The Wallet, a Wall Street Journal blog, is reporting that Sears-Kmart MasterCard customers are now receiving free TransUnion FICO scores each month. HSBC, the issuer of the card, joins Washington Mutual as the only other credit card company to offer this free* perk to customers.
The Wallet adds a few caveats for those who are thinking about applying, though: However, if you’re dying to monitor your credit score, the Sears-Kmart card is one way to do it for free — but it works in your favor only if you avoid racking up a huge balance and are willing to take the temporary ding to your credit score when you apply. (Applying for a new line of credit counts as a hard inquiry on your report.) Still, even if you never use the card again after the initial signup (and you probably shouldn’t), it’s a rare and potentially helpful benefit.
Good advice. I would add that applying for a new card will also reduce the average age of your credit history, too. For more details on how FICO scoring works, see my story on the topic here (link).
*After I originally published this story, I called HSBC to find out about this particular card. It's called the Sears Solutions MasterCard. One cannot apply for the card online. Instead, you must go to a Sears store and apply there. Depending on your credit history, annual fees range from $0 to $59. The break points are $0, $19, and $59 per year. If you receive a card with an annual fee, then the FICO score you receive each month can't really be called free, right? Something to think about.
Last month I wrote about the Bankcard Industry Option FICO score that Washington Mutual provides to its customers. If you're not up to speed on this particular score, you might want to give my story a read. You can find the story here (link).
In the meantime, be sure to read the rest of the Wallet story: Why You Might Actually Want a Retail Credit Card (link here).
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Tuesday, November 4, 2008
Sears-Kmart MasterCard Perk: Free* FICO Score Each Month
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56 comments:
Nice find, Marcus! Now if only one of these CCCs would offer an EX or EQ FICO, to complement the WaMu/Sears TU offerings, we'd be smokin' set. :)
I know my wife used to get the WaMu EX FICO score on her ESPN card. Not sure if that's still the case, though. Would be nice to find more of these free FICO scores, though.
now we just need a few entries in the the CB database so everyone can get some idea of requirements etc..
Exactly. Hopefully someone with some experience with Sears-Kmart will chime in here as well.
Maybe I'll take the hit on EX of Sears wants to "upgrade" me. Anyone know if upgrading to MC retains the history on the store card? (It's my oldest account.)
I'd definitely call and ask about the history, DM. And let us know what happens.
Hmmm - My wife has a Sears MC and I can't find anything about sFICO anywhere on the SearsCard.com website.
So I clicked the link in the story from The Wallet and I'm at SearsSolutionsRewards.com.
I tried to log in, but received the "user name not found" error. So I tried to sign up - got an "incorrect card number" error.
So - it looks like the Sears/Citi MasterCard is a different animal than the Sears/K-Mart HSBC/Citi Mastercard.
FLT, so you have the Sears/Citi-only card.
You don't have the Sears/HSBC/Citi Mastercard. Correct?
Ouch -- mine's a Sears City store card, so it looks like the wrong product anyway. Will watch for a while and see what transpires.
Maybe you Sears/Citi guys should call and see how you guys can get the free FICO score. Put the issue on the radar screen.
My wife had a Sears card from way back when and it converted (in the past year I believe) to a Citibank issued Sears MasterCard.
I emailed customer service asking if I could convert.
Keep us posted, FLT.
I was so excited to see a reply in less than two hours, I was expecting Sears-like customer service. Then I read the reply.
Your Sears Gold Master Card [sic] is accepted at K-mart stores.
Thank you for using our website.
I wrote back and told them I knew it was accepted at K-Mart. Not only that, but it is also accepted at any store in the world that accepts MasterCard!
Then I asked - again - if the card could be converted.
FLT, sounds like a robot response. Hopefully you'll find someone who can answer you thoughtfully next time.
Let us know.
Anybody know how to apply?
I don't know how you go about applying. Just doing some digging around, there could be an annual fee attached to this card. It looks as though you would apply for the Sears Mastercard, underwritten by Citibank. If it doesn't approve you for that, then it looks like you get the HSBC version, which has a fee.
Guys/gals, let's figure this out. Get back to me if you figure out what this HSBC version of the card is. And tell me how you apply for it.
The clueless gang wrote back:
To better assist you, we need to speak with you directly. Please contact us at 1-800-669-8488. We are available 24 hours a day, 7 days a week.
Thank you for using our website.
LOL. Great customer service, FLT.
This is the number for the HSBC card: 800-567-1196
I see, on a message board, that there is an annual fee of $59 with this particular card. If that's true, that would be a deal breaker. It would also mean that the FICO score is not "free."
Calling HSBC now.
All right. Here is the deal:
The card can only be applied for in a Sears store. There is no online application for it. Also, depending on your credit history, you could receive a card with no annual fee, $19, or $59 a year.
I am updating my story to reflect this information.
I'm guessing they won't be handing out CW credit limits; so no AF would be great, $19 would be palatable and $59 - well, I would have to pass.
And because you couldn't know ahead of time, it would be a crap shoot. I imagine if you have a sterling history, you'd likely receive a no-fee card. But what if you have a questionable history -- and you're on the bubble between $19 and $59?
Get the roulette table out, baby.
an inquiry + possible annual fee + unknown limit + KMART scrawled across the top of my card? I don't think so.
In other news, K-Mart's still around? Other than the two stores in Manhattan, I don't think I've seen an operational K-Mart in years. The K-Marts in Manhattan are like a time warp back to their 1980's glory. Stale smell & all.
Sean, I have not been to a Kmart since I was a kid. I was last in a Sears about ten years ago.
I have the WaMu card, so no need for this card. Also, because of the unknown annual fee situation, I would be very hesitant about this card.
If Chamu PFICO dies, I may have to go for this.
The only time I go to Sears is to get batteries replaced
.
.
watches, not hearing aids.
BW, why don't I believe you?
.
.
You know they're for hearing aids!
To add some clarification...
Sears/Kmart has 2 credit lines available for customers. One through Citi and one Through HSBC.
This Fico offer is through the HSBC card only and as the cards are through different companies flat out converting is not an option.
Having both cards (although I do not necessarily promote this idea is an option). Neither card is run by Sears Holdings (Sears/Kmart) directly. Both cards are managed for them by their respective brands, Citi and HSBC.
I believe that a person can apply for the card at both Sears or Kmart... and yes there are still Kmart's open.
About 1300 to be in the ballpark. to find one near you, you can go to Kmart.com.
Also, Kmart is the last big box discounter to offer Lay-a-way, an option that means you don't have to use those credit cards.
Thanks, John. You'll notice that my story has no reference to Citibank. I figured out the connections yesterday, which is why my story now just has the HSBC connection.
I appreciate your comments, though.
Take care.
Avoid this card like the plague. Take one look at who issues and services the card? Yep, HSBC. They are the epitomy of subprime. Free FICO is a nice marketing ploy, but navigating through shark infested waters (HSBC) to get it is not worth it.
Just look aroud on credit forums, HSBC is not a bank I want to have a card relationship with. In fact, I found it difficult to find many people who were happy with their HSBC card. Even fewer people happy about their HSBC car, mortgage, heloc, and finance loans.
I just read above that this is the Sears Solutions Card. Please people, this card is anything but free. Don't apply for a Sears card, the last thing you want is this card. I seem to recall Best Buy customers inadvertently getting a gold hsbc mastercard if they were declined for the store card. Of course, the gold card had a $59 annual fee while the store card was a no annual fee card.
Anon, no doubt, I can see this card being fee-infested. Only the absolute best risks would be priced at no fee. For most, it would be a crap shoot. I'd also be worried, even if I was a fee-free customer, that I'd get a $500 limit.
That said, I do have a Saks Fifth Avenue World Elite Mastercard. It's underwritten by HSBC. It's a decent card. Customer service is good.
I forgot all about this card.
When we lose PFICO, can this be a good replacement (as long as we qualify for fee free)?
I read that it's provided by TU, but is it a Bankcard Industry Option FICO score, or just a plain FICO score?
Oh, the thread that reminded me:
http://creditboards.com/forums/index.php?showtopic=378296
I just posted a story on the blog.
http://www.creditmattersblog.com/2009/01/fico-scores-may-be-offered-more-widely.html
Hmmm, I have this card, but I don't seem to remember ever seeing a fico score on my statement! Do you need to sign up for it in addition to having a sears solutions mastercard?
Anon, I do not have the card, so I cannot answer. However, I would think that it's displayed online? I would advise that you call customer service and find out where it's displayed. Come back here after that and let me know what you find out.
Thanks.
In mid February 2009, I got a flyer in my Sears Kmart HSBC Mastercard statement saying, that if I went online and registered, I would receive my FICO score for free each month. It is called FICO Credit Score Viewer. That was back in February...I have yet to receive a free FICO score. After registering, I did receive an email acknowledgement that said it would take 7 days for my FICO to be available for me to view online. I will forego explaining the 2 months of calls and aggravation I have endured from Sears, Kmart and HSBC since then. Three weeks ago, I decided to file a complaint with my local Sears store manager. One week later, the main page of the www.SearsSolutionsMastercard.com that offered the Free FICO Viewer score was removed. When I addressed this to the store manager, he had no comment. I am now being told by him, that the offer was for a free credit report, which as you know, is no offer at all. When I emailed him a copy of the flyer I received with my statement and the webpage I had saved that both showed the free FICO offer, he now said, if I checked, the free FICO should be on my billing statement which it is not. At that point, he said he would get back to me...that was last week...in my opinion, this is a scam. When the issue takes a back seat to your pursuit, it can only be a scam. We have given billions of dollars to these companies and they continue to scam us. I keep you updated.
Anon, thanks for the detailed post.
Please do keep me updated.
CM:
do you find it concerning that Sears Solutions MC has removed the free FICO offer from their webpage?
jj
JJ, wasn't aware that Sears had removed it. Thanks. Will see if I can find out what's going on.
CM:
just to clarify, it was Anon (April 11, 2009) who said the Sears Solutions Mastercard webpage had removed the Free FICO offer from their webpage....will be interested to know what you find out as it sounds like Anon 4-11 never got their free FICO and as far as I have read, no one else that has written to you has...did I miss a blog?
jj
JJ, I really haven't followed this story since blogging about it back in November. It was a Wall Street Journal blog that first blogged about it. I tend (though not always) to not follow those kinds of stories too closely afterward. When they're my stories, though, I chase like a dog.
I'm trying to find out if Sears got rid of this feature.
Ok people...i work for sears and here is the final and correct story on this. If you go into the store (or apply online) you WILL be applying for the sears citi in-store or mastercard. If citi is unable to approve you then HSBC looks at your application and tries to approve you for the sears solutions card...its the second chance for people who were not approved for the citi backed sears card. you CANT apply for the HSBC version...it is meant ONLY as a second chance and comes onto the register screen only when and if a customer is not approved for citi, but HSBC is able to offer a card. You can decline the offer if you dont want it/dont want the fee. Sears citi has NO fee.
Anon, thanks for the comment. And thanks for the clarification.
I am anon from April 11th...I would first want to comment on anon April 22nd...lots of good information but unfortunately it has nothing to do with this blog subject which is about the Sears/Kmart Free FICO score. So, I ask the same question as jj did on April 15th...has anyone actually received their free FICO score as the Sears/Kmart Solutions Mastercard (from HSBC)advertised? CM, did you ever get a chance to find out if HSBC has done away with their free FICO Offer...I just received the same flyer in with my current statement this month from HSBC offering the Free FICO Score Viewer but can still find no one to confirm it exists. Is there anyone who can comment on my previous comment about this being a possible scam to generate business (by HSBC), but not actually supplying the service?
Anon, would you mind giving me the phone number that's on your offer?
Thanks.
You bet...800/567-1196 ... this is the Sears Solutions Mastercard Customer Service #.
Anon, thanks a lot. Always appreciate my fine readers!
CM: Were you able to find out anything from the information you got from Anon, April 11th? I called the 800 number but no one knows of any free FICO offer. jj
Anon, oops. Sorry about not getting back to this thread. Guess what? As far as I know -- and this is based on talking to two reps -- everyone is clueless. No one is aware of a FICO score. Seriously, it's crazy. No one knows much about this product (the card).
If you want, I will send a note over to Mary Pilon, the author of that Wall Street Journal blog. Maybe she knows something. She originally wrote the story talking about this feature. If nothing else, maybe she'll do a follow up. These days I don't have the time to find someone who can give me a definitive answer.
jj, I sent a note to Mary over at WSJ. Told her that she might want to do a follow. I don't mind getting scooped by her. It was originally her story and I have final exams starting in a couple of days. We'll see what she finds out.
Ok. Mary got the scoop.
Another Free Credit-Score Casualty?
http://blogs.wsj.com/wallet/2009/05/05/another-free-credit-score-casualty/
hey man, consumerist picked up on this post. hmmm... love, hegemony
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