Store Cards

[Alex]

i was just wondering what happens when one applies for a store card. would they check your credit rating just like a credit card dealer would? is this within their power? ...just something that sprang to mind.

Alex.

 

[bond-007]

Probably credit scoring as they won't be members of the ICB, unless the cards are underwritten by the major banks.

 

[Alex]

thank you for your reply. i take it that mobile phone operators too are not linked to the icb?

Alex.

 

[bond-007]

Not that I am aware, check the icb which tells you who is on their books.

 

[DublinTexas]

Re: mobile phone operators

3 checks with Experian according to a conversation I had with their customer services.

 

[BillK]

Don't know if its the same in Ireland as here in UK, but store cards here were in the news recently as being VERY costly in terms of interest charged up to 30+%.
I have to say that if I were concerned about whether stores were going to check my credit rating I wouldn't touch them with a bargepole.

 

[daltonr]

>I have to say that if I were concerned about whether stores were going to check my >credit rating I wouldn't touch them with a bargepole.

Regardless of concerns about credit rating I wouldn't touch them with a bargepole.
The ONLY (very limited) circumstance in which a store card makes sense is if:

It's a shop you spend a lot of money in.
AND
There's a sizable discount for using their card.
AND
You always always always clear the balance almost immediately.
AND
You have the discipline to stick to the clearing of the balance.

I think that narrows it down to about 5 people. If you're not one of them save for what you want, or use cheaper forms of credit (i.e. almost any other form of credit short of calling Johnny "No Thumbs" the money lender.

-Rd