do I need store cards, too?

[hairmetal4ever]

Are store cards important to FICO?

 

BK disch 02/06, have 6 open (1 with a balance) revolving cards, 6% util, all VISA/MC (anything from Orchard to Merrick to Cap One)...would opening a store card help the mix or would the new account and additional credit pull be a negative?

 

With FICOs in the 640s...what would be a good store card to get?

[creditreformer]

see creditpulls database for cards you may get. fico likes diversity- auto loans, store cards, etc. you may see a small point drop once you get a card, but in 6-12 mos. (as w/any new acct), your score should rise back up. i don't think you should get a store card 'just b/c'...find 1 you'd use AND ideally, find 1 that may convert to a regular visa down the road. w/that in mind, i recently (4/08) got a target red. 200 CL's not glamorous, but outside of best buy (whose card's issued by hsbc and i abhor hsbc), i don't really shop much elsewhere besides target (i'm a minimalist in terms of material possessions), so target works for ME. plus, it should get an auto CLI in another mo. or so to 500 (not glamorous, but when rebuilding, ANY CLI is a good thing) AND there's a possibility target may convert it to a regular visa down the road. however, conversions on target cards are random and there's no rhyme or reason, so i'm not stressing out about it. i like target b/c there are a lot of different products- clothes, food, electronics, etc., so i found a store card that diversifies my reports, fits MY needs, and who knows, maybe target will show me some visa love down the road.

Edited June 30, 2008 by creditreformer

[Stryker]

I agree in princip;e. Conventional wisdom is that FICO does like a mix.

 

It would be interesting to see what the breakdown is for people with super high scores (ratio of bankcards to store cards).

[cocomad]

Definitely a store card such as Home Depot, Target, Nordstrom and add a gas card that pays you back 5% like Shell.

[hairmetal4ever]

So do you think my new auto loan and mortgage from 04/08 would be enough diversity for now, at least till they reach the 6 month mark?

[hairmetal4ever]

see creditpulls database for cards you may get. fico likes diversity- auto loans, store cards, etc. you may see a small point drop once you get a card, but in 6-12 mos. (as w/any new acct), your score should rise back up. i don't think you should get a store card 'just b/c'...find 1 you'd use AND ideally, find 1 that may convert to a regular visa down the road. w/that in mind, i recently (4/08) got a target red. 200 CL's not glamorous, but outside of best buy (whose card's issued by hsbc and i abhor hsbc), i don't really shop much elsewhere besides target (i'm a minimalist in terms of material possessions), so target works for ME. plus, it should get an auto CLI in another mo. or so to 500 (not glamorous, but when rebuilding, ANY CLI is a good thing) AND there's a possibility target may convert it to a regular visa down the road. however, conversions on target cards are random and there's no rhyme or reason, so i'm not stressing out about it. i like target b/c there are a lot of different products- clothes, food, electronics, etc., so i found a store card that diversifies my reports, fits MY needs, and who knows, maybe target will show me some visa love down the road.

 

Can you point me to the creditpulls database? I've seen it before but can't seem to find it.

[Andromeda76]

I would get store cards that has the Visa/MC logo on them. Like Target, Walmart, Circuit City etc

[ademas]

I haven't had a store card in years.

 

I kind of assumed a revolving TL is a revolving TL.

[goldtrad]

I would get store cards that has the Visa/MC logo on them. Like Target, Walmart, Circuit City etc

 

 

That defeats the purpose of getting a store card for FICO diversity. You just want a store card if that is the intention.

[Stryker]

I would get store cards that has the Visa/MC logo on them. Like Target, Walmart, Circuit City etc

 

 

That defeats the purpose of getting a store card for FICO diversity. You just want a store card if that is the intention.

 

[YODEE]

I have store cards like JCPenneys and Kohls because they offer special discounts and sales often to cardholders. You just have to remember to PIF to make the discounts worthwhile, since the interest rates are high.

[hegemony]

my only pure store card is lowes.

[Curious]

Are store cards important to FICO?

 

BK disch 02/06, have 6 open (1 with a balance) revolving cards, 6% util, all VISA/MC (anything from Orchard to Merrick to Cap One)...would opening a store card help the mix or would the new account and additional credit pull be a negative?

 

With FICOs in the 640s...what would be a good store card to get?

It would help your credit mix to get a store card but be sure and get one at a store that you actually shop at so that you won't be forced to buy things just to keep the card active.

[cocomad]

Are store cards important to FICO?

 

BK disch 02/06, have 6 open (1 with a balance) revolving cards, 6% util, all VISA/MC (anything from Orchard to Merrick to Cap One)...would opening a store card help the mix or would the new account and additional credit pull be a negative?

 

With FICOs in the 640s...what would be a good store card to get?

It would help your credit mix to get a store card but be sure and get one at a store that you actually shop at so that you won't be forced to buy things just to keep the card active.

Yes and go to Home Depot's online site and you will see they sell electronics as well and any given time you can get 0% for up to a year with the store card, not the MC. Also, you can keep a watch out for free shipping on select merchandise.

[petscii]

I would go with the advice above and get a store card at a place that you would shop at.

 

Having said that, if I had it to do all over again, I would go with places that graduate store cards into Visa/MC/Amex.

 

Target, etc.

[LustfortheMoment]

.would opening a store card help the mix or would the new account and additional credit pull be a negative?

 

I believe in the philosophy, K.I.S.S.............Keep it simple, stupid!!!!!!!!

 

I've never had a store card and have always enjoyed high FICOs. They have some utility for credit rebuilding, but if you have Visa/MC without annual fees, I wouldn't bother.

 

Good Luck,

[hegemony]

.would opening a store card help the mix or would the new account and additional credit pull be a negative?

 

I believe in the philosophy, K.I.S.S.............Keep it simple, stupid!!!!!!!!

 

I've never had a store card and have always enjoyed high FICOs. They have some utility for credit rebuilding, but if you have Visa/MC without annual fees, I wouldn't bother.

 

Good Luck,

how many derogatory tradelines are on your report?

[hairmetal4ever]

Are store cards important to FICO?

 

BK disch 02/06, have 6 open (1 with a balance) revolving cards, 6% util, all VISA/MC (anything from Orchard to Merrick to Cap One)...would opening a store card help the mix or would the new account and additional credit pull be a negative?

 

With FICOs in the 640s...what would be a good store card to get?

It would help your credit mix to get a store card but be sure and get one at a store that you actually shop at so that you won't be forced to buy things just to keep the card active.

Yes and go to Home Depot's online site and you will see they sell electronics as well and any given time you can get 0% for up to a year with the store card, not the MC. Also, you can keep a watch out for free shipping on select merchandise.

 

I doubt Home Depot would give me one.

 

Home Depot's cards are issued by Citibank. I included almost $25,000 in Citibank debt in my Chapter 7. Citibank never forgives.

[Xecuter2]

.would opening a store card help the mix or would the new account and additional credit pull be a negative?

 

I believe in the philosophy, K.I.S.S.............Keep it simple, stupid!!!!!!!!

 

I've never had a store card and have always enjoyed high FICOs. They have some utility for credit rebuilding, but if you have Visa/MC without annual fees, I wouldn't bother.

 

Good Luck,

Yeah, I agree.

 

Plus the addition of a loan or mortgage would be a great addition to regular credit cards, and should be enough.

 

As always, do whatever floats your boat.

[hawk_needs_help]

I agree that getting a store card WITH visa/mc defeats the purpose, but I would look into store cards that eventually convert just because of the better limits/rewards. As your score increases with time and you become more likely to be upgraded, it will be even easier to get another store card.

 

Gas card with cash back might be the winner.

 

Target/Bloomies/Macys/WalMart/Nordstroms will all approve people in the 600s (depending on circumstances).

 

If you want a store card that most likely will never upgrade, then I would go with WalMart. Target often auto converts. I believe Bloomingdales, Macys, and Nordstroms only upgrade with consumer request.

 

There has to be something you can buy at one of those 5 stores. I have all 5 and am mostly happy (not thrilled with WalMart because CL)...the other 4 rock!

 

Good luck!!

[hairmetal4ever]

The other day someone recommended NFCU as a good place for a higher limit CC with my profile and I was convinced I had no eligibility.

 

However, my wife's grandfather, a WWII Veteran, is not only eligible, but we discovered today that he is a member! Sounds like I have an "in."

[hegemony]

.would opening a store card help the mix or would the new account and additional credit pull be a negative?

 

I believe in the philosophy, K.I.S.S.............Keep it simple, stupid!!!!!!!!

 

I've never had a store card and have always enjoyed high FICOs. They have some utility for credit rebuilding, but if you have Visa/MC without annual fees, I wouldn't bother.

 

Good Luck,

Yeah, I agree.

 

Plus the addition of a loan or mortgage would be a great addition to regular credit cards, and should be enough.

 

As always, do whatever floats your boat.

because EVERYONE can get approved for blue cash...

[Andromeda76]

I would get store cards that has the Visa/MC logo on them. Like Target, Walmart, Circuit City etc

 

 

That defeats the purpose of getting a store card for FICO diversity. You just want a store card if that is the intention.

 

 

Sorry. Let me clarify, I would suggest that you get a store card that you can UPGRADE to a Visa/MC. Some store cards, IMO, is worth getting the visa straight out......NORDSTROM.

Edited July 2, 2008 by Andromeda76

[Cray91]

I would think that diversity within revolving credit lines would not be as important as having greater diversity across types of credit; installment loans, revolving, etc.