Debate: Store Cards & Gas Cards have no value

[haulingthescoreup]

This is all lots of fun, but the insurmountable problem is that we just don't know enough.

Arguing on the basis of what makes sense to us probably has the FICO score formula developers rolling on the floor in hysterics. As someone else commented, just because we haven't seen Bigfoot doesn't mean that he doesn't exist.

As to the prime lender issue, I'm pretty sure that the comment said lack of prime bank cards, not cards in general. The poster had an active USAA card with a good limit when she got this ding. But on re-reading, I suppose it could refer to cards, period, whether retail or MC/ Vis/ etc.

By the way, for all those chopping up their bank cards and switching to CU cards, I hear ya, but you might lose some points if you have no current usage cards from banks.

...Oh heck, I guess I might as well hunt down the post again.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=14482

According to Barry's post on this thread, they might have re-written the negative comment in the meantime, although I don't recall anyone else posting with a similar one. If anyone reading has all their cards through CU's, could you let us know if you get some sort of message implying that your cards aren't cool enough? (I know Barry would love to read that...)

* goes back to growling at having my USAA and PenFed cards dissed *


edit: cna't splel

Message Edited by haulingthescoreup on 05-18-2009 12:35 PM

[Anonymous]

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@haulingthescoreup wrote:
If anyone reading has all their cards through CU's, could you let us know if you get some sort of message implying that your cards aren't cool enough? (I know Barry would love to read that...)

* goes back to growling at having my USAA and PenFed cards dissed *

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I guess they think that some CUs or regional banks have weird standards when it comes to granting access to credit. Like reading in the entrails of goats slaughtered on a Wednesday only (which might also explain the weeklong waiting for approvals at some CUs .)

[Anonymous]

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@haulingthescoreup wrote:
This is all lots of fun, but the insurmountable problem is that we just don't know enough.

Arguing on the basis of what makes sense to us probably has the FICO score formula developers rolling on the floor in hysterics. As someone else commented, just because we haven't seen Bigfoot doesn't mean that he doesn't exist.

As to the prime lender issue, I'm pretty sure that the comment said lack of prime bank cards, not cards in general. The poster had an active USAA card with a good limit when she got this ding. But on re-reading, I suppose it could refer to cards, period, whether retail or MC/ Vis/ etc.

By the way, for all those chopping up their bank cards and switching to CU cards, I hear ya, but you might lose some points if you have no current usage cards from banks.

...Oh heck, I guess I might as well hunt down the post again.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=14482

According to Barry's post on this thread, they might have re-written the negative comment in the meantime, although I don't recall anyone else posting with a similar one. If anyone reading has all their cards through CU's, could you let us know if you get some sort of message implying that your cards aren't cool enough? (I know Barry would love to read that...)

* goes back to growling at having my USAA and PenFed cards dissed *


edit: cna't splel

Message Edited by haulingthescoreup on 05-18-2009 12:35 PM

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My apologies to any who took my spirited debate as argumentative.  However, I do believe the "guessing" is relevant since we each have to essentially "guesstimate" on how best to establish, build and improve credit.  And the subject of "adding mix" often comes up.

Unfortunately, we don't know what is under the FICO hood and can only make educated guesses based upon best case observations and extrapolations.  But it would seem better to act upon this than act randomly.

The post thread hauling provided above does give additional support to the "national" and "prime" FICO factor.

Again, I do appreciate the input of all.    

[Anonymous]

i don't know if it affects fico score or not, but to me both store cards and gas cards have no value.

long time ago, one of my first cards was a gas card (texaco, later bought/turned into shell/citi).

needless to say low limit (which is fine it's just gas) but stuck to just one brand of gas (which again was fine since that was the brand i was using anyway). 

down the road though, when my needs changed and loved getting airline miles for all my purchases and turning them into business class tickets to europe, i stoped using the gas card for good, even forgot about it.  after 3 years of no activity i realized i do still have the card somewhere, called citi, guess what, card was closed about a month prior for no activity and they can't reopen it i have to reapply if i want a new one.  well at that time it had no value to me, and still doesn't, so i don't have one.

as far as store cards? never had one, but all i can say is that, whenever a cashier tries to push signing up for a card, i feel like they want to trap me, i don't see it as an incentive but as them trying to make a profit off of me.  having had friends in retail, sure enough they told me they'd get a percentage or quota (depending on the store) of how many new applications they were successful in having people sign up for store cards.  maybe that's why i felt like a trap and always declined their offers, sometimes even annoyed for wasting my time to even offer it.  just like the gas cards they hold no value to me.  what exactly is their discount? if i really wanted a discount i could always shop online, get free shipping, and discounted merchandise not pay retail price.  that alone would outweigh their instore discount any day of the week.

just my 2cents.