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Does the TYPE of card matter?

Member

Does the TYPE of card matter?

Currently I have only 4 cards; Visa's and MC's.  Only one has a small balance and will be paid off by Feb 1.  The other is a high rewards card that is paid off every month.  And I regualrly use the other two for small purchases and pay them off immediatly.  My score is 720, recovering from bankruptcy 7 yrs ago come April.  I don't actually want another card just for the sake of having another card, I have no need for one.  But I would be interested in applying for a Amex card for the travel and rewards benifits.  My concerns are that I would be "dinged" for the inquiry AND "dinged" for the additional credit should I get the card.  Does the type of card Visa/MC versus Amex make a difference and would it be worth applying for in my case?

23 REPLIES
Valued Member

Re: Does the TYPE of card matter?

No, Visa/MC/AMEX/Discover etc make no difference to your credit. However, a non-branded store card does make a small difference verses one that's branded with one of those logos.
_________________________________________
EQ FICO: 742 - 01.01.2010
EX FICO: 742 - 10.18.2009
TU FICO: 750 - 01.01.2010
Valued Contributor

Re: Does the TYPE of card matter?

The type of Amex card would make a difference, as an Amex can be a revolving card or a charge card (must be paid in full every month).  The new account and the new inquiry is short-term damage to your score, but that will heal itself in six months or so.

 

 

 

Others will chime in here with some other answers for you, but I've got to go, and now...otherwise, you will be subjected to an onslaught of bartender jokes from me.  I've got thousands of them, and I've run out of people to tell them to!   But if you are, in fact, a bartender...I can just do the punchlines to save some time, 'cause you've probably heard all the jokes before anyways!  LOL

 

Welcome to the forum, bartender!

 

 

Valued Contributor

Re: Does the TYPE of card matter?


Cryostasis wrote:
No, Visa/MC/AMEX/Discover etc make no difference to your credit. However, a non-branded store card does make a small difference verses one that's branded with one of those logos.

Hi Cryostasis...can you tell me what evidence you've seen for this statement?

Valued Contributor

Re: Does the TYPE of card matter?


bartender wrote:

Currently I have only 4 cards; Visa's and MC's.  Only one has a small balance and will be paid off by Feb 1.  The other is a high rewards card that is paid off every month.  And I regualrly use the other two for small purchases and pay them off immediatly.  My score is 720, recovering from bankruptcy 7 yrs ago come April.  I don't actually want another card just for the sake of having another card, I have no need for one.  But I would be interested in applying for a Amex card for the travel and rewards benifits.  My concerns are that I would be "dinged" for the inquiry AND "dinged" for the additional credit should I get the card.  Does the type of card Visa/MC versus Amex make a difference and would it be worth applying for in my case?


I have an AmEx for airline mile purposes. I love it. It would be worth applying if you benefit from the rewards.

 

Taking a small point ding for a new card is worth it if it pays for itself in benefits, and...for me...the decision is a financial one. I have a $95 annual fee but have earned a few free flights. Very worth it for me...and that's how you can decide.

Senior Contributor

Re: Does the TYPE of card matter?


LynetteM wrote:

Cryostasis wrote:
No, Visa/MC/AMEX/Discover etc make no difference to your credit. However, a non-branded store card does make a small difference verses one that's branded with one of those logos.

Hi Cryostasis...can you tell me what evidence you've seen for this statement?


As you know this has been well discussed here and there is no resolution to this question. At one time there was specific information posted in the "Education" section of the myFICO website which stated that having at least one store/gas card added to your mix of credit leading to an increased FICO score. Considering this would be part of the FICO "secret sauce" scoring formula, the specifics of which none of us is privy to, the answer will remain inscrutable.

Member

Re: Does the TYPE of card matter?

Thanks for all the persepectives and advice!!  I think the other thing I worry about is not getting approved.  I have worked hard to pay off tons of bills (about $17,000 down to $2,000) over the past 3 years and only recently started watching my scores.  It would be somewhat a dissapointment to be rejected even though I understand most banks and institutions are very tight on approving anything right now.

 

Anyway; go ahead!!  Share some bar jokes, who couldn't use a smile.  And as the (yes, a real) Irish bartender, I'll buy everyone a round.  (get your id's out).   I'd start with one, but nothing I can share here comes to mind right now.

Senior Contributor

Re: Does the TYPE of card matter?

So this HORSE walks up to the bar.....

 

 

....and the bartender asks.... Hey, why the long face???



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

Moderator Emeritus

Re: Does the TYPE of card matter?


LynetteM wrote:

Cryostasis wrote:
No, Visa/MC/AMEX/Discover etc make no difference to your credit. However, a non-branded store card does make a small difference verses one that's branded with one of those logos.

Hi Cryostasis...can you tell me what evidence you've seen for this statement?


 

Hi Cryostasis - check out the guinea pig postings - they were able to verify no point advantage to having a merchant card. (That keeps life simple, huh?) 

 

And also a note that FICO is only looking for one bank/national cc - as long as you have at least one, you will be keeping FICO happy.  Bank/national cc's are in the same category as far as FICO is concerned.

Just puttin' syrup on something, don't make it pancakes.
Senior Contributor

Re: Does the TYPE of card matter?

What do you call a Bartender with no arms & no legs??????

 

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Bud   Smiley Very Happy



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