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I have currently have 2 unsecured bank credit cards and 1 Jared store card. I only have a balance($495) on the Jared card which has about a 9% utility. Does the utility of a store card have a less effect on the FICO score then a bank credit card would?
I don't think it makes any difference.
I'm guessing by "utility" you probably mean "utilization"; on that assumption, there's no difference in having balance on a bank card or a store card.
@Guava wrote:I'm guessing by "utility" you probably mean "utilization"; on that assumption, there's no difference in having balance on a bank card or a store card.
Revolving utilization is all the same. This is incorrect. See my update in message # 6 of this thread.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
As long as it reports, there's no real difference. I'm relatively sure a Jared card reports your CL and all the other info to the CRAs, so it doesn't matter whcih card you use.
The only difference is with 'store cards' like Newegg/Tigerdirect preferred accounts that don't really report anything unless you get late payments. If it doesn't report your CL or a balance, it obviously doesn't affect your utilization.
But if it shows up on your credit report, then a card is a card, and utilization is utilization.
UPDATE.
I just found out I was wrong in my first statement. This from myFICO: The score gives less weight to retail card util than bankcards.
I apologize for my big mistake.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
@MarineVietVet wrote:UPDATE.
I just found out I was wrong in my first statement. This from myFICO: The score gives less weight to retail card util than bankcards.
I apologize for my big mistake.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Correct! We have a winner!
@MarineVietVet wrote:UPDATE.
I just found out I was wrong in my first statement. This from myFICO: The score gives less weight to retail card util than bankcards.
I apologize for my big mistake.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
How much less weight? Any idea? How about a link to article?
@Wolf3 wrote:
How much less weight? Any idea? How about a link to article?
I'll try to see if there is a definitive answer about this. It might be the usual YMMV.
There is no article or link. Just someone high up in the food chain.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
@MarineVietVet wrote:
@Wolf3 wrote:
How much less weight? Any idea? How about a link to article?I'll try to see if there is a definitive answer about this. It might be the usual YMMV.
There is no article or link. Just someone high up in the food chain.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Here is another question, I've wondered about. How important is the single highest utilization card versus the overall utilization?