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