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RFLMAO!
SpecFile wrote:
Brammy wrote:When the FICO formulation for types of credit ued come into play, I'm not sure if store and gas cards are beneficial or detrimental. I only say this because consumer finance loans are also mentioned in this mix and the FICO scoring explanations of negative things include the addition of consumer finance loans.Hopefully the store and gas card lines ARE beneficial. I have not yet seen that as a detrimental effect to my score. I have store cards but who makes plain old vanilla gas cards anymore. Everytime I go to the station all I see are co-branded apps.
Let me change the subject for just a sec.Brammy,I have not seen you type that well since I got here.
Never heard that one before. Kind of a strange reason it would seem.
George2037 wrote:I've gotten messages on my denial letters stateing "Not enough store credit" I assume these are department stores of the likes of Macy's....
Lady_Scarlet wrote:
Exxon has just a plain ole gas card (I have one) but because CitiBank took over their billing they aren't reporting until the end of the year (problem with consumers not receiving their new cards). Citgo has one also, along with Sunoco and BP. - they are on their individual sites (and you can choose which one you want)Getting an unsecured MC/Visa is almost impossible w/o some credit history... and the store cards and gas cards are easier to get in most cases - so yu 'build' with them then close accounts (too many is not good). And use them - but only to the max of 30% of the limit (yes the 2-9 is ideal but 30% is also showing 'wise use' of credit). Ideally (at least when applying for a mortgage) you should have 4 accounts including any installment loans. 5-6 will pass (depending on limits and income). All accounts will need to be open at least one year (preferably 2).BTW, I teach Fannie Mae's "Credit Smart" and would recommend this FREE class (20 hours and grueling) to everyone.
Thanks for the advice Lady Scarlett but unfortunately niether of those gas stations are places that I visit. Only one is local o my area.Hopefully you know more about credit than the guy who taught the class I took...lol!! Was supposed to be for smart mortgage shopping and it was about at 3rd grade (credit) level. It seems those classes are designed for people with no credit experience and does not do a lot to assist the consumer in disputing invalid information on a credit report. It looks to make the home buying process a lot quicker, though not necessarily easier.Keep in mind just talking about the class I attended (dueto first time homebuyer requirements) where the 'instructor' advised the class that they needed to pay off all derogatory accounts whether or not they were valid accounts and advised that it was legal for a creditor to continuosly reage an account and keep reinserting it into the credit file.