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Question About Credit Card Mix

Regular Contributor

Question About Credit Card Mix

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?


Starting Scores (lender pull 3/27/10): 759 (EQ), 752 (TU), 749 (EX)
Current Scores (myFICO 4/4/11): 768 (EQ)
Goal Scores: 800


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5 REPLIES
Regular Contributor

Re: Question About Credit Card Mix

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

Current Goals:

830 FICO / ** GARDEN ** / Pay off one remaing card.

** Every Card Has a Job and Every Card Does Its Job **
Valued Contributor

Re: Question About Credit Card Mix

 


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.

 

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
Frequent Contributor

Re: Question About Credit Card Mix

So does it differ between store cards and cc's ? Or does it rate them the same as a normal CC


Starting Score: EQ 515 TU 490 EXfaco 510
Current Score: EQ 660 TU 665 EXplus 661
Goal Score: 700


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Valued Contributor

Re: Question About Credit Card Mix

 


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.


Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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Highlighted
New Contributor

Re: Question About Credit Card Mix

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.

TU FICO - 752 (8/12/11)
EX PLUS - 721 (8/9/11)
EQ FICO - 648 (2010)

(21 years old)