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I currently have a Chase MC and a BoA AMEX. I've been reading a lot about having a store card and its effects on your score. Would having a store only card (without the Visa or MC logo?) boost my score a few points? I only have 1 inq in the past year that will come off next month. Does Nordstrom have such a card? My sister works there (not like that will help my app) but I do shop there now because she finds me deals.
I'm really trying to get above 700 by the summer, so every point helps.
As always, thanks for the input!
Seeing as how ~ 10% of your score is based on mix - I"d say yes. It is difficult, if not impossible however, to quantify the influence a store card really has - if any at all. But, FICO seems to look favorably on it. Yes, Nordstrom is a store card, as is Macys, etc.
Hi Paydown
Yes, adding a store card to your mix will improve your score. The reasons are not too concrete however I do believe I read because it was consider a charge card back in the days where you had to pay in full and was not a revolving, this was a different type of card and you are adding to the mix of the types of credit. Once again, this is not a concrete answer, however from many examples of people getting a store card, we just know it does increase your score.
Therefore you should receive some type of increase.
Also make sure you receive a card that you will use. It sounds like you will use this card due to your sister's relationship with the company. It is nothing like having a card that you don't use and forcing yourself to buy something you do not want.
hope this helps
Hello,
From my recent experience, adding a Nordstrom retail card increased my scores even for EQ which is what they pulled. I like the card and I use it with certain frequency. I applied online and got the 7-10 day message so I called right away to know the status of my application... It was instantly approved (EQ: 724 after applying, 0 inquiries in the last year). I plan on keeping it as a retail card forever for the credit mix. Since you have a relative working there you should be able to apply in store which would probably be faster in terms of the approval decision.
Zar
@Zar wrote:Hello,
From my recent experience, adding a Nordstrom retail card increased my scores even for EQ which is what they pulled. I like the card and I use it with certain frequency. I applied online and got the 7-10 day message so I called right away to know the status of my application... It was instantly approved (EQ: 724 after applying, 0 inquiries in the last year). I plan on keeping it as a retail card forever for the credit mix. Since you have a relative working there you should be able to apply in store which would probably be faster in terms of the approval decision.
Zar
and maybe a higher credit limit
Right Oracles! However, I was content with the CL: 3000 they gave me. I think it's a decent CL for a store card and better than what stingy BofA has given me in more than a year (CL: 2500).
Zar