Are store cards exactly the same??

[Anonymous]

ok i know this might be a stupid question..but as far as reporting..are store credit cards treated exactly the same way as regular cc's like mastercard, visa amex..etc...does it still report as a revolving account and posts util and credit limits....ok sorry for the stupidity on this but i need to know if my new found cc's are treated the same so i can calculate what my new util will be after they post any and all replies are welcomed..thanks in advance

[Anonymous]

Store cards will act the same as far as revolving and utility goes. It will just add to your mix of credit if it is not a co-branded Visa/MC, so will help boost your FICO in that perspective.

[Anonymous]

Stef is right that utility is calculated the same.

Store cards are different in 2 respects:

1) You get credit for having an additional type of credit (one store or gas card is sufficient for this effect)

2) You get slightly fewer bonus points in credit history for a store card than a major bank card (this is not a negative in any way, it just doesn't give the account a full equal weight)

[Anonymous]

Hi UNSTOPPABLE!

This is from my 10/21/08 Equifax report.   My oldest account is a store card:

[Anonymous]

wowwwwwwww your oldest account is older than i am..lolllll...thanks for all input guys and gals...i think i can now stop with my add new credit mix "shopping spree"

2 mastercards

1 visa

1 kays jewelry and now 

1 best buy with a total credit limit of 9,050  

1 mortgage and

2 car loans

i guess thats a good mix

thanks for the clarification!!

[Zar]

So if they ever offer an upgrade on a store card to those with the Visa/MC/Amex logo we should refuse it to avoid losing this store card as part of our mix?

A little bit out of topic... how good is the Nordstrom store card (the non Visa one)?

Zar

[manyquestions]

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@Zar wrote:
 

A little bit out of topic... how good is the Nordstrom store card (the non Visa one)?

Zar

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Good in what way?  They have nice customer service.  They have their own bank.  They recently raised their APR's but then so have most creditors.

http://www.nordstromfashionrewards.com/#bank_1

[GST2008]

I just received my Nordstrom's card today.  My APR is only 14.9%, which isn't bad for a store card and I pif so it really doesn't matter too much.  Also, they have a tied system for APRs, so you are able to request a lower limit later on with good payment history and usage.  From what I have heard, they are also relatively generous with their CLIs over time.  When I applied over the fone, the CSR told me that I would be able to upgrade from store to Visa in about three months if I showed it some love and paid on time.  He also said at that point they would increase my limit as well.  When I received the card, there was also a section on the letter that said to feel free to call if I ever needed an increase.  I went and shopped there for the first time ever today and was really impressed.  The customer service in the store was excellent.  I asked for a box for the gifts I bought and the sales person escorted my friend and I to some chairs and informed us that she was going to go and have my purchases gift wrapped for me at no additional cost and asked if we wouldn't mind sitting and waiting.

[Anonymous]

Zar,

You should ask if the new card would report as an additional tradeline or take the place of the store only tradeline. If you only have one store/gas card then you want to keep that tradeline open. If they would keep it open and just give you a new account for the amex/MC/visa/discover then it is whether or not you want a new revolving tradeline or not.