topic Re: Store card application Help !! in Credit Cards

Store card application Help !!

pat0812 — Fri, 26 Oct 2012 03:36:52 GMT

Hello

I just started my credit history 5 months ago and right now i have

1) $300 WELLS FARGO SECURED

2) $400 WALMART STORE CARD

3) $500 CAPITAL ONE UNSECURED

Next month i'm going for a charge card with AMEX

Now i have a question

My friend works in Littman Jewelers and they just came out with their new store cards operated by TD Card services. She told me that a lot of people that don't have a good credit or short credit history are getting straight away 1000-2000 credit limit on their card.

I don't know if that is true or not but i was wondering something

Let's say I apply and i get $1500 CL. Is that a good move for my credit ? Because right now my highest limit is $500

Will that look good on my report? Will that help me to get higher limits from know on ? Or store card and credit card are not the same value of importance ?

Because i know that some credit card companies match you the same limits than your highest limit you have

Please give me some advice, i would like to give this a try, but would like some advice first

Re: Store card application Help !!

migliogiorni — Fri, 26 Oct 2012 03:50:43 GMT

Hmmm...do you need this store card? are you planning on shopping there often? If not, why bother? I personally think you should use that Wal Mart card as much as possible as that will be your friend. And matching your highest limit with aother CC's that doesn't always work. Especially if your credit history is thin. Anyway, GL.

Re: Store card application Help !!

kwazziee — Fri, 26 Oct 2012 04:33:14 GMT

+1 I agree, it a much better move to use the Wally card and PIF as much as you can then request for cli. Good luck.

Re: Store card application Help !!

RonDawg — Fri, 26 Oct 2012 05:28:26 GMT

pat0812 wrote:
Hello

I just started my credit history 5 months ago and right now i have

1) $300 WELLS FARGO SECURED
2) $400 WALMART STORE CARD
3) $500 CAPITAL ONE UNSECURED

Next month i'm going for a charge card with AMEX

Now i have a question
My friend works in Littman Jewelers and they just came out with their new store cards operated by TD Card services. She told me that a lot of people that don't have a good credit or short credit history are getting straight away 1000-2000 credit limit on their card.

I don't know if that is true or not but i was wondering something
Let's say I apply and i get $1500 CL. Is that a good move for my credit ? Because right now my highest limit is $500
Will that look good on my report? Will that help me to get higher limits from know on ? Or store card and credit card are not the same value of importance ?
Because i know that some credit card companies match you the same limits than your highest limit you have

Please give me some advice, i would like to give this a try, but would like some advice first

If your just looking for more Credit to show on your CB then go for it but really if your not going to use a store card then there is no point. Most store charge accounts that are not used are usually closed by the creditor. Also store charge accounts don't hold the same value to your CB as major credit/charge cards do. I would say go for the AmEx charge card before a store card.

But if your going to use the charge card then go for it, remember most store cards have a very high interest rate so you may not want to keep a balance at least not for very long anyways. UTL is UTL so if you have a store card that credit limit is included in your UTL where your AmEx charge card would not be included so it would not help the value of your credit score if you have a balance your are going to keep on any of your other cards.

Re: Store card application Help !!

jsucool76 — Fri, 26 Oct 2012 12:15:24 GMT

@RonDawg :

As far as I know creditors cannot tell whether the card is a store card or not when they pull your reports. Obviously they can identify GECRB cards and WNNFB cards because the account on your reports lists the creditors, but things like the chase amazon card only say "Chase Bank" on your report. TD is a regular bank so if he got the card it would most lilely just list TD, and report as a regular revolving credit account. Store cards don't report any differently than regular credit cards do.

When people talk about having a good mix of credit, they are usually referring to having credit cards, and installment loans, and stuff like that. Not store card versus bank card.

Re: Store card application Help !!

webhopper — Fri, 26 Oct 2012 13:27:55 GMT

migliogiorni wrote:
Hmmm...do you need this store card? are you planning on shopping there often? If not, why bother? I personally think you should use that Wal Mart card as much as possible as that will be your friend. And matching your highest limit with aother CC's that doesn't always work. Especially if your credit history is thin. Anyway, GL.

Agree with this ^^^ Your friend probably gets a little bonus for everyone that apps.

Re: Store card application Help !!

Shogun — Fri, 26 Oct 2012 13:35:54 GMT

My personal take on the matter. If you don't need it, and don't shop there. I wouldn't mess with it. It's going to ding you with a HP and take a hit on your AAoA. If you're going to do that, do it for something you'll use.

Re: Store card application Help !!

youngandcreditwrthy — Fri, 26 Oct 2012 13:39:10 GMT

Typically, jewelry lenders base your limit on your purchase-so if you cold app without a purchase in mind, they might give you a loooowwww limit.

If you need it for utilization, do it. I'd say big limits trump a lot of factors,
like aaoa, and it looks like you have low limits.

Best of luck :-)

Re: Store card application Help !!

nuggets321 — Fri, 26 Oct 2012 13:58:10 GMT

+1 on the GE Walmart card. Use it , use it often, pay it often. I started with a 600 CL and after a year am already up to $3200 CL. They will definitely grow with you.

Re: Store card application Help !!

Jutz — Fri, 26 Oct 2012 14:07:13 GMT

+2, or whatever we're on for skipping the store card and growing the WalMart card. I'd bet your first CLI on your walmart card will be more than the jewelry store card and it'll be without a HP and won't ding your AAoA. You're looking good right now, no reason to stray from the path.

Also: @nuggets, I just started with a $600 balance Walmart card yesterday, how often did you request a CLI to get 3200 in a year? 4 months? That's about where I'd like to be at next year.

Re: Store card application Help !!

creditnocash — Fri, 26 Oct 2012 15:20:18 GMT

+3 on walmart..

i went from 800 to 3k in 3 months. but my scores are a little higher but anything is possible.

Re: Store card application Help !!

Jutz — Fri, 26 Oct 2012 15:29:04 GMT

When did you CLI request out of curiosity, after the 3rd statement, i.e. roughly 4 months total? Was it the auto CLI request, or analyst reviewed?

creditnocash wrote:
+3 on walmart..

i went from 800 to 3k in 3 months. but my scores are a little higher but anything is possible.

Re: Store card application Help !!

creditnocash — Fri, 26 Oct 2012 16:13:35 GMT

Jutz wrote:
When did you CLI request out of curiosity, after the 3rd statement, i.e. roughly 4 months total? Was it the auto CLI request, or analyst reviewed?
creditnocash wrote:
+3 on walmart..

i went from 800 to 3k in 3 months. but my scores are a little higher but anything is possible.

i have no statement to date.

might get one this month. seven dollar charge a couple days ago that hasnt posted but i already sent the payment so idk.

applied july 28th (according to inq) cli was asked for i believe the first of oct.

i did that cli on the phone and was denied by the system and then talked to a person (not underwiting) on how i wanted to buy a couple tvs and 800 would not do me justice. (which is true)

i asked for 3k not wanting to go above my highest limit. and said she would forward it to uw and i would get a letter in 7-10 days. next day logged in and the cli was in my account.

it was a soft pull.

Re: Store card application Help !!

nuggets321 — Fri, 26 Oct 2012 17:13:59 GMT

@ jutz... yes every 4 months.. the first one went thru online, but subseuquent have been automated phone system requests...

Re: Store card application Help !!

jamie123 — Fri, 26 Oct 2012 21:03:28 GMT

I would suggest not getting the jewelry store card. You don't need it.

Stick with your plan.

I thought you were going to wait until early December for the AMEX?

Every month matters when your AAoA is only 3 months.

Were you able to get your scores yet?

Re: Store card application Help !!

pat0812 — Sat, 27 Oct 2012 04:58:53 GMT

i didn't get my scores yet. i guess next month when i will have 6 months reported on my report

i joined DCU and I'm also waiting to get an equifax score from them and my free walmart score doesn't work at the moment as well

Re: Store card application Help !!

jamie123 — Sat, 27 Oct 2012 19:45:10 GMT

You just need to give it some time. Don't apply for anything until early December. Then, you could roll the dice and apply for an AMEX Green Charge depending on how your scores look. You will still have a really thin file at that point but it might be worth a try. If AMEX denies you, or even if they approve you, I would then try applying for a Chase Freedom or a Bank of America 1-2-3 Rewards card.

Then into the garden you go for a year!

Re: Store card application Help !!

ccnewcc — Sat, 27 Oct 2012 20:16:28 GMT

pat0812 wrote:
Hello

I just started my credit history 5 months ago and right now i have

1) $300 WELLS FARGO SECURED
2) $400 WALMART STORE CARD
3) $500 CAPITAL ONE UNSECURED

Next month i'm going for a charge card with AMEX

Now i have a question
My friend works in Littman Jewelers and they just came out with their new store cards operated by TD Card services. She told me that a lot of people that don't have a good credit or short credit history are getting straight away 1000-2000 credit limit on their card.

I don't know if that is true or not but i was wondering something
Let's say I apply and i get $1500 CL. Is that a good move for my credit ? Because right now my highest limit is $500
Will that look good on my report? Will that help me to get higher limits from know on ? Or store card and credit card are not the same value of importance ?
Because i know that some credit card companies match you the same limits than your highest limit you have

Please give me some advice, i would like to give this a try, but would like some advice first

I'd go for the Amex Green over the store card.

In general, I believe store cards are absoultly worthless. But that's not why I say go for the Amex and instead of the store card.

From what I understand, Amex green one of the easiest to get and when you have 6 months of history you'll have a FICO and the Amex is within reach.

Re: Store card application Help !!

maiden_girl — Sun, 28 Oct 2012 09:14:01 GMT

I wouldn't apply for the jewelry store card. How will it benefit you? You don't really need it.

I'd also avoid Chase at the moment considering how young your credit is. Chase likes to see at least one year of revolving history. I'd also avoid AMEX right now as well. I'd go for something simple like Discover More or Discover IT for this stage of your credit file. If not, garden until your credit history hits one year. Your Walmart card will grow with you and hopefully into a Discover upgrade in the near future.

Re: Store card application Help !!

distantarray — Sun, 28 Oct 2012 13:20:54 GMT

maiden_girl wrote:
I wouldn't apply for the jewelry store card. How will it benefit you? You don't really need it.

I'd also avoid Chase at the moment considering how young your credit is. Chase likes to see at least one year of revolving history. I'd also avoid AMEX right now as well. I'd go for something simple like Discover More or Discover IT for this stage of your credit file. If not, garden until your credit history hits one year. Your Walmart card will grow with you and hopefully into a Discover upgrade in the near future.

^ this I would avoid Amex and Chase til after one year, I had Amex yell at a friend of mine saying AMEX IS NOT A STARTER CARD. Since she tried to apply over the phone with 7 months of good history. They're going to have a hard time approving someone who doesn't even have a $1000 limit to a NPSL card imo.

Also Maiden Kays Jeweler car isn't bad, cause they're sterling / Jared / Kays / Marks and Morgans etc. It's easier to keep alive than other cards, where you actually have to spend stupid money to keep alive... =x

Buy a gift card on the website $100 kays gift card then go to the store and pay off the gift card balance with the gift card = Not even a penny wasted =x with keeping alive crap cards like Cap1 platinum I would have to sacrifice some points I could've got towards good cards =)