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Can someone explain the shopping cart trick? And benefits if any?
@Anonymous wrote:Can someone explain the shopping cart trick? And benefits if any?
On some websites once you place an item in the shopping cart it will bring up a prompt for their credit card, and if you accept it is only a soft pull...it is a way to get some credit without a hard pull bringing down your score. The extra credit can lower your utilization, thereby raising your fico score. Once the card is approved, you can cancel the item in your cart, but will still recieve the card.
Please use caution. The most common mistake is chasing multiple Sct cc with low limits vs building a solid foundation in rebuilding. If you MUST utilize Sct.....only get one for a store you shop very frequently.
Most people end up regretting loading their portfolio with Sct cc.
@Justagirl73 wrote:Please use caution. The most common mistake is chasing multiple Sct cc with low limits vs building a solid foundation in rebuilding. If you MUST utilize Sct.....only get one for a store you shop very frequently.
Most people end up regretting loading their portfolio with Sct cc.
Very valid point....shortcuts to higher credit scores are often not the best thing for your overall credit future. I have maintained an above 800 fico score on at least 1 CRA for years. I have never used the SCT myself, and generally avoid store cards. A quality credit profile is achieved by knowing the factors in a score and developing a strategy based on that. No tricks are needed...pay all bills on time, have a good credit mix, and maintain low utilization...I PIF every month...and high scores will eventually result.
@sarge12 wrote:
@Justagirl73 wrote:Please use caution. The most common mistake is chasing multiple Sct cc with low limits vs building a solid foundation in rebuilding. If you MUST utilize Sct.....only get one for a store you shop very frequently.
Most people end up regretting loading their portfolio with Sct cc.
Very valid point....shortcuts to higher credit scores are often not the best thing for your overall credit future. I have maintained an above 800 fico score on at least 1 CRA for years. I have never used the SCT myself, and generally avoid store cards. A quality credit profile is achieved by knowing the factors in a score and developing a strategy based on that. No tricks are needed...pay all bills on time, have a good credit mix, and maintain low utilization...I PIF every month...and high scores will eventually result.
+1000
Agreed.
Strategy is key with a couple of dashes of patience 😂