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Established Contributor
ccnewcc
Posts: 560
Registered: ‎09-29-2012

Re: Good Store Cards to App for?


shalane85 wrote:

Why? Well I am trying to build my credit and I love discounts. I just opened the Kay's because I was buying jewelry and I actually will use it. I thought having a good mix of credit is good for your fico scores. For the first yr after my BK I didnt have any credit except for a car loan so all of my accounts are less than 3 month old. Maybe I should weight until my cards are older? Am I applying for too much too soon?


CC vs. Charge Card vs. Store card is the same = Revolving Credit.  A general mix of credit refers to installments, revolving, mortgage loan (aka installements).

 

 

I wouldn't say you're applying for too much too soon, but perhaps applying for (or thinking about applying for) unnecessary credit.

 

You got 3 bank cards (...im assuming "NF" refers to Navy Fed) and a store card that you use.  No sense in applying for a store card that you wouldn't use (or would hardly use) in an attempt to build your credit.

Valued Contributor
SnackTrader
Posts: 1,563
Registered: ‎09-15-2012

Re: Good Store Cards to App for?


shalane85 wrote:

Why? Well I am trying to build my credit and I love discounts. I just opened the Kay's because I was buying jewelry and I actually will use it. I thought having a good mix of credit is good for your fico scores. For the first yr after my BK I didnt have any credit except for a car loan so all of my accounts are less than 3 month old. Maybe I should weight until my cards are older? Am I applying for too much too soon?


I'm glad you gave this answer.  I sort of thought this was the case.

 

My thought here is that you have 4 credit cards reporting, which help your score dramatically.  And since you are recently out of BK, creditors are much less likely to give you new credit.  However, if you wait and show continued good payment behavior with your 4 existing cards, you can get into rewards cards much quicker.  I would be wary as a creditor to see you opening all of these new accounts so soon after BK. 

 

Take it slow, you basically have years and years to go before you're going to be back where you started, but you could make things worse by rushing.


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Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011

Re: Good Store Cards to App for?


shalane85 wrote:

Why? Well I am trying to build my credit and I love discounts. I just opened the Kay's because I was buying jewelry and I actually will use it. I thought having a good mix of credit is good for your fico scores. For the first yr after my BK I didnt have any credit except for a car loan so all of my accounts are less than 3 month old. Maybe I should weight until my cards are older? Am I applying for too much too soon?


you should only get cards with places you shop with, although it can help your Fico a lot of credit card companies do not factor in store accounts into your utility nor will they trust you just for having cards can not be spent at most places.

 

Internal scoring usually factors it out with companies like Amex and Chase and US Banks. So I would becareful with store cards you will rarely to never use. Try getting secured cards instead, like digital credit union will get you a free fico 04equifax score monthly and also graduates their cards and they will work with you to rebuilid your credit.   Walmart card is good cause it can turn into a walmart discover card and GECRB is good with creditlimit increases.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Frequent Contributor
shalane85
Posts: 286
Registered: ‎06-19-2008

Re: Good Store Cards to App for?

Thanks for the input. I guess it would be better to wait awhile rather than apply for too much credit. If you were wondering the NF and USAA are secured and I really love that I was able to start building my credit with them.

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Goal Score: 680


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Starting Score: EQ FICO 470 TU FICO 482 7/15/2011
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Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011

Re: Good Store Cards to App for?


shalane85 wrote:

Thanks for the input. I guess it would be better to wait awhile rather than apply for too much credit. If you were wondering the NF and USAA are secured and I really love that I was able to start building my credit with them.


that's great to hear, usually people are like OH NO SECURED NO wAY!!! lol i don't understand since they can technically spend the money immediately with local credit unions?   it won't be taking away from their budget it's just like a debit card with 1 extra payment step lol, o wells to each is own.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Established Member
blink182
Posts: 22
Registered: ‎10-25-2012

Re: Good Store Cards to App for?

 

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