Store Cards Dropping Like Dominos

[BUN]

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@Mantis350 wrote:

I too am getting rid of my Comenity VS card.  No longer have my gold digging ex in my life so no need for it (I don't purchase that much of that cologne there lol).  The $1600 limit served its purpose when rebuilding.  This post just gave me the additional support I needed to close this card for good.  Now I only have Home Depot(5k), Lowes(10.6k) and Express(2.5k) for store cards.  MIGHT get rid of Express soon too....I shop there a lot though so not too sure about this.  Just dont want to have more than 2 store cards any longer.  Oh yea I do have Sportsmans but that has a MC logo sooo.....yea

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Good job dumping the gold digging ex!  You deserve better.

[CreditMagic7]

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@mongstradamus wrote:

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@Mantis350 wrote:

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@CreditMagic7 wrote:

Well that's what i was taking a hard look at myself and decided enough is enough of this. I mean theres as you said, Lowes (17K) Home Depot (5K) and in my case with the (3) newest additions of Visa/MC Synchrony Cards in Ebates, PayPalMC, and Sam's 531 MC, those SCT cards suddenly stick out and not in the most convenient way.

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I just don't know what the magic number is.  I understand the mix of one's credit file but I don't know how much having store cards actually hurts one's credit profile.  Bank cards, installments and mortgage loans are great but I don't know where store cards come in or how much of an impact it makes to have too many (even if 0% util)...maybe someone can chime in on that?

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I think all the new TL is what hurts most people with store cards. Most store cards have limited use and usually, but not all the time, have low CL. From what i can tell most people apply for them in rebuilding phase because thats the only card they can get at the time. Getting one or two is ok but when you go 5+ then that is where the problems start. The affect on AAOA is more than people realize imo. 

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Obviously. And for those exact reasons you just mentioned. Also i did a little extra digging the past few days on the differences of how store cards vs Bankcards affect how Fair Issac's Scorecard weighs them and the potential point gains vs reductions and concluded that those certain algorithms still, if not even more, today is taken into account which as i see it coincides equally with some Bankcard lenders expectations from conversations that i have experienced when up against underwriting analysts reviews. Point being that it's definitely not just a criteria that is obsolete by any means but just as relevant in todays decisions

Whatta ya think?

[Mantis350]

OK I closed my VS card.  I need to keep my SPortsmans for now because I am taking advantage of a 0% BT right now.  After the intro period (and I PIF) I will close that account as well.  I enjoy my Home Depot and Lowes cards way too much.  The 5% off everyday at Lowes is definitely worth it to me and Home Depot gives some great incentives as well.  But no more toy limit cards for me in the future.  On to bigger and better things.

[CreditMagic7]

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@Mantis350 wrote:

OK I closed my VS card.  I need to keep my SPortsmans for now because I am taking advantage of a 0% BT right now.  After the intro period (and I PIF) I will close that account as well.  I enjoy my Home Depot and Lowes cards way too much.  The 5% off everyday at Lowes is definitely worth it to me and Home Depot gives some great incentives as well.  But no more toy limit cards for me in the future.  On to bigger and better things.

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Every member's profile is different with different results, but this is sort of my first store CC's vs FICO/Bankcards experiment to actually nail down exactly what overall results of flushing out a group of low limit store cards will reveal, if anything at all as far as FICO scoring as well as results from Bankcard lenders. Will soon enough find out i'm sure.

Does anyone know if Visa/Mastercard/Amex store cards exhibit even a little more weight in FICO calculations then say a walmart, kohls, or other like store card? I been focusing specifically on this Visa/MC branding store types lately following approvals for them and found that their starting limits have even been reasonably better then my other non-visa/MC store cards.

[chalupaman]

SCT cards sound like a waste of time to me unless maybe you got some high limit from that and you find the card useful in some way, especially if it's somewhere you shop a lot at. Personally I've never had the SCT trick work for me ever and even if it did, most of the offers I would not take anyway. I've made it a goal not to ever have cards with limits under $1k again. Good work, CreditMagic!

[App_Addict]

I have like 4 toy cards that I got from the SCT a couple of months ago and I CRINGE when I see "a new account has been added to your credit report" and it is one of those accounts! i will never use them and I don't want them!  I know I just got them but I really do want them to just go away!  Live and learn, but urrrrrrr!

[joltdude]

Watching ppl abuse the SCT is like watching a train wreck. Can see getting 1 to 2 cards this way if they are useful and used, but any more is self destructive.. Credit suicide

[Anonymous]

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@joltdude wrote:
Watching ppl abuse the SCT is like watching a train wreck. Can see getting 1 to 2 cards thus way if they are useful and used, but any more is self destructive.. Credit suicide

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I have exactly ONE SCT card, and that is the Overstock. And I was approved for that with a limit higher than most of my recent non-Chase approvals.

[baller4life]

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@joltdude wrote:
Watching ppl abuse the SCT is like watching a train wreck. Can see getting 1 to 2 cards thus way if they are useful and used, but any more is self destructive.. Credit suicide

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AMEN brotha!!

[CreditMagic7]

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@joltdude wrote:
Watching ppl abuse the SCT is like watching a train wreck. Can see getting 1 to 2 cards thus way if they are useful and used, but any more is self destructive.. Credit suicide

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CreditMagic serves as your classic test case post 1 year.

And i absolutely know for sure from other posts i read in APPROVALS that my appetite was far lighter at the time.