reviewer
brgal
Wilmington, DE

Great discounts, but Kohl's is too quick with credit reporting

3 star rating

don't carry a balance, an aggressive investor
Cons
    No grace period for credit reporting

AUG
8
2008

I do not like to carry store cards, but the Kohl's card is clearly a good one to have because of the 15% discount days coupled with their excellent sales.  They also carry clothing that my entire family likes to wear.  My problem is with the financial end of the card service.  I will admit that I let the card lapse for 30 days one time a few years ago, but then I paid it off in full as usual.  I was traveling like crazy for work in that period and just lost track of a few things.  I just checked my credit report recently and found out that Kohl's/Chase had given me a negative mark for that month and it is going to stay on my report for 7 years.  This is going to ultimately cost me more than I am saving with their coupons.  Now, I know that I have to take responsibility for my credit, but in my 30 years of credit experience they were more ready to pull the trigger with this negative reporting than any one else.  Other lenders give you a grace period.  It is the only negative mark on my report.  I will certainly be more careful with them in the future, but I am thinking about cancelling the card to ward off any future problems.



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I_comment_shdw24 Comments about brgal’s Review

 


CreditWiser wrote on Apr 28, 2009 at 8:39PM

I have similar experience. Only one payment late 2 years back, which was my first and only payment due to Kohls. I pay my balance off on time normally. Called Customer service and explained situation, and also that Kohl's is the only derogatory item on my credit report, but they would not change status. I have closed my account with Kohl's, and regret opening one with them in first place. I intend keeping minimum number of credit cards open, and will pass by store offers of credit for sure.

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