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May I say some thing ?

Frequent Contributor

May I say some thing ?

Smiley Happy I been with this forums 10 month I reading many of posts . My question is why many people they already have many CC but they still want apply CC ( but they don't really needs it ) like store card . I think store card some time they give you offer in short time , but in long time it not really good , and they don't help your CR much . also CL not much . I remember on 2003 I have store card at usaa . CL 7500 but I never use it . they still report to TU . I just close this year , because I don't needs it . So why are we needs apply Store card ? save money in short time ? how about long time ? with CL too low . and also you only charge with them .
I am so sorry . I am wrong . Smiley Sad
22 REPLIES
Frequent Contributor

Re: May I say some thing ?

Did it not improve your score?
Senior Contributor

Re: May I say some thing ?

some store cards offer great incentives (examples; victoria's secret (i'll let everyone interpret incentive's as they see fit), home depot (no intrest, no payments 6-12 moths on purchases over $299), etc.) also, it makes fico happy to see a "mix" of credit.
Moderator Emeritus

Re: May I say some thing ?



dangphuocloc72 wrote:
Smiley Happy I been with this forums 10 month I reading many of posts . My question is why many people they already have many CC but they still want apply CC ( but they don't really needs it ) like store card . I think store card some time they give you offer in short time , but in long time it not really good , and they don't help your CR much . also CL not much . I remember on 2003 I have store card at usaa . CL 7500 but I never use it . they still report to TU . I just close this year , because I don't needs it . So why are we needs apply Store card ? save money in short time ? how about long time ? with CL too low . and also you only charge with them .
I am so sorry . I am wrong . Smiley Sad


I agree with you on not apping for credit if you don't need it. This is something that is clearly not discussed enough in these forums. As for store cards, they help with your credit mix which accounts for 10% in FICO scoring. For many it just feels great to be out of credit h$ll and feels even better when some CCC or store card company says yeah we will approve you. Your thinking is spot on though. BTW, a big congrats on your new home!
Frequent Contributor

Re: May I say some thing ?

Yeay I understand some of them give you very good  offer in one year .after that ?  and offer good for new account only ! so what can you do after one year ?  
when I close my usaa my score go up very good .
dicovery turn me down for that store card . Smiley Sad sorry I am wrong .
Frequent Contributor

Re: May I say some thing ?

thanks a lot Fused . I just want to say some thing what am I thinking ? and I don't really know Am I wrong or not ? I am trying to learning from all you guys .
Moderator Emerita

Re: May I say some thing ?


dangphuocloc72 wrote:
thanks a lot Fused . I just want to say some thing what am I thinking ? and I don't really know Am I wrong or not ? I am trying to learning from all you guys
I think that it's smart for everyone to figure out exactly what they want from every card, and once they've got that, they don't need anything else. Good thinking! Smiley Wink
* 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
Frequent Contributor

Re: May I say some thing ?

I think that's a very good question you bring up.

I used to not at all be interested in store cards and used to think they were only useful at sign up also. Recently I learned that some store cards have interesting reward programs in general (a couple have been mentioned already).

I shop at the clearance sections at stores like GapKids, OldNavy, The Childrens Place, Lands End for my 3 yr old daughter's clothes. For the first 2 years, I only shopped at Kmart and Sears for her clothes. What I have also discovered is that name brands resell quite well at consignment shops. So for me, finding out that GapCard offers:

5% rewards
10% off the first Tuesday of every month (online or in store)
Free shipping online
No hassle returns to a real store
First purchase discount at Gap, another one for OldNavy, Banana Republic and PiperLine.

This has been a big score for me. And the green person in me (environmentalist and capitalist) likes the overall savings and the thinking that as long as these clothes are taken care of, they will continue to be used.

This is my first store card application since 1996, Home Depot. The CL is only $200, with what I currently already have, do I need it? Probably not. But does it contribute in my goals and planning? I do believe so. Especially since it benefits a current practice. And well, it's one of the better looking cards I have.

BTW, I do also shop at consignments and I still shop at Sears (KidVantage and I have a Sears MC).

I really do believe actions should map to goals. And this is going to be different for everyone. Some may not understand ones actions, maybe because they don't understand their goals as well? Or some may not have their goals clearly defined. Anyway, because of this forum, I do look at my credit very differently and more closely. Although I haven't found anyone in the same situation I'm in, I do find discussions and examples that are brought up to be rather helpful.
-------------------------

Hello, my name is, "PenguinGeek," and it's been 9 months since my last cc app and my score is now 34 points higher than when I app'd.
Moderator Emeritus

Re: May I say some thing ?

My two fave store cards, Circuit City and Best buy offer special financing all the time . 12-48 mos same as cash.  Not going to get that on a Major card.  Even Wally World is now offering same as cash for 12 mos on a certain purchase amount. Macys offers discounts and specials to card holders all year long.  The only store card I have had that didn't offer repeating specials is Target and its no longer a store card but a Visa and soon to close.
 
The old school of thought is that store cards only offer the initial 10-15% to apply.  Many are now flyinging the face of that.  I never USE my store cards unless there is an advantage that I can't get with my majors.
Established Contributor

Re: May I say some thing ?

Brammy - doesn't your Target card offer the 10% after 1000 points purchase? They also give a percentage of your usage to a local school, and they give you more coupons if you use it to buy prescriptions. I shop at Target all the time, so that is the card I use there just for the points. Also, I discovered they only raise your CL if you use the card regularly (a CSR told me that I wasn't getting more CLIs because I didn't use my card enough, but go figure).
pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749