquiry on my credit report. All she could tell was "yes, there will be a quick credit check, and all I had to do is enter my SSN, and don't know about the inquiry".

I asked the store manager as well, and he could not tell me either if the application of the store card would cause a hard or soft inquiry.

So finally I applied and entered my SSN. The girl told, I was approved for Banana Republic Visa Card for $1000.

Now, I am still concerned if the store card caused a Hard or a Soft inquiry. And how long it would take to appear the inquiry on my credit report? And is it good enough to use the Discover credit score service to see my credit report?

Then before the Banana Republic Visa card application, I applied for Kohl's card too and was approved for $600. But the lady over at Kohls was a little more confident in saying the card would just cause a soft inquiry.

So, any input form the forum members if greatly appreciated in clarifying my confusion/question.

Thanks.
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Postby Money card » Tue Mar 27, 2012 10:59 pm

My suggestion would be no.

Unless you have no credit cards or unless you work for Banana Republic.

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Postby Crashem » Wed Mar 28, 2012 4:01 pm

I highly doubt either of them were soft inquiry. You applied for credit and therefore it was a hard pull most likely. Almost positively, the BR Visa card was a hard pull (its a visa card issued from a bank). Go pull your credit report if you want to make sure. If the Kohl's person told you it was soft inquiry, write kohls to dispute it and say what was told you to.
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Postby jumbo » Wed Mar 28, 2012 6:12 pm

Just received my BR card today, and as Crashem said its a visa issued by GE Capital Retail Bank. The APR is way high 23.99%.

One more quick question: how long do you think it might take for this BR visa card to appear on my credit report? Does the hard/soft pulls show up instantly on the credit report or do we need to wait for like some days or a month.

And since I have Discover more card, is it good enough if I use Discover's service to pull my credit report?
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Postby namvet » Thu Mar 29, 2012 7:51 am

New credit requests will always result in a HP on one or more of your credit bureaus. Asking a CSR about HP or soft pulls won't get you an informed answer. Most people don't know the difference.

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Postby Money card » Fri Mar 30, 2012 10:27 pm

Jumbo is the Banana Republic a charge card or a Visa?

Congrats on getting your card.

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Postby jumbo » Wed Apr 04, 2012 3:06 pm

Money card wrote:Jumbo is the Banana Republic a charge card or a Visa?

Congrats on getting your card.

The Banana Republic card is a Visa... I asked the girl who was at the store to issue me a in-store charge card, not a visa. And she told me that it was a in-store card and was approved for $1000. So now when I get the actual card its a Visa and the credit limit is $1800. Don't know how the whole thing happened.
I still have the temporary paper from the store saying my CL is $1000 for the BR card. I don't know if I can/should anything about it now. It's just the APR is outrageous at 24.99%.
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Postby CC Deville » Wed Apr 04, 2012 7:56 pm

Generally when store cards offer a cobranded card (Visa, MasterCard, Amex or Discover) they will first approve you for the cobranded version and if your credit isn't worthy, then you get the store card. GECRB (formerly GEMB, GECCC) LOVES to cobrand cards because they figure you will use the cards in more places if it is cobranded and then they get the interchange fee from the merchant you purchased from. Trouble is, they (GECRB or whatever it is they are calling themselves these days) issue fairly low limits and high APRs-even on the cobranded cards making them virtually worthless to credit worthy customers.

Best advice is to just leave it as a Visa and only use it at BR, Gap and Old Navy for the rewards and then pay it in full. If you pay in full then you don't have to bother yourself with the high APR. If you call asking for a retail version it will result in a second tradeline, so just leave it be.

Lots of people with questionable credit on these boards adore GECRB because they are relatively easy to be approved for. I personally cannot stand them and miss the days when stores issued their own cards (like Cabella's, Nordstrom and Target still do). I will never apply for a GECRB backed card, ever. So so customer service and very generic in every way. And you aren't dealing with anybody at the store the card is issued for, it is all GE all the way. I cried (not literally) when Chevron sold their portfolio to GEMB. Of all the companies.....Citibank backs almost all the other gas cards, I don't know why they didn't pick up the Chevron....I digress.

Also, to what namvet said, all new accounts will result in a hard inquiry and often times credit line increases on an existing account will also trigger a hard inquiry.

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Postby jumbo » Thu Apr 05, 2012 1:27 am

Thanks for the advice CC Deville. Thats the same thing I was thinking, to use the card at BR, and Old Navy, and pay the balance in full.
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Postby jumbo » Thu Apr 05, 2012 2:06 am

Just a quick update:
I checked my credit report (Equifax) from annualcreditreport.com, but I couldn't see any hard/soft inquiry made by the BR Visa card.

I do not have access to Experian and TU (for FREE, since I requested it a few months ago), if it possible the Inquiry (hard/soft) occurred in either of these two (Experian and TU) credit report, and not in the Equifax?
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