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

Senior Contributor

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: 04/2017 TU 754 - EQ 757 - EX 747
Goal Score: 850

Bury me in the garden...last app 08.09.15

Message 1 of 5
4 REPLIES
Moderator Emerita

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

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
Message 2 of 5
Senior Contributor

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: 04/2017 TU 754 - EQ 757 - EX 747
Goal Score: 850

Bury me in the garden...last app 08.09.15

Message 3 of 5
Moderator Emerita

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
Message 4 of 5
Highlighted
Senior Contributor

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

Gotcha!  I'll refrain myself from trying this....Smiley Indifferent


Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 04/2017 TU 754 - EQ 757 - EX 747
Goal Score: 850

Bury me in the garden...last app 08.09.15

Message 5 of 5