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Established Contributor
aquatic1
Posts: 620
Registered: ‎08-16-2008
0

I need a store card...

I am not having any luck on getting a store card.  I was even denied a Macy's card.  I have 5 CO's  and have paid all CA's associated with them (they were all sold to CA's).

 

I have a Hooters card only and my car payments which will be paid off next month.  Also my SL goes out of deferment next month as well.  As you can see by my scores, they are not the best.  I have either 2 or 3 CA's that I am trying to get deleted (2 are paid and the other is waiting a response from AFNI).

 

Any suggestions would be appreciated. 


Starting Score: TU:537
Current Score: TU:683 (3/11/10)
Goal Score: TU:740


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Regular Contributor
-RED
Posts: 231
Registered: ‎08-07-2009
0

Re: I need a store card...

[ Edited ]

Don't worry about the store card. Go to HSBC's website, and open a Orchard Standard card for now. You will not have to secure it, and that will get you started. Keep the Orchard Card below $90 at all times. --Maybe just use it for gas. Next...Keep disputing the paid collections, until they give up, and remove them. Also do not reply to the collection letters, or phone calls. If you make good money, this is a great time, to consider getting a replacement car, just don't buy to much or a car! Time is your humbling repair tactic... I hope this helps get you started.

 

-RED, Disputing accurate items violates our Credit Repair Discussion Guidelines, Terms of Service, and User Guidelines that prohibit the promotion of certain types of credit repair.When a collection is paid without a PFD, it will still remain on your credit report as a paid collection. They don't automatically delete.

Message Edited by llecs on 09-05-2009 09:50 AM
-800 or Bust...!
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: I need a store card...


-RED wrote:
Don't worry about the store card. Go to HSBC's website, and open a Orchard Standard card for now. You will not have to secure it, and that will get you started. Keep the Orchard Card below $90 at all times. --Maybe just use it for gas. Next...Keep disputing the paid collections, until they give up, and remove them. Also do not reply to the collection letters, or phone calls. If you make good money, this is a great time, to consider getting a replacement car, just don't buy to much or a car! Time is your humbling repair tactic... I hope this helps get you started.

FYI:  OP has indicated these were legitimate CA's and accounts which they paid.  Advice to dispute accurate items is not allowed on the forum.

 

Proper methods of DV, PFD and GW are. 

 

 

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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
Established Contributor
aquatic1
Posts: 620
Registered: ‎08-16-2008
0

Re: I need a store card...

[ Edited ]
Thank you all for the comments. I have been on the sight for long enough to know NOT to dispute accurate information. I have already started the hipaa process and the CA with AFNI its okay with me if they do not accept my PFD. I live in NYS and this account is over 5 years old and a cell phone bill. Once I pay them it should be deleted based on the 5 year rule for collections. I hope to pay them by the end of the month once I hear back from them. I really want any suggestions on store cards.  I should have my OASIS card through AmEX by the end of next month so the store card would help with my mix.
Message Edited by aquatic1 on 09-05-2009 08:35 AM

Starting Score: TU:537
Current Score: TU:683 (3/11/10)
Goal Score: TU:740


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Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008
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Re: I need a store card...

Congrats on your Hooters and OASIS AmEx card. 

 

Mix refers to a mix of cc and installment loans.  You really do not need a store card.  You may (or may not) see a score change with your AmEx - that'll be fun to watch.  And then you may (or may not) see a score change with a third cc - but it will not matter if it is a store card or not.  You do need one bank card - you've got the AmEx, so you're good.  Check out your current AAofA and calculate what it will be if you app for a third card - that will have a definite impact on your scores. 

 

Nice work getting the OASIS!

Just puttin' syrup on something, don't make it pancakes.
Valued Contributor
Jazzzy
Posts: 2,679
Registered: ‎07-29-2009
0

Re: I need a store card...


beamMEup wrote:

Congrats on your Hooters and OASIS AmEx card. 

 

Mix refers to a mix of cc and installment loansYou really do not need a store card.  You may (or may not) see a score change with your AmEx - that'll be fun to watch.  And then you may (or may not) see a score change with a third cc - but it will not matter if it is a store card or not.  You do need one bank card - you've got the AmEx, so you're good.  Check out your current AAofA and calculate what it will be if you app for a third card - that will have a definite impact on your scores. 

 


Thank you. The "having a mix" of credit thing is often misinterpreted.

 

I could believe this "store card" myth if just for once someone posted some evidence that they were ever dinged for not having a store card.

 

Don't get me wrong...there can be value in having a store card...sometimes great starter/rebuilding cards...often great no-interest deals....etc. One of my oldest cards is a Sears that was opened in 1989. I just don't like when people are told that they "need" a store card. They often end up with a hard inquiry for a card with a very low balance. Just not necessary unless you're getting a good deal.

Established Contributor
Posts: 742
Registered: ‎12-19-2008
0

Re: I need a store card...


LynetteM wrote:

beamMEup wrote:

Congrats on your Hooters and OASIS AmEx card. 

 

Mix refers to a mix of cc and installment loansYou really do not need a store card.  You may (or may not) see a score change with your AmEx - that'll be fun to watch.  And then you may (or may not) see a score change with a third cc - but it will not matter if it is a store card or not.  You do need one bank card - you've got the AmEx, so you're good.  Check out your current AAofA and calculate what it will be if you app for a third card - that will have a definite impact on your scores. 

 


Thank you. The "having a mix" of credit thing is often misinterpreted.

 

I could believe this "store card" myth if just for once someone posted some evidence that they were ever dinged for not having a store card.

 

Don't get me wrong...there can be value in having a store card...sometimes great starter/rebuilding cards...often great no-interest deals....etc. One of my oldest cards is a Sears that was opened in 1989. I just don't like when people are told that they "need" a store card. They often end up with a hard inquiry for a card with a very low balance. Just not necessary unless you're getting a good deal.


I have not read any concrete evidence that a single store card is any better than a regular VISA or MC for FICO scoring. It seems there are members convinced a store card is a requirement for TL "mix" for maximum FICO scoring. IMO, the word "myth" appropriately describes the belief that one store or gas card is needed for FICO mix.

 

If a member can prove this "myth" to be, in fact, true I am open to hear this proof.

Established Contributor
pattycake
Posts: 760
Registered: ‎04-30-2007
0

Re: I need a store card...

I think a store card can be useful for someone rebuilding/building credit, since most have no AF.  I'm going to have my soon to be 18 year old son apply for a store card at Dillard's, just to show he can be responsible on his own.  He's been an AU on my cards for several years, but he needs to learn good credit habits on his own.

 

Then, when he is ready, he can app for a VISA with UFCU.  

pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Established Contributor
Posts: 742
Registered: ‎12-19-2008
0

Re: I need a store card...

[ Edited ]

pattycake wrote:

I think a store card can be useful for someone rebuilding/building credit, since most have no AF.  I'm going to have my soon to be 18 year old son apply for a store card at Dillard's, just to show he can be responsible on his own.  He's been an AU on my cards for several years, but he needs to learn good credit habits on his own.

 

Then, when he is ready, he can app for a VISA with UFCU.  


+1

 

No question a store or gas card will help in this instance. They seem to be easier to qualify for. Nevertheless, my belief that a regular VISA or MC, if one can qualify, will accomplish the same goal and may actually be better, for FICO scoring purposes, if the CC is a major bankcard.

Message Edited by plasticman on 09-07-2009 10:00 AM
Established Contributor
pattycake
Posts: 760
Registered: ‎04-30-2007
0

Re: I need a store card...


plasticman wrote:

pattycake wrote:

I think a store card can be useful for someone rebuilding/building credit, since most have no AF.  I'm going to have my soon to be 18 year old son apply for a store card at Dillard's, just to show he can be responsible on his own.  He's been an AU on my cards for several years, but he needs to learn good credit habits on his own.

 

Then, when he is ready, he can app for a VISA with UFCU.  


+1

 

No question a store or gas card will help in this instance. They seem to be easier to qualify for. Nevertheless, my belief that a regular VISA or MC, if one can qualify, will accomplish the same goal and may actually be better, for FICO scoring purposes, if the CC is a major bankcard.

Message Edited by plasticman on 09-07-2009 10:00 AM

 

I agree with you, but there's always that pesky AF when you are in the subprime category.  I remember those, and not fondly!  :smileyhappy:
pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749

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