"Approved - But"

Kay Jewelers Credit Card Review
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Written by: butterflyblu on 2011-05-27

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butterflyblu's review: Callout Comment I have a jared account and so I applied to Kay on line after reading reviews here. They told me they denied me online.
I received a letter from them a week later stating I was denied because they needed to verify my social security and my address. I called the credit dept and they told me to go into the store with identification, and proceed from there.
I went in today, and the sales lady called them and they approved me.


Comment 1 by patrick12
Re: Approved - But User Icon on 2011-05-28

Remarks Congratulations on your approval! Normally, if you are approved for one of Sterling Jewelers credit accounts, you are approved for just about any of them. It would be helpful to other members on this board if you could provide your credit scores and credit limit at the time of approval for your Kays card. Thanks for posting this review and keep them coming! ;)
Comment 2 by wanderer
Re: Approved - But User Icon on 2011-05-28

Remarks Congrats! Keep working on your credit.
Comment 3 by cfmdev49
Re: Approved - But User Icon on 2011-05-29

Remarks I know I've posted on this site before my misgivings about the long term harm people do to their credit profile when they apply for cards like Kays/Fingerhut/etc...the thing about Kays is, not only is their card a bad deal...the quality of their jewelry is poor by about just any measurement. So if you utilize this card thinking that it will help improve your credit by purchasing something...you get victimized twice...once on the cc terms and a second time on your purchase...all in all...not a good deal...and not in your long term interest if your goal is to be able to eventually get a mortgage or a card from a prime lender...in the prime credit card world...you are known by the company you keep...
Comment 4 by patrick12
Re: Approved - But User Icon on 2011-05-31

Remarks I disagree with the above comment, a trade line is a trade line, quality of merchandise and contract terms or rates have nothing to do with reporting a positive trade if the account is paid in a timely manner each month! Fingerhut, Gettington, Kay Jewelers ect... have helped alot of people enhance their over all credit file and show future lenders what risk they pose after a Bankruptcy, lates, or whatever else has damaged their credit in the past. Take it from someone who has had a bankruptcy and lates and chargeoffs after, I didnt get my credit score up over a 676 from a 425 for nothing, I had to endure the pain of higer interest, low credit lines, and annual fees! In the end though it paid off, it really comes down to being responsible, never charging over 30% of the limit, and being an educated consumer, but to say you get judged by the company you keep, such as subprime banks or finance companys, I have yet to be victimized by that. :)
Comment 5 by wanderer
Re: Approved - But User Icon on 2011-05-31

Remarks Confirm Patrick12's post. Been down the same road he has. The computer scoring model systems such as FICO, Vantage, Plus and so on sort by basic categories: mortgages, installment loans, bank credit cards, along with department store/gas credit cards (ignores charge cards such as American Express) and not to forget the notes for late pay, judgements and bankruptcy. The computerized credit bureaus and the related analysis is strictly based on what shows (is reported) on the credit bureau file(s) at the time reports are pulled. Discrimination based on the various factors in our society today (race, creed, color, national origin etc) is NOT permitted. In the event a lender should do a manual review (if they do one) would be the only time a company name would be viewed (companies reported).

For me, many of the named vendors in the post helped me get to the prime cards and did NOT hurt me to get there...
Comment 6 by butterflyblu
Re: Approved - But User Icon on 2011-08-31

Remarks My Ficos where around 598 when I got Jared, Kay and Jb Robinison. $800 CL. I used the Jared card.

My scores have increased the last 4 months to 625 and I know these cards had a lot to do with helping build my credit.
Comment 7 by sar1954
Re: Approved - But User Icon on 2012-12-10

Remarks I have a Kay Jewelers card. My wedding ring is also from there and I have loved since I have had it. They have a great program that helps take care of your diamonds and replace them if anything happens. Also, they have a trade in program if you ever want to upgrade. I have always had a good experience with Kay, with my card and shopping. When I first got my card it started out at $1500 CL, and now is at $3100 KL with no balance. I believe without a doubt this credit line has helped my credit regardless of the terms.
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