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Congratulations Pizza on closing more cards.
I seriously doubt that "lack of store cards" is anything other than one of those random Reason codes the bank is required to provide. There will have to be something more substantial to convince me.
@Anonymous wrote:
@pizza1 wrote:
@Anonymous wrote:
@wacdenney wrote:
@Anonymous wrote:IMPO, again, this bears repeating, IMPO, I've always believd that store cards are nothing but a waste of time. I've never applied for one and never will. I'm perfectly happy witht the CCs that I have with banks such as Disc, BofA, NFCU and Amex. That's just MY OPINION.
Again, that's just MY OPINION. One more time: MY OPINION!
EDIT: But, to be fair, if anyone IS HAPPY with their store cards, good for them. As long as they're perfectly fine with it, that is all that matters.
There's a difference between grabbing every store card just because and grabbing them strategically. Some of them are useful like for example Home Depot and Lowes give 5% cash back AT THE REGISTER with no minimum redemption threshold or anything. Also, BJs MC is a good one IF you shop there. Then others can add diversity such as the Cabellas Visa with World's Foremost Bank or the PayPal MC with GECRB.
There's a difference between a strategic plan and accepting every pop-up. Absolutes are very rare.
Something I just learned this minute...from you and Pizza1 when he wrote something along the lines of Fico scores range in a mixture of credit with "Bank AND Retail."
There's no reason not to love this site .
yes indeed...I love this forum! Theres a reason Ive been on it daily for over 2 yrs, LOL May not always be logged in or comment, but Im on here. Lots of good info here if youre willing to take the time and sit down and "search".
And yes, the new FICO scores you on a mix of revolving credit...revolving being bank cards and retail . Saw one guy who posted a long time ago his "snap shot", the only it gave him for a negative was " lack of retail revolving accts". Its something to consider if its important to you. I will never see that kind of response in my lifetime on my reports, LMAO!!!
I did not know this about needing retail for optimal Fico! Does anyone know if one is enough? You learn something new on this forum everyday.
I actually wanted to comment on something that may be a little specific to me, but it bares mentioning. In 2008 when my finances went out the window and EVERYONE closed on me the only card that didn't was my retail JCP. They reduces it to 136.00( probably because I never used it), but They didn't close it. When I saw that little thing sitting on my credit report it was like a life line. I asked them to send me the physical card and I used it to build positive credit history until I could pay my charged off amex and get a Optima rebuilder. It snowballed from there. I'm not saying this is the case for everyone, but for me, It was a start when I thought everything was finished. Did I mention it's a 10k CL now?
This is exactly what Im talking about!! That little JCP card was the only thing that kept you afloat, and helped you rebuild. There are a few I wont let go for that reason alone too...despite if I "outgrow it or not".. There is such thing as loyality to lenders who would approve you when everyone else wouldnt! I love little stories like that!!!
@wacdenney wrote:
@Anonymous wrote:IMPO, again, this bears repeating, IMPO, I've always believd that store cards are nothing but a waste of time. I've never applied for one and never will. I'm perfectly happy witht the CCs that I have with banks such as Disc, BofA, NFCU and Amex. That's just MY OPINION.
Again, that's just MY OPINION. One more time: MY OPINION!
EDIT: But, to be fair, if anyone IS HAPPY with their store cards, good for them. As long as they're perfectly fine with it, that is all that matters.
There's a difference between grabbing every store card just because and grabbing them strategically. Some of them are useful like for example Home Depot and Lowes give 5% cash back AT THE REGISTER with no minimum redemption threshold or anything. Also, BJs MC is a good one IF you shop there. Then others can add diversity such as the Cabellas Visa with World's Foremost Bank or the PayPal MC with GECRB.
There's a difference between a strategic plan and accepting every pop-up. Absolutes are very rare.
Agreed. Target's card with 5% off is also very good, same with the Amazon store card if you have Prime.
I've never thought store cards are bad but just not for me. I only had one and I totally regretted it. Not going to lie that I've been tempted for Express since cardholders get some sweet coupons.
Great work pizza ~ glad to see you're on a good path.
This closing cards thing sounds like fun. I'm adding it to my things to do list.
@pizza1 wrote:
@Anonymous wrote:
@pizza1 wrote:
@Anonymous wrote:
@wacdenney wrote:
@Anonymous wrote:IMPO, again, this bears repeating, IMPO, I've always believd that store cards are nothing but a waste of time. I've never applied for one and never will. I'm perfectly happy witht the CCs that I have with banks such as Disc, BofA, NFCU and Amex. That's just MY OPINION.
Again, that's just MY OPINION. One more time: MY OPINION!
EDIT: But, to be fair, if anyone IS HAPPY with their store cards, good for them. As long as they're perfectly fine with it, that is all that matters.
There's a difference between grabbing every store card just because and grabbing them strategically. Some of them are useful like for example Home Depot and Lowes give 5% cash back AT THE REGISTER with no minimum redemption threshold or anything. Also, BJs MC is a good one IF you shop there. Then others can add diversity such as the Cabellas Visa with World's Foremost Bank or the PayPal MC with GECRB.
There's a difference between a strategic plan and accepting every pop-up. Absolutes are very rare.
Something I just learned this minute...from you and Pizza1 when he wrote something along the lines of Fico scores range in a mixture of credit with "Bank AND Retail."
There's no reason not to love this site .
yes indeed...I love this forum! Theres a reason Ive been on it daily for over 2 yrs, LOL May not always be logged in or comment, but Im on here. Lots of good info here if youre willing to take the time and sit down and "search".
And yes, the new FICO scores you on a mix of revolving credit...revolving being bank cards and retail . Saw one guy who posted a long time ago his "snap shot", the only it gave him for a negative was " lack of retail revolving accts". Its something to consider if its important to you. I will never see that kind of response in my lifetime on my reports, LMAO!!!
I did not know this about needing retail for optimal Fico! Does anyone know if one is enough? You learn something new on this forum everyday.
I actually wanted to comment on something that may be a little specific to me, but it bares mentioning. In 2008 when my finances went out the window and EVERYONE closed on me the only card that didn't was my retail JCP. They reduces it to 136.00( probably because I never used it), but They didn't close it. When I saw that little thing sitting on my credit report it was like a life line. I asked them to send me the physical card and I used it to build positive credit history until I could pay my charged off amex and get a Optima rebuilder. It snowballed from there. I'm not saying this is the case for everyone, but for me, It was a start when I thought everything was finished. Did I mention it's a 10k CL now?
This is exactly what Im talking about!! That little JCP card was the only thing that kept you afloat, and helped you rebuild. There are a few I wont let go for that reason alone too...despite if I "outgrow it or not".. There is such thing as loyality to lenders who would approve you when everyone else wouldnt! I love little stories like that!!!
My understanding is retail cards may be beneficial for the Fico NextGen scoring model according to some posters that have access to Fico NextGen.
However, Fico 08, Fico 04 and Fico 98 don't treat revolving retail cards any differently than other revolving credit cards for mix, or CC utilization - the cards are score neutral. True charge cards (not sure if any are left other than AMEX) can add to credit mix. In the past some store/retail cards were charge cards but the one I have left was converted to a revolver 5 years ago.
@Thomas_Thumb wrote:
@pizza1 wrote:
@Anonymous wrote:
@pizza1 wrote:
@Anonymous wrote:
@wacdenney wrote:
@Anonymous wrote:IMPO, again, this bears repeating, IMPO, I've always believd that store cards are nothing but a waste of time. I've never applied for one and never will. I'm perfectly happy witht the CCs that I have with banks such as Disc, BofA, NFCU and Amex. That's just MY OPINION.
Again, that's just MY OPINION. One more time: MY OPINION!
EDIT: But, to be fair, if anyone IS HAPPY with their store cards, good for them. As long as they're perfectly fine with it, that is all that matters.
There's a difference between grabbing every store card just because and grabbing them strategically. Some of them are useful like for example Home Depot and Lowes give 5% cash back AT THE REGISTER with no minimum redemption threshold or anything. Also, BJs MC is a good one IF you shop there. Then others can add diversity such as the Cabellas Visa with World's Foremost Bank or the PayPal MC with GECRB.
There's a difference between a strategic plan and accepting every pop-up. Absolutes are very rare.
Something I just learned this minute...from you and Pizza1 when he wrote something along the lines of Fico scores range in a mixture of credit with "Bank AND Retail."
There's no reason not to love this site .
yes indeed...I love this forum! Theres a reason Ive been on it daily for over 2 yrs, LOL May not always be logged in or comment, but Im on here. Lots of good info here if youre willing to take the time and sit down and "search".
And yes, the new FICO scores you on a mix of revolving credit...revolving being bank cards and retail . Saw one guy who posted a long time ago his "snap shot", the only it gave him for a negative was " lack of retail revolving accts". Its something to consider if its important to you. I will never see that kind of response in my lifetime on my reports, LMAO!!!
I did not know this about needing retail for optimal Fico! Does anyone know if one is enough? You learn something new on this forum everyday.
I actually wanted to comment on something that may be a little specific to me, but it bares mentioning. In 2008 when my finances went out the window and EVERYONE closed on me the only card that didn't was my retail JCP. They reduces it to 136.00( probably because I never used it), but They didn't close it. When I saw that little thing sitting on my credit report it was like a life line. I asked them to send me the physical card and I used it to build positive credit history until I could pay my charged off amex and get a Optima rebuilder. It snowballed from there. I'm not saying this is the case for everyone, but for me, It was a start when I thought everything was finished. Did I mention it's a 10k CL now?
This is exactly what Im talking about!! That little JCP card was the only thing that kept you afloat, and helped you rebuild. There are a few I wont let go for that reason alone too...despite if I "outgrow it or not".. There is such thing as loyality to lenders who would approve you when everyone else wouldnt! I love little stories like that!!!
My understanding is retail cards may be beneficial for the Fico NextGen scoring model according to some posters that have access to Fico NextGen.
However, Fico 08, Fico 04 and Fico 98 don't treat revolving retail cards any differently than other revolving credit cards for mix, or CC utilization - the cards are score neutral. True charge cards (not sure if any are left other than AMEX) can add to credit mix. In the past some store/retail cards were charge cards but the one I have left was converted to a revolver 5 years ago.
Both Home Depot and Lowes report as "charge" cards for me on Equifax. I'm not sure if they report that way on TU and EX or not, but they definately do on EQ.
@pizza1 wrote:
@Anonymous wrote:Why close the Shell card? Its seems that one could come in handy for gas purchses.
Because I already have a 76 gas card, and dont need two gas cards. I use my 76 gas card for all my gas purchases...I like having a gas card for emergencies or a back up.
And here I thought you'd tell us because you found a card that earns 3% or more off on gasoline.
I'm with you - I closed down the various Shell, Sunoco, Amoco/BP cards years ago, with the exception of the Chase Visa. Some gas stations charge extra for credit, but usually there's another one close enough nearby that doesn't charge extra to use a credit card.
I suspect that if someone's only negative FICO factor is an absence of retail accounts, he already qualifies for credit on good terms. It sounds like a pretty low-priority "area for improvement" for FICO purposes.
Let's not mistake "a little retail credit in some cases may be good" to mean "more store cards are always good". A small number can help in rebuilding, but getting mired down with a lot of them isn't good when it might be more productive to wait and app selectively for better cards.
@Anonymous wrote:I suspect that if someone's only negative FICO factor is an absence of retail accounts, he already qualifies for credit on good terms. It sounds like a pretty low-priority "area for improvement" for FICO purposes.
Let's not mistake "a little retail credit in some cases may be good" to mean "more store cards are always good". A small number can help in rebuilding, but getting mired down with a lot of them isn't good when it might be more productive to wait and app selectively for better cards.
+1 Can you pls repeat that ...Bravo