No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
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".
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.
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.
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.
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.
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.