Filene's Credit Card

Filene’s Basement , a Massachusetts-based department store chain, is one of the oldest ‘off-price’ retailers in the United States.
 
    
The Filene’s name has been associated with retail stores for more than one-hundred years. The original store was located in the basement of Filene’s Department Store in Boston; all retail outlets now bear the name Filene’s Basement. Filene’s offers high-end clothing and accessories for men and women at reduced prices. Filene’s Basement retailer locations are popular places for bargain hunters. There are twenty-five Filene’s Basement retail outlets around the United States.

Shoppers at Filene’s Department Stores (most of which were purchased by Macy’s Department Store except for the flagship store at Downtown Crossing in Boston) and Filene’s Basement have been able to open and use lines of credit through Filene’s credit cards to make purchases. The Filene’s credit card was a good credit card for people who made frequent purchases at Filene’s Basement stores or the Downtown Crossing Filene’s Department Store. The card offered cardholders savings on purchases as well as updates on specials and coupons for use at the stores. People often used the card to help build their credit scores; it was a good card for people with no credit or bad credit since the use of the card was reported to credit bureaus. Through making purchases with the Filene’s credit card and paying off the balance, people could use the rewards of the card and build credit at the same time.

On May 4, 2009, Filene’s Basement filed for Chapter 11 bankruptcy. Approximately one month later, a Men’s Warehouse affiliate acquired the Filene’s chain, including all of the store inventories, the headquarters and warehouse locations, and the majority of the twenty-five Filene’s Basement retail locations as well as the flagship Boston Downtown Crossing location. At this time it is not known what will happen to the Filene’s locations for sure; it is known that at least some of the Filene’s Basements locations, such as the one located within Baltimore’s Inner Harbor, will be closed.

At this time, there is no information on the status of current Filene’s credit card accounts. It is unclear if the current cardholders will be issued new cards under the new owners name or if accounts will be closed. Cardholders should contact their account managers to get details on the status of their accounts and to learn how their cards can be used in the future. Typically, it is not a good idea to close a credit card account. Closing an account reduces the amount of overall credit for which you are eligible, and this can reduce your credit score. Additionally, if the Filene’s credit card is one of your older accounts, closing the account may negatively impact your credit score.

Filene’s credit card holders should hold on to their cards during this period of transition. If your account is in good standing the new owners may wish to maintain valued customers and may issue a new card or continue to honor the account. In order to keep your good credit score, or to prevent damage to your score, it is not a good idea to close the account unless there are compelling reasons to do so.


  

Source: Credit Cards For People With Bad Credit Rating


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