Reply
Senior Contributor
Posts: 4,267
Registered: ‎05-01-2008
0

CC's, Store Cards & the like...

These would ALL be considered revolving credit, correct?  No Card is considered an installment acct...right? 

 

I ask because when I've seen posts from folks wanting to boost their score, it's often suggested to get a store card.

 

 

Thanks!



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 02/2015 TU 709 - EQ 676 - EX 729
Goal Score: 850

Bury me in the garden...last app 12.19.14

Moderator Emerita
Community Leader
Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
0

Re: CC's, Store Cards & the like...

[ Edited ]
There used to be something on the Credit Education pages here that specifically said that having both retail cards (store or gas, no Visa/MC, etc logo) and bank cards helped your credit mix. I always read it that if you had store cards, it was good to get bank cards as well (a natural progression in credit.) But I've seen several members post that they added a retail card when all they had were bank cards (and loans, etc.) and they got a score boost. In the meantime, the Credit Education section was revised, and that particular screen has been changed.

Even more strange to me is that retail cards started out being monthly pay-in-full cards, which is why they were called charge cards, but even after they became revolving, they still seem to have this bit of magic. Meanwhile, American Express pay-every-month cards, like the Green and Gold, which really are charge cards, don't seem to do anything for your scores.

So anyway, that's the story: it appears that having a retail card helps your credit mix. Just make sure that it's not co-branded with a Visa/ MC/ Discover/ AmEx logo.

Oh, yes, credit reports still call store cards charge cards. Just to add to the confusion.
Message Edited by haulingthescoreup on 04-28-2009 11:53 AM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
Posts: 4,267
Registered: ‎05-01-2008
0

Re: CC's, Store Cards & the like...

Thanks!!!  I think I'll try one of these as I have a choice of Kmart/Sears, Target and Walmart right near my house.

 

Don't worry, I'm not doing all 3!!!  hehe

 

Would this be a bad move right now as I'm trying to refi my mtg??



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 02/2015 TU 709 - EQ 676 - EX 729
Goal Score: 850

Bury me in the garden...last app 12.19.14

Moderator Emerita
Community Leader
Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
0

Re: CC's, Store Cards & the like...

Conventional wisdom says to never app within six months of any mortgage app.

I'd especially hold off on this, since this would be more of a hope-this-helps-my-credit-mix app, as opposed to something like a auto loan, because the ancient beater finally burst info flames and died.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
Posts: 4,267
Registered: ‎05-01-2008
0

Re: CC's, Store Cards & the like...

Gotcha!  I'll refrain myself from trying this....:smileyindifferent:


Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 02/2015 TU 709 - EQ 676 - EX 729
Goal Score: 850

Bury me in the garden...last app 12.19.14

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.