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Store card vs. "Regular" credit cards

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09Lexie
Moderator Emerita

Re: Store card vs. "Regular" credit cards

The link provided by longtimelurker is dead on. Chase and Barclays usually require bank or national revolving cc's history
Message 11 of 21
SunriseEarth
Moderator Emeritus

Re: Store card vs. "Regular" credit cards


@NibblesTreats wrote:

Recently my fiance said that he was told by a woman at his credit union that store cards don't help your credit.  The only cards that help your credit are the regular bank credit cards.  How true is this?  I understand that an AMEX is going to look better than a Victorias Secret, but credit is credit nonetheless.  Am I wrong?


AFAIK, store cards may not be counted for some lenders' internal scores, but they have the same weight in a FICO score. 

Store cards can definitely be valuable if they have a good rewards structure or special financing available.  Plus, they're good for people building or rebuilding.  There are plenty of people on this forum who've rebuilt with store cards and accounts, so they shouldn't necessarily be dismissed. 



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 12 of 21
ltspongebob
Valued Member

Re: Store card vs. "Regular" credit cards

Normally I would agree with you, however i decided that I wanted a Target Redcard and Ii actually didn't want the Visa version. I have no intention on ever using it outside of Target (other cards I have do much better outside). I applied for and got the target card. Happy to not get the Visa.

Does anyone know if Target upgrades this to the Visa without asking?
FICO '08=764
Message 13 of 21
enharu
Super Contributor

Re: Store card vs. "Regular" credit cards


@09Lexie wrote:
The link provided by longtimelurker is dead on. Chase and Barclays usually require bank or national revolving cc's history

+1 to what lexie and longtimelurker said.

 

Certain lenders do look at the type of credit card.

Some lenders take it up a notch higher and do pay attention to the issuer as well. 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 14 of 21
pennccrn
New Contributor

Re: Store card vs. "Regular" credit cards

Just have a comment to add. I purchased a analyzer product thru Experian on that report it gives a "star" rating to each credit type. 4 stars go to a mortgage, three to an installment loan, two to a major credit card and one star to a retail card. I assume this is a FAKO score because Experian doesn't issue FICO scores to individual consumers. I do know that "consumer finance accounts" adversely affect a FICO score. But I don't think that applies here. Just my $.02, I'm always interested in learning something new so correct me if I'm wrong.
Discover It 12.5K; AmEx SPG 17.5K; Arrival+ WE BarclayCard 18K; BankAmericard Cash 10.5K; Citi Double Cash 8.1K; Credit Union Card 5K; Target Redcard 1K

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Current Score: TU 818 EX 815 EQ 807
Goal Score: 800


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Message 15 of 21
Crashem
Valued Contributor

Re: Store card vs. "Regular" credit cards


@ltspongebob wrote:
Normally I would agree with you, however i decided that I wanted a Target Redcard and Ii actually didn't want the Visa version. I have no intention on ever using it outside of Target (other cards I have do much better outside). I applied for and got the target card. Happy to not get the Visa.

Does anyone know if Target upgrades this to the Visa without asking?

Is that Target RedCard store card or Red Debit card (comes out of checking account)?

               LIMITS IN CARD DESCRIPTIONS
Message 16 of 21
MichaelWeeki
New Visitor

Re: Store card vs. "Regular" credit cards

When my credit was building back up, the Target Red Card helped my credit.  I know this due to not using it for two years, seeing it closed, & my credit score dropped 20 to 30 pts.  Nothing else happened derogatory on my credit.  I'm 100% certain that retail credit cards can help since obviously they are reporting balances, pay history, R1 status, etc.

Message 17 of 21
MichaelWeeki
New Visitor

Re: Store card vs. "Regular" credit cards

Mine was not upgraded after years of use.  The limit increased to $1k, that's about it.

Message 18 of 21
Dubious
Frequent Contributor

Re: Store card vs. "Regular" credit cards

 


@ltspongebob wrote:
Normally I would agree with you, however i decided that I wanted a Target Redcard and Ii actually didn't want the Visa version. I have no intention on ever using it outside of Target (other cards I have do much better outside). I applied for and got the target card. Happy to not get the Visa.

Does anyone know if Target upgrades this to the Visa without asking?

The Target visa is no longer offered. People that already had it when it was discontinued were allowed to keep it. 

Message 19 of 21
850striver
New Member

Re: Store card vs. "Regular" credit cards

Store cards are not really necessary if you have one or more bank cards but they do offer some discounts and bargains that are exclusive to store caredholders.  My wife has a Macy's card that she uses exclusively for the discounts it offers.  I have a Firestone card.  Interest rates are high on these cards but we pay off any balance as quickly as possible.  



Starting Score: 700
Current Score: 762
Goal Score: 850


Message 20 of 21
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