Store Cards vs. Regular CCs

[laz98]

How does FICO view having more store cards than VISA/MC cards?  Does it make a difference at all?

[Creditaddict]

I think once you have at least one for mix, then just does not matter.

[Anonymous]

Yep-

It also seems it makes a difference on your insurance score if you have a store/gas card.

[laz98]

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@Anonymous wrote:

Yep-

It also seems it makes a difference on your insurance score if you have a store/gas card.

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So...what difference does it make?  Does it tank your scores, or does it just cost you some?

[Anonymous]

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laz98 wrote:

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@Anonymous wrote:

Yep-

It also seems it makes a difference on your insurance score if you have a store/gas card.

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So...what difference does it make?  Does it tank your scores, or does it just cost you some?

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Sorry-

Having a store/gas card improves your insurance score.

[laz98]

sorry timothy, i guess my post wasn't very clear.  what difference does it make in regards to STORE cards?

[haulingthescoreup]

I'm pretty sure that Timothy was saying that it helps your insurance score to have a gas/retail card. As I recall, he posted this as his experience last late spring/ early summer? sometime.

[laz98]

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@haulingthescoreup wrote:
I'm pretty sure that Timothy was saying that it helps your insurance score to have a gas/retail card. As I recall, he posted this as his experience last late spring/ early summer? sometime.

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grrr...ok, i guess my initial question is not clear.  it has NOTHING to do with insurance OR gas cards.

my question is:  does it matter to FICO if you have, say, 5 store cards (Dillards, Mervyns, Gap, Sears, whatever) and only 1 VISA or MC, instead of maybe 3 VISAs, 2 MCs, & only one store card, like a Sears card?

my question concerns the score effects of your ratio of store to major CCs, not whether having a store card in your mix is good for your FICO.  i already know that's the case.

thanks for reading this.  sorry for the frustration in my post.  

[haulingthescoreup]

No problem. I've pulled my hair out a lot as well.

From what I've seen where members have posted FICO feedback, I don't think it matters if you have 1 or 20 gas/retail cards, as long as you do have a decent number, let's say 3, of bank cards from major national banks, meaning not from credit unions or local banks. (The CU thing will set me off on my own personal temper tantrum, so I won't go there.)

In other words, if you have enough solid bank cards, and one gas/retail card to check off that category, any additional gas/retail cards are just lagniappe, neither helping nor hurting, other than representing additional TL's.

Am I getting any closer?

[laz98]

THANK YOU SO MUCH HAULING!!!  That is exactly what I was looking for!