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Upon reviewing my CR, I was reminded that I opened a JC Penney charge account in 1998. Surprisingly, the account is still open even though I never used it. I contacted their Credit Card Customer Service and they're sending me a new card.
My situation is this...
No loans. No mortgage. Only 2 revolving accounts.
One bank CC. 5000 CL. 50% util and going down. Should be under 10% util in 2 months.
One store charge, which is this JC Penney card. 300 CL. 0% util.
Current EQ = 669 (ScoreWatch).
My question is...
Is it worthwhile to start using the JC Penney charge card to boost my credit score? If so, how much increase should I expect to see?
In my area, there are no JCP stores. But there are several Sephoras which accept JCP.
Thanks for the advice.
Another thing that crossed my mind is that it's a good idea to have a mix of active revolving credit, ie 1 credit card + 1 store charge card. Right now, only the credit card is active (too active!).
My goal is to get my scores to 700+, then apply for 3-4 credit cards with better benefits. My current credit card is from 1998 so I'm going to keep it for the history. But I wanna transition to better benefits like Costco AMEX TrueEarnings, Discover More and Penfed VISA Platinum Cash Rewards.
Oh, and I wanna get a Victoria's Secret Angel Card, even though I'm a guy Opening in Honolulu, Sept 2009
brother7 wrote:
Thanks for the advice.
Another thing that crossed my mind is that it's a good idea to have a mix of active revolving credit, ie 1 credit card + 1 store charge card. Right now, only the credit card is active (too active!).
My goal is to get my scores to 700+, then apply for 3-4 credit cards with better benefits. My current credit card is from 1998 so I'm going to keep it for the history. But I wanna transition to better benefits like Costco AMEX TrueEarnings, Discover More and Penfed VISA Platinum Cash Rewards.
Oh, and I wanna get a Victoria's Secret Angel Card, even though I'm a guy Opening in Honolulu, Sept 2009
unless the JCP card was already being included in the calculations it should prompt a 'mix of credit' score bump after you make a purchase and the acct shifts to active from dormant.
if you only have one cc reporting currently, your next new cc acct. should also prompt a decent bump.
you are well on your way, you'll be in the 700 club in no time, gl!