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I know from reading these forums that credit cards are seen as different than charge cards and department store cards are seen as different than both credit cards and charge cards (correct me if I'm wrong) as far as a healthy mix of credit goes, but my question is does it matter who the issuer of the card is? That is, does it make any difference to my FICO score if all my cards are Visa, or would it help my score more if I had a Visa, an Amex, and a Discover card rather than three Visa cards?
I think that is really up to you and there are much smarter prople on this board them me!
Here is how I mix:
Amex Zync
Discover
Home Depot
PenFed Rewards Visa
Wings FCU Visa
USAA Plat Master Card
PayPal Connect
This should cover most things!
Not much info but I hope it helps you decide.
Ray
@tpatterson2k9 wrote:I know from reading these forums that credit cards are seen as different than charge cards and department store cards are seen as different than both credit cards and charge cards (correct me if I'm wrong) as far as a healthy mix of credit goes, but my question is does it matter who the issuer of the card is? That is, does it make any difference to my FICO score if all my cards are Visa, or would it help my score more if I had a Visa, an Amex, and a Discover card rather than three Visa cards?
They are not seen different for any calculations except that if your charge (or a visa sig or a world mc) card doesn't report a limit, its may impact your util. Fico doesn't care if all your cards are visa.
So does it differ between store cards and cc's ? Or does it rate them the same as a normal CC
@vish1 wrote:
Fico doesn't care if all your cards are visa.
Are you sure? I'm not going to try to remember what my FICO score explanation has said in the past, but I remember it listing in the good column that I had a mix of cards from several different networks/banks, or something like that. If it even counts for anything, I doubt it is weighted much at all.
The significant credit mix is between installment, revolving and charge card. I have learned that "store" cards are not beneficial in any way to your FICO score, despite what was once believed on these forums.
Having more than one major CC reporting is good. Having available credit on a store card still counts as available credit on your CR. Also I believe a charge card reports no limit, just your highest balance.