A good way to help rebuild credit

Ohh and there is no credit check.

has anyone ever done this with success? I find it hard to believe that you can open up a credit line with no credit check, and that it gets reported to FICO? But then I am a skeptic :)

If you google "Crown Jewelers" scam you'll find tons of negative info!!!!!

I've had a Crown Jewels account for 9 months with a $1500 credit limit. I've bought one piece of crappy jewelry for $35 and PIF'd. SInce, they have reported on TU and EX positively and have boosted my score. Now I'm just letting it age nicely. I'm sure I'll have to buy something else soon to keep the account active but it is not a scam, just crappy jewelry but worth the positive tradeline. And it does not get reported to FICO. FICO is not a credit reporting agency they are a credit scoring service which pulls its info from the big 3 CRA's.

Hope this works. Here's a copy of CJ's TL from my True Credit 3-in-1. And I see they raised my CL to $2500 which helps my Util%

hmm it might be worth a shot then, anything to help my usage % while I SLOWLY whittle down my balances by paying them down.
thanks for the feedback!

No Problem. Once you get some history on that TL, go for the Sterling Trifecta (Kays, JB Robinson and Jared). I have a Shared $3000 CL on all 3 but to anyone reviewing the reports, it looks like $9000 (3 TL @ $3000 CL each)

Dirt Poor do you have a link to the bad reports on Crown Jewelers? I googled the name and didn't find anything bad?

Nascar thanks for your positive feedback, and how long do you think I should wait before trying for the Sterling Trifecta? 6 months? Longer?

This is not a scam at all. They had a problem with their secured sever awhile ago, but just pay through Paypal and all is OK.

so don't use a credit card directly through their site?

"Not sure if this was ever posted, but if you go to crownjewelers.com

and open an account, you will get a $2500 creditline that will be reported to the credit agencies. The only catch is you have to make deposit toward whatever you buy. The stuff is not top notch by any means, but the guys over at the fico forum swear by them. "

If it sounds too good to be true it probably is...check BBB and fraud reports first...they have a bad rating.

"No Problem. Once you get some history on that TL, go for the Sterling Trifecta (Kays, JB Robinson and Jared). I have a Shared $3000 CL on all 3 but to anyone reviewing the reports, it looks like $9000 (3 TL @ $3000 CL each) "

Awesome advice thanks Nascar

I have never had a problem. If you have credit problems, this is the perfect way to help.

For me, both Kays and Jared pulled EQ and JB Robinson pulled TU. Go to whogavemecredit.com and see who they pull in your state. What do you scores look like? Any recent derogs?

i would think if this was a LEGIT company, they would DO a credit check for approval. Just like any loan/line of credit, you want to get, lenders do a credit check. I'm assuming the % rate would extremely high, since there is no credit check.

well from what Nascar reported, and what shows on his True Credit report, it seems legit to me?

The whole goal with CJ is to get the $2500 tradeline. It reduces your utilization % overall and since they report to 2 0f the 3 CRA's, it builds good history. I do not recommend purchasing anything expensive (the jewelry is pretty cheesy) and that you PIF every month.

Ok...I DO understand the point. Even if you have bad credit ( or did I read they don't check your credit?). True.....I guess it would help your credit score.

They do not check your credit because initially, you must put a small percentage down before they ship it. I would assume that the downpayment actually covers their cost of the jewelery. There is no interest rate, but it does build yoru credit. Mostly everyone on the FICO boards who is rebuilding credit has an account. I guess when you have bad credit, beggers can't be choosie.

So...............if the amount that you pay for the item to be shipped, what good is the 'credit', if you're ALREADY paying for the item out of your pocket? Sounds like they aren't REALLY giving you credit at all. I not putting anyone down who has this, I'm just saying that what it seems to me.

I think I paid $20 dollars and financed $30 on the jewelry I bought so in essence they are giving you credit. Like I said, the jewelry is pretty crappy but FICO doesn't look at the data furnisher, only the history and status of the account. It was worth the 30-40 point boost.

that is a pretty big difference, I know it would lower my utilization percentage by a decent amount.

for example:

I have $14,800 in credit limits now, my utilization percentage is about 85%.

If I add this Crown line to that, it changes my credit limits to $17,300 and my utilization percentage to about 75%.

Just seeing those numbers like that make an impact on me. Now if I was unlucky enough to pick a lender who used the one Credit Reporting Agency that was NOT used by Crown Jewelers, that would suck. But I have a 2 in 3 chance that the CRA impacted would be looked at by my lender.

It greatly helps utilization. After 6 months of payments, they fully "unsecure it"

Ok..sure..I can 'see' what ya all mean. The 'boost' would be worth it. Usually with places that DON'T check your credit, they DON'T report to the CB's..ie 'Buy here, pay here' places. But this place DOES report to the CB's?

Only TU and EX as I showed on the screenshots. They will ask that you purchase something occasionally or they will close your account after 9-12 months of inactivity. When they do that, from what I have read on other forums, they will stop updating the tradeline.

Actually that DOES make sense. SOME items ( CC's, etc..) DO actually 'close your account' for no activity in a long period of time. I guess 'they' figure you don't need it, I don't know. Thanks for the tip.

This is a great tip.

However, whatever you do, dont use the credit for much other than to build your credit.

save the christmas shopping for cash only.

Does anyone know of any other credit deals like this?

Maybe we should start a thread and list them all.

My only concern is that since we are all in this forum presumably because we screwed up our credit, we may not be disciplined enough to not misuse it yet. :)

save the christmas shopping for cash only. UNLESS you buy a cheap item for someone like NASCAR suggest's.

We are going to buy someone a present anyway's so why not use this card and pay it off within the same month like NASCAR advised.

I would suggest not doing any more than a minimum order of $50 or less, but you have to use the card sometime some how for it to be effective.

I used it to buy my Daughter's christmas gift, it arrived yesterday and it wasn't as cheesy as I was afraid it would be. Quite nice really, and fit our MANDATED PER-PERSON SPENDING LIMIT ...

I just got a credit limit from them for 2500.00 so that I can start rebuilding my credit :)

ATRUEFAMILY...you got credit..from who? This jeweler place? That's a pretty good amount..$2500.00. Do you have to pay any kind of fee towards this?

Yeah I went on yesterday and filled out their credit application (crownjewelers) and they gave me a credit limit of 2500.00. The only catch is that if I buy something I have to put a SMALL down payment, but if thats all it takes to re build my credit than thats not half bad. I looked at something that was 39.95 and it said that I had to put 8.00 down - NOT BAD!

I'm probably getting to the point where I need to buy something else to keep my account active. I didn't even notice that they raised my CL until I posted the screenshots from TC. I started with a $1500 and they bumped it another $1000. I was wondering why my FICO went up a few more points.

I was given a credit limit by them of $2,500 as well...

I opened a acct got 2500 credit and made deposit sent them a letter saying if any scame i was going to report the to news channels and internet sites, I received my wedding trio set for my wedding got it appraised at jewlel shop everything was up to standards and I am a BIG skeptic but they proved me wrong

the ONLY thing I have to complain about with Crown is that they only report to 2 of the 3 credit bureaus ... they report to Transunion and Experian, but not to Equifax.?? But with a $2,500 Credit Line that REALLY helps the way my "available credit" appears on my credit reports, I think that anyone who needs that extra bump should take advantage of it!

I was a little skeptical, but based on what I read here, I took a chance and opened an account with Crown Jewelers as well. Here is my "testimony"..

(Please keep in mind these are real scores lenders see, pulled through a company we use at work. TrueCredit is soooo off - I only use it to be aware of account changes.)

3/06/2009
EX (v2) 656 (TrueCredit - 571)
TU (04) 598, (98 ) 635, (95) 650 (TrueCredit - 602)
EQ (5.0) 587 (TrueCredit - 632)

3/09/2009 - Applied

3/10/2009 - Approved ($2,500)

3/12/2009 - Ordered

3/19/2009 - Received

3/22/2009 - Made Min Payment

4/06/2009 - Hit Experian

4/09/2009 - Hit TransUnion

4/09/2009
EX (v2) 670 (+14) (TrueCredit - haven't done a full re-pull yet)
TU (04) 630 (+32), (98 ) 666 (+31), (95) 681 (+31)
EQ - didn't re-pull because it didn't hit this bureau (TrueCredit - haven't done a full re-pull yet)

4/13/2009 - received my card in the mail

They did NOT pull my credit.


Considering that most lenders these days look at TU and EQ, it's unfortunate that CJ does not report to EQ. But hey, beggers can't be choosers, right? :D I'm very thankful for the boost in scores I got from this one trade. Not to mention, 6 months from now, it will be easier to get credit from other companies based on this account.

P.S. I'm allergic to anything that's not pure gold or (925) silver, can't even have any shiny coating on it. For my purchase I ordered a silver ring (Product # : R5976). I've been wearing it for about 3 weeks now and no allergic reaction, with crappy jewelry it shows up within 24 hours. The ring is beautiful and I love it.

PLEASE REMEMBER:

*CREDIT LIMIT: Your zero down credit limit will be determined by the total amount of purchases on your account in the last 12 months or $500 which ever is more.

You can also accelerate your credit limit increases by making higher monthly payments.

Six Payments Credit limit Down Payment
$25/Month $500 Zero Down*
$50/Month $1000 Zero Down*
$75/Month $1500 Zero Down*

*Provided all payments are on time and contact information on account is complete and as required.

hi,

The society is facing problems with such laws. This has to go legal and it???s needed to be sorted at the earliest

garcia

Link deleted per TOS - ND

is that supposed to be english?i can't tell.

these are some great posts, i have been working on my credit and was doing a great job till the recession and my 3 cards lowered my available credit which makes my usage 51%. I could really use a boost but applying for new cards lowers my rate more scince they look at the credit report. thanks a bunch i could use the boost!

As far as I know basically they don't do a credit check - they directly approve you for $2500 - when you buy something from them they make you pay a downpayment and shipping on it. If you fail to pay the remainder of the money they can report that to the agencies as well - so they really don't need to check you history for that. Otherwise, if you make payments on time - they report to agencies to help boost your score up!

I just got approved today from Crown Jewelers for 2500.00 and bought a silver pendant for 39.00 and paid 10.00 down and 11.00 shipping. I will see what happens with my credit score. TU is currently at 632 and I am using 33% Util.
Hope this works to build up my credit.

how can i begin repairing my credit mine is shot

I didn't know about crown jewelers but I will have to look them up. The one I know of is called enchanted attire . com. It's an online clothing store that extends lines too and I was able to get up to $5000 when I signed up. Granted, you have to pay for it to a degree, but I've had to pay just as much if not more in some cases for secured cards that don't give me the same tradeline size. I just grab something once per month and pay it back off to keep it in play and after several months of history, I'm seeing some results. Plus, at Christmas, I'll step it up a notch and buy a few more things then pay back off again.

I mean, if you had the choice between spending $300 or so to get a $500 unsecured card from the leeches at BOA, or spend about the same or so to get $5000 and increase your utilization range, wouldn't you go with the latter? Worth it.

'Enchanted Attire'? I've never heard of them. Do they REALLY help your credit score? You said it was an on-line clothing store? I know a person who has a CJ credit card. They are having some trouble with Customer Service, etc. Has anyone had trouble with CJ?

I did this today and will be interested to see what happens. I used one of those credit simulators and put in that I opened a new account with a $2500 credit limit and it actually showed my score would drop by 10 points. That makes no sense as I am at 86% utilization right now. Any one have any ideas?

I did this with crown jewelers a few years ago and will give them another try, and will also try Enchanted attire to see if either shows on my reports.

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