Typically, for processing applications for new credit cards, JCPenney pulls credit reports of the applicant from all the three major credit bureaus (that is, Experian, Equifax, and TransUnion). JCPenney does hard inquiries on the applicants’ credit histories when evaluating the JCPenney credit card applications. JCPenney also reports their customers’ credit card usage to these credit bureaus so that their information stays up to date. Applications for the renewal of existing credit cards are also processed by pulling credit reports from the bureaus.
In this article, we will go through the process by which JCPenney pulls reports from credit bureaus to issue new credit cards. We will also go through the requirements for availing of a new credit card from JCPenney and the advantages and disadvantages of their credit cards. Finally, we will mention some ways to improve credit scores, some alternatives to JCPenney credit cards, and some questions asked frequently by customers.
Credit Evaluation Process
For evaluating applications for new credit cards, JCPenney will go through the credit reports and scores prepared by TransUnion, Equifax, and Experian. They will study the customer’s history with credit cards to decide whether the customer can be relied upon with a credit card or not. A positive credit report is a must for being approved for a JCPenney credit card. Minimum credit score requirements are generally not declared explicitly by JCPenney.
The credit report for a customer is made by the bureaus after considering many factors. Factors that affect the credit report include the customer’s card usage, spending limit, amount of money in the customer’s account, billing history, dues left, and payment history. After evaluating this data, the customer’s credit report is finalized.
JCPenney also reports to the credit unions. The customer’s credit card usage details will be sent to the bureaus for evaluation. The reports are made at the end of each month after the end of the monthly billing period. If a customer has an active existing JCPenney credit card, they will see the changes updated in their card. New cardholders will not see any updates on their cards.
Requirements for a JCPenney Credit Card
If a customer wants to get a new JCPenney credit card, they must meet the following requirements set by the organization:
The applicant, at the time of application, must be at least 18 years old. The applicant must have a valid shipping address in the United States. P. O. box addresses are not considered valid. The applicant must hold a valid ITIN or social security number. The applicant must have an excellent, fair or good credit score. Applicants must not provide false information on the application form.
Applicants who meet the above requirements can expect to have their applications for JCPenney credit cards approved.
Pros and Cons of JCPenney Credit Cards
Like with any other credit card, the JCPenney credit card comes with its advantages and disadvantages. The following is a list of the pros and cons of the JCPenney credit card:
Pros
Customers are not required to pay an annual fee. Customers get $1 on every dollar spent through the credit card. The reward points can be accumulated to get a reward at the store. Customers with credit cards can get special discounts, bonus deals, and coupons.
Cons
The JCPenney credit card is only usable at select places like JCPenney stores and jcp. com. Places, where Mastercard is accepted, may also accept them. Other rewards can be gained by using other third-party credit cards. Customers with low or poor credit scores cannot apply for these cards.
How to Improve Credit score for JCPenney Credit Card
While JCPenney does not disclose their credit card evaluation process, it has been observed that only applicants who have decent credit scores or higher are approved for the JCPenney credit card. Customers with low credit scores who want to apply for the JCPenney credit card can take the help the following methods:
Paying Dues Regularly: A customer must pay their dues regularly for getting a good credit score. Setting up an alerts system to repay dues will create a good impression on the credit bureaus. Keep Older Credit Cards in Use: If the customer has an old credit card that has been used carefully, their credit score is likely to improve. Old credit cards help maintain a long credit history which will be a good background credit history to have. Opting for a longer tenure of repayment: By making the tenure of repayment longer, it is possible to make large payments relatively easily by making short payments for a long duration. This will improve the user’s credit score as they will be making payments on their EMIs regularly.
Alternatives to JCPenney Credit Cards
If a customer finds that their credit score is too low for a JCPenney credit card, they can apply for the following credit cards which are easier to get than JCPenney credit card:
Surge MasterCardCapital One Platinum Secured Credit CardReflex MasterCardTotal Visa CardFIT Mastercard
These cards are easily accessible to most customers.
Conclusion
JCPenney credit cards are available only for customers who have average or above-average credit scores. It reports to and pulls reports from all the major credit bureaus. Since JCPenney has declined in recent years and, they have a stiff credit score requirement, customers have often opted for alternatives and competitors of JCPenney.
Q1. How long does it take for the card to get approved?
A1. After applying for the credit card, customers can expect updates on their applications within 7 to 10 days.
Q2. Where can I use a JCPenney credit card?
A2. JCPenney credit cards can be used at all financial establishments and retailers where Mastercard is accepted.
