2013 offer for Polo Ralph Lauren credit card?

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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jeffreyw
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2013 offer for Polo Ralph Lauren credit card?

Postby jeffreyw » Mon Jul 15, 2013 5:15 pm

Check out this idea. You have heard retail credit cards can look bad on your credit report when viewed by a mortgage broker. It is said that many look down upon them because those with excellent credit rarely apply for such cards.

Since I am trying to boost my credit score after a foreclosure (2012) retail cards are on the top of the list, since I can obtain some with my subpar credit score. Rather than opening from shoddy stores with tarnished reputations like JCP and Kohls what about focusing only on high end stores. That way in a couple years when I get my next mortgage, the broker will see a Ralph Lauren credit card and the like and luxury clothing brands won't carry the same stigma. Am I right in my strategy?


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Postby Rory » Mon Jul 15, 2013 5:24 pm

a retail card is a retail card, a neiman marcus card looks the same on your report as a sears or kohl's card. All they will see is a minor lender card. I wouldnt waste your inquiries on such a method. try a secured card if no one else will accept you. Best of luck
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jeffreyw
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Postby jeffreyw » Mon Jul 15, 2013 6:06 pm

How can you say all retail cards look the same on a report. I am aware each is labeled as retail but having it with a more prestigious name like a credit card from Ralph Lauren would have a better appearance to the onlooker, no?

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Postby Robrus1 » Mon Jul 15, 2013 6:55 pm

jeffreyw wrote:How can you say all retail cards look the same on a report. I am aware each is labeled as retail but having it with a more prestigious name like a credit card from Ralph Lauren would have a better appearance to the onlooker, no?


Nope. All it will mean is that you like Ralph Lauren. It won't mean squat in terms of anyone thinking you must have good income and be a creditworthy person because you have a Ralph Lauren store card. Rory is correct, it will be seen as a credit account issued by a retailer and that's all that will be seen and/or matter. Like you said, if you can obtain one with a subpar credit score, what's so special? +1 on a secured card. I'd suggest going through someone like Bank of America. in 12 months that'll look much better/help your score than a retail card. However, maybe you should just shoot for both. Getting some lines of credit going and having them report on time payments as agreed can't hurt anything.
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Postby jeffreyw » Mon Jul 15, 2013 7:55 pm

I respectfully disagree. If I were a mortgage broker studying someone's credit report, I would think more highly of seeing a Tiffany's or Polo credit card than I would over discount stores.

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Postby Robrus1 » Mon Jul 15, 2013 8:18 pm

jeffreyw wrote:I respectfully disagree. If I were a mortgage broker studying someone's credit report, I would think more highly of seeing a Tiffany's or Polo credit card than I would over discount stores.


I respectfully don't understand why. So if Joe Smith has a Ralph Lauren retail card with a $500 limit, but Jane Smith has a $2000 limit with Kohl's, you would think more highly of Joe? The lenders will only look at the numbers, utilization, how much credit you're using versus how much you have available that you aren't using to help determine your creditworthiness. If Joe has a $400 balance, he is reporting an 80% utilizaiton, not good. If Jane's card reports with a $400 balance, she will be reporting 20% utilization, and that, along with length of credit history, income, and on time payments are what is considered when it comes to your credit score, and then in turn to a mortgage broker. Where the retail card is from will have no impact, even though you say it would with you personally if you were a mortgage broker. Check with your bank or credit union and see what they say if you still disagree.
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Postby MB131174 » Tue Jul 16, 2013 10:58 am

+1 on Robus1
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Postby spike1856 » Tue Jul 16, 2013 10:20 pm

If anything, if I was looking at the report of someone who's rebuilding--and so I have doubts about approving this person as a borrower, right off the bat--I'd probably rather see cards from budget-friendly stores like Kohl's, as opposed to luxury/designer/high-end department stores. I don't want to lend to someone who may be living above his or her means, and that's much more likely to be the Ralph Lauren/Nordstrom's/etc. shopper than the Kohl's/Target/etc. shopper.

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Postby thom02099 » Fri Aug 09, 2013 9:14 pm

jeffreyw wrote:I respectfully disagree. If I were a mortgage broker studying someone's credit report, I would think more highly of seeing a Tiffany's or Polo credit card than I would over discount stores.


Sorry to burst your bubble, but Ralph Lauren doesn't offer a credit card. There are gift cards one can purchase, but no credit card is listed on their website. Same thing for Tiffany & Co. They don't offer a credit card. Dior? Nada. Higher end stores don't even offer credit cards. Lord & Taylor does, and it's provided by GE. Saks Fifth Avenue is provided by Capital One. Others will have a similar association. AND on your credit report, it will display under GE...or Capital One...or whomever is the force behind the card. Just like with Home Depot and Lowes (and Home Depot doesn't even show it's name -- appears as CITI/THD).

And as the others have said, an underwriter wouldn't be impressed. It's not their job to be impressed by what's on the report. It's their job to crunch the numbers and see if they can make it work. About the only thing that these high enders would do perhaps, is raise an eyebrow as to the applicant living beyond their means, which would likely raise some red flags.

Not meaning to be harsh at all....simply a reality check.
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Postby PlatinumAMEX94 » Sat Aug 10, 2013 11:58 am

A creditor will be more impressed if you are paying much more than your minimums. Paying 5 times the minimum shows that you have more discretionary income, or a focused budget or maybe both.
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