Credit Cards

[Duncanrr]

In terms of mixture of credit for FICO purposes, are the Chase Amazaon and Walmart Discover cards considered store cards? Or are they treated like normally issued bank credit cards?

[trumpet-205]

FICO cannot tell the difference between credit card and store card.

[Duncanrr]

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trumpet-205 wrote:

FICO cannot tell the difference between credit card and store card.

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Are you sure about that? I thought that FICO looked at types of credit (10% of the score) and that considered whether the accounts were installment, mortgage, revolving or store credit.

[webhopper]

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Duncanrr wrote:

In terms of mixture of credit for FICO purposes, are the Chase Amazaon and Walmart Discover cards considered store cards? Or are they treated like normally issued bank credit cards?

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My Amazon Chase card shows up as just Chase bank, revolving credit card account.... it shows up as a major CC, not a retail card.

[trumpet-205]

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Duncanrr wrote:

Are you sure about that? I thought that FICO looked at types of credit (10% of the score) and that considered whether the accounts were installment, mortgage, revolving or store credit.

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FICO can tell a difference between installment (personal/auto) loan, mortgage, credit card, and consumer finance account (furniture), but not store card. Having a store card does not mean you have mix account.

[migliogiorni]

interesting, so why do ppl say have a couple of store cards  for fico purposes...

[Jutz]

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migliogiorni wrote:

interesting, so why do ppl say have a couple of store cards  for fico purposes...

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Not having a full understanding? They generally provide easier approvals and higher CL, so I'd consider that good for FICO.

[somnipotent]

I have mine because they were easy approvals and they offer no AF so I can use them once a year, request for SP CLI, and not worry about paying for something I dont' use.  They will age nicely and add to my UTIL and AAoA.

[youngandcreditwrthy]

I know that my Walmart Discover reports as "Walmart Dual Card" same for mu BR Visa. "Banana Republic Dual Card"....

Bankcards are harder to get than store cards, but as the ops say...fico can't really tell the diff.

[maiden_girl]

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youngandcreditwrthy wrote:
I know that my Walmart Discover reports as "Walmart Dual Card" same for mu BR Visa. "Banana Republic Dual Card"....

Bankcards are harder to get than store cards, but as the ops say...fico can't really tell the diff.

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My Walmart Discover reports the same but my other GE accounts report as the store they are with b/c they aren't dual cards. I don't believe FICO can tell the different between store card and regular credit card. I think it monitors whether its a revolving or charge account.