Reply
New Contributor
jbhenrietta
Posts: 72
Registered: ‎03-09-2009
0

Fingerhut & Crown Jewelers

[ Edited ]

Can anyone tell if if Fingerhut & Crown Jewelers are considered "credit cards" or "store" cards. Just curious because I have 4 major (visa/mc) and didnt know if these two were considered store under revolving. I know you should have a mix but not interested in adding a store card. Thanks!

Added: the reason I am asking as on TU they are classified as "charge accounts" where as the 4 majors that I have are classified as "credit cards".

Message Edited by jbhenrietta on 03-26-2009 06:34 PM
Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008

Re: Fingerhut & Crown Jewelers

Fingerhut & Crown Jewelers are "store cards". Basically, if it doesn't have VISA, Mastercard, Discover or American Express on it, it's not considered to be a major revolving cc.

-------------------------------------------


Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

New Contributor
jbhenrietta
Posts: 72
Registered: ‎03-09-2009
0

Re: Fingerhut & Crown Jewelers

Thank you for replying!
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Fingerhut & Crown Jewelers

If you can only use the credit for the issuer's products & services, then it is a store card.  Unless it is "universally" or generally accepted is it otherwise.

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Re: Fingerhut & Crown Jewelers

not to nit-pick, but there are other majors, but generally less visible travel type cards (carte blanche/diners, etc)

 

The general rule for a store card is that it is issued for use in that establishment only (and sometimes in affiliate or sister stores) for the purchase their products & services only.  It is akin to any type of credit designed to increase and facilitate the sale of the issuing establishment's products.  

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
New Contributor
jbhenrietta
Posts: 72
Registered: ‎03-09-2009
0

Re: Fingerhut & Crown Jewelers

Thanks txjohn once again. You always reply with elaborate answers that really helps people like me understand!
Contributor
joeh05
Posts: 92
Registered: ‎03-17-2009
0

Re: Fingerhut & Crown Jewelers

This may be a dumb question but can and will these "store cards" help your credit?
Young and Dumb!!!!!!
04-5-2009 EQ - 491TU - 522
04/09/2009 EQ - 501 TU - 522
05/03/2009 EQ - 503 TU - 522
09/23/2009 EQ - 522 TU - 563
03/09/2011 EQ - 604 TU -608
Any advice for a 22year old trying to repair and stay there is welcome!!!!
Established Contributor
Pappy214
Posts: 794
Registered: ‎08-05-2008
0

Re: Fingerhut & Crown Jewelers

The OP mentioned that these are called "charge accounts", so how does FICO treat them?  Do they count towards AAoA, available credit, how do they score versus say a Macy's or Nordstrom store card?

 

Just wondering because I thought "charge" cards were treated differently than revolving cards.

____________________________________________________

"Evacuate, in our moment of triumph? I think you overestimate their chances."
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Fingerhut & Crown Jewelers


Pappy214 wrote:

The OP mentioned that these are called "charge accounts", so how does FICO treat them?  Do they count towards AAoA, available credit, how do they score versus say a Macy's or Nordstrom store card?

 

Just wondering because I thought "charge" cards were treated differently than revolving cards.



A maddening terminology problem.

Store cards used to be called "charge cards", because you were expected to pay them off every month. Your credit reports still call them charge cards, even though they are now revolving. If they aren't co-branded with Visa, MC, etc., they help your credit, as they are considered to broaden your credit mix.

Actual charge cards, generally AmEx green, gold, platinum, do nothing special for your credit mix.
* 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
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Fingerhut & Crown Jewelers

When starting out store cards can help as a credit reference as long as you don't have too many and don't carry balances, especially on luxury store cards.

 

Some of the possible benefits of a store card is higher CL or quicker CLI.  But, like anything in life, too much of a good thing is bad.  But a couple store cards can be a healthy part of a diversified mix.  Also, the store cards may be less dicey on CLD (not always), since they issue them to drive store sales, whereas banks are on the hook for cash to third party vendors when you use it.

 

Don't kill your CR and FICO with too many inquiries on these type of cards.  Myself, my oldest account now 21 years old is a Macy's account.  So, this store card definitely helps my AAoA and oldest account.  Much of my credit is more recent.

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}