Credit Cards

[pat0812]

Hello

I just started my credit history 5 months ago and right now i have

1) $300 WELLS FARGO SECURED

2) $400 WALMART STORE CARD

3) $500 CAPITAL ONE UNSECURED

Next month i'm going for a charge card with AMEX

Now i have a question 

My friend works in Littman Jewelers and they just came out with their new store cards operated by TD Card services. She told me that a lot of people that don't have a good credit or short credit history are getting straight away 1000-2000 credit limit on their card.

I don't know if that is true or not but i was wondering something

Let's say I apply and i get $1500 CL. Is that a good move for my credit ? Because right now my highest limit is $500

Will that look good on my report? Will that help me to get higher limits from know on ? Or store card and credit card are not the same value of importance ?

Because i know that some credit card companies match you the same limits than your highest limit you have

Please give me some advice, i would like to give this a try, but would like some advice first

[migliogiorni]

Hmmm...do you need this store card? are you planning on shopping there often? If not, why bother? I personally think you should use that Wal Mart card as much as possible as that will be your friend. And matching your highest limit with aother CC's that doesn't always work.  Especially if your credit history is thin.  Anyway, GL.

[kwazziee]

+1 I agree, it a much better move to use the Wally card and PIF as much as you can then request for cli. Good luck.

[RonDawg]

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pat0812 wrote:

Hello

I just started my credit history 5 months ago and right now i have

1) $300 WELLS FARGO SECURED

2) $400 WALMART STORE CARD

3) $500 CAPITAL ONE UNSECURED

Next month i'm going for a charge card with AMEX

Now i have a question 

My friend works in Littman Jewelers and they just came out with their new store cards operated by TD Card services. She told me that a lot of people that don't have a good credit or short credit history are getting straight away 1000-2000 credit limit on their card.

I don't know if that is true or not but i was wondering something

Let's say I apply and i get $1500 CL. Is that a good move for my credit ? Because right now my highest limit is $500

Will that look good on my report? Will that help me to get higher limits from know on ? Or store card and credit card are not the same value of importance ?

Because i know that some credit card companies match you the same limits than your highest limit you have

Please give me some advice, i would like to give this a try, but would like some advice first

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If your just looking for more Credit to show on your CB then go for it but really if your not going to use a store card then there is no point.  Most store charge accounts that are not used are usually closed by the creditor. Also store charge accounts don't hold the same value to your CB as major credit/charge cards do.   I would say go for the AmEx charge card before a store card. 

But if your going to use the charge card then go for it, remember most store cards have a very high interest rate so you may not want to keep a balance at least not for very long anyways.   UTL is UTL so if you have a store card that credit limit is included in your UTL where your AmEx charge card would not be included so it would not help the value of your credit score if you have a balance your are going to keep on any of your other cards.

[jsucool76]

@RonDawg :

As far as I know creditors cannot tell whether the card is a store card or not when they pull your reports. Obviously they can identify GECRB cards and WNNFB cards because the account on your reports lists the creditors, but things like the chase amazon card only say "Chase Bank" on your report. TD is a regular bank so if he got the card it would most lilely just list TD, and report as a regular revolving credit account. Store cards don't report any differently than regular credit cards do.

When people talk about having a good mix of credit, they are usually referring to having credit cards, and installment loans, and stuff like that. Not store card versus bank card.

[webhopper]

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migliogiorni wrote:

Hmmm...do you need this store card? are you planning on shopping there often? If not, why bother? I personally think you should use that Wal Mart card as much as possible as that will be your friend. And matching your highest limit with aother CC's that doesn't always work.  Especially if your credit history is thin.  Anyway, GL.

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Agree with this ^^^    Your friend probably gets a little bonus for everyone that apps.

[Shogun]

My personal take on the matter.  If you don't need it, and don't shop there.  I wouldn't mess with it.  It's going to ding you with a HP and take a hit on  your AAoA.  If you're going to do that, do it for something you'll use.

[youngandcreditwrthy]

Typically, jewelry lenders base your limit on your purchase-so if you cold app without a purchase in mind, they might give you a loooowwww limit.

If you need it for utilization, do it. I'd say big limits trump a lot of factors,
like aaoa, and it looks like you have low limits.

Best of luck :-)

[nuggets321]

+1 on the GE Walmart card. Use it , use it often, pay it often.  I started with a 600 CL and after a year am already up to $3200 CL. They will definitely grow with you.

[Jutz]

+2, or whatever we're on for skipping the store card and growing the WalMart card.  I'd bet your first CLI on your walmart card will be more than the jewelry store card and it'll be without a HP and won't ding your AAoA.  You're looking good right now, no reason to stray from the path.

Also:  @nuggets, I just started with a $600 balance Walmart card yesterday, how often did you request a CLI to get 3200 in a year? 4 months?  That's about where I'd like to be at next year.