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I think from what see on the EX site when i log in that store cards does have some weight. EX has a category of credit rating for store cards.
@Gollum wrote:
@haulingthescoreup wrote:
@Gollum wrote:Read "Types of Credit Used" at
http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx
I recommend that you close all of your GEMB retail store credit cards.
GEMB credit cards are sub-prime credit cards. Look at the interest rate.
With your credit scores, the GEMB credit cards are not worth keeping, and I suspect they may have a negative effect on your FICO score.
Store cards don't help or hurt your scores, unless they're the only kind of cards that you have.
There's nothing on that link to suggest that they do.
High APR cards don't hurt either, unless of course, you're carrying balances, which you shouldn't do anyway.
Quite a few years ago, I read somewhere (I don't remember where) that a credit card from a major bank is "good" credit and a store credit card is "bad" credit in the sense that a major bank credit card is better for your credit score than a store credit card is. That advice may be somewhat outdated since stores apparently issue Visa credit cards now.
At the link I provided, though, it says:
"Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.)"
The possibility exists that store credit cards are still a factor. Consider what "presence, prevalence... various types of accounts" can mean.
If I understand correctly, GEMB credit cards are not VISA/MasterCard credit cards: they are store credit cards or CareCredit credit cards.
Interest rates are not shown on credit reports, but credit grantors are. A subprime credit account could be a factor for a FICO score. That would fall under the "presence, prevalence... various types of accounts" verbiage.
BTW, I apologize for not replying to you after my initial post to this WWW forum. I apparently value my privacy more than others do, and it took me a while to decide how to respond. It eventually became easiest to not respond.
I understand how you could look at it this way, but here is the source for what I'm saying:
FICO Risk Score Reason Codes (stickied at the top of Understanding FICO Scoring)
Click on the link to open the PDF file. Ignore the first column of reason codes, as they are for the barely-used NextGen score. The other three columns are for the FICO Classic scores.
Some are pretty cryptic, but none of them say that the scoring formulas will mark you down for having a store card (unless that's all you have: see "Too few bank/ national revolving accounts") or that some credit grantors are considered "subprime." Considering that GEMB is a customer of FICO, as are other lenders, they probably wouldn't take that too kindly. Notice that NextGen has a reason code for "too many retail accounts", but the other three don't.
Getting familiar with the reason codes can be a very helpful way of sorting through the misinformation about what hurts your score. Unfortunately, there's a lot of misinformation out there on the Web, and it never, ever seems to go away.
--oh, and for everyone's sanity's sake, I'd advise ignoring the reason codes for NextGen. I'm thinking that there's a reason why it didn't set the credit world on fire.
@Gemini wrote:i only have an annual fee on 1 card... the capital one...its my oldest card and that is the only reason why i continue to keep it open and pay the annual fee.
Call Capital One and ask to do a product change to a no-AF card. Like you, my oldest card was a C1 card with an AF, from way back when my credit wasn't very good. So I didn't want to close it. But I also got tired of paying an AF with 800 scores... so I called them up and they did that for me, after years of refusing to cancel the AF. I opted for the green Cash Rewards (the one on the current TV commercial).
What is income you report for applications if you don't mind sharing?!
I'm so excited to see the 4 Navy Accounts, now I know how far I need to come up!!!
The only card on that list that I would close is that Capital One and probably the Best Buy Mastercard.
So since you have about every card that we see questions about a lot, can you tell me (us) what you consider "Daily" Cards and why?
Outside of the credit cards do you have Mortgages, Car Loans?
I make 63,000 a year....my daily card is the first tennessee visa because of the 5.15% fixed rate... i alternate between the samsclub, walmart, and penfed for my gas purchases... the other cards i just use maybe once every couple of months to keep them active...very small purchases.
How many cards did you apply for, over what period of time? I have to say, after reading what so many others have posted here, I am surprised you've not had any cards shut down for "carrying too much available credit." We are always reading about Barclays Bank closing accounts for people who have what they consider too many other accounts. Perhaps you have flown under the radar somehow!
I still say that's a mighty impressive wallet.
I think I can say the earlier cards I acquired was around 10 yrs ago... But over half were acquired within the last 3 years. I haven't had any closures due to exposure..
It would be nice to squeeze all those CL into 4-6 cards.......
@tntexans72 wrote:It would be nice to squeeze all those CL into 4-6 cards.......
OK....I'm lazy. Has anyone done the math on average credit line per card of the OP's list or of their own holdings? (I suppose that means we have to leave the no preapproved spending limit cards out of the mathematical mix.)
I'm somewhat a believer in the above comment. I look for quality (meaning credit line, rewards, etc.) rather than quantity. I have only 9 cards, but most of them have very good (in my opinion) credit lines and/or rewards. When I app (which isn't very often) I'm afraid of scaring the good cards away due to having a lot of cards with small limits on board. That's why I try to stick with a few good ones with high credit lines. Obviously, however, in the OP's case none of the last cards were scared away by the previous ones.