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Store cards vs. Regular credit cards?

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ptilda
Established Contributor

Store cards vs. Regular credit cards?

I'm wondering if in the area of "types of credit" if the cards are looked at differently?  Do my Cap On and Discover IT count differently than my Kay and Jarred cards?

My Wallet:Fidelity Amex $1K, DCU $3.9K, US Bank AeroMexico $300, Quicksilver $1.3K, Cap1 secured MC $750, DiscoverIT $200, Care Credit $5K, Sportsman Guide Visa $3K, Kay $3K, Jared $3K,American Airlines CC $3K, Amazon $2.9k, Walmart $2.2k, Macy's $800 revolving/$5k furniture, Comenity retail cards $5.55kStarting Score: 618Current Score: 711
Message 1 of 10
9 REPLIES 9
myjourney
Super Contributor

Re: Store cards vs. Regular credit cards?


@ptilda wrote:

I'm wondering if in the area of "types of credit" if the cards are looked at differently?  Do my Cap On and Discover IT count differently than my Kay and Jarred cards?


Only to Chase IIRC 

They do not consider store cards 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 10
user5387
Valued Contributor

Re: Store cards vs. Regular credit cards?

I don't think that store cards are treated differently than regular CCs for scoring purposes.  Here's an article about this:

 

http://www.myfico.com/CreditEducation/Types-of-Credit.aspx

 

An individual lender may treat them differently.

 

Also, people often misuse store cards, for example by maxing them out, and this hurts utilization.

 

Message 3 of 10
FinStar
Moderator Emeritus

Re: Store cards vs. Regular credit cards?


@user5387 wrote:

I don't think that store cards are treated differently than regular CCs for scoring purposes.  Here's an article about this:

 

http://www.myfico.com/CreditEducation/Types-of-Credit.aspx

 

An individual lender may treat them differently.

 

Also, people often misuse store cards, for example by maxing them out, and this hurts utilization.

 


+1

 

Especially under manual review.

Message 4 of 10
irrational
Frequent Contributor

Re: Store cards vs. Regular credit cards?


@FinStar wrote:

@user5387 wrote:

I don't think that store cards are treated differently than regular CCs for scoring purposes.  Here's an article about this:

 

http://www.myfico.com/CreditEducation/Types-of-Credit.aspx

 

An individual lender may treat them differently.

 

Also, people often misuse store cards, for example by maxing them out, and this hurts utilization.

 


+1

 

Especially under manual review.


Even when the store card is backed by a major bank (like the HD card being backed by Citi)? Just curious, but any idea why some lenders treat them differently?

Current Score: TU (discover) 720 - 6/29/14 | EQ (score watch) 777 - 7/19/14 - Last App 7/21/14

NPSL          |      $27,600         |      $15,000      |      $7,000      |     $2,800     |      $11,000    |      $13,530      |      $5,200
Message 5 of 10
ksantangelo23
Frequent Contributor

Re: Store cards vs. Regular credit cards?


@irrational wrote:

@FinStar wrote:

@user5387 wrote:

I don't think that store cards are treated differently than regular CCs for scoring purposes.  Here's an article about this:

 

http://www.myfico.com/CreditEducation/Types-of-Credit.aspx

 

An individual lender may treat them differently.

 

Also, people often misuse store cards, for example by maxing them out, and this hurts utilization.

 


+1

 

Especially under manual review.


Even when the store card is backed by a major bank (like the HD card being backed by Citi)? Just curious, but any idea why some lenders treat them differently?


I don't think there's a definitive answer, but I assume it would be be because having a credit card for a single location is much more restrictive, and less proving of the ability to manage credit than a standard credit card.

 

Having a credit card from JCP, or HSN-type TV networks isnt quite the same as a <Bank> Visa.

AMEX Hilton Ascend: $55,000 | Chase Sapphire Reserve: $30,000 | PNC Points: $17,500 | AMEX BCE (AU): $18,000 | AMEX BCP: $15,000 | US Bank Cash+ $15,000 | AMEX Business Prime: $14,000 | AMEX SimplyCash: $12,000 | Capital One QS: $13,500 | Chase Business Ink: $12,000 | PNC Everyday (AU): $12,000 | JCPenny Store Card: $10,500 | Chase Slate: $9,400 | Capital One QS: $6,500 | (2nd) US Bank Cash+ (2nd): $7,500 | Discover IT: $6,000 | Chase Freedom: $3,500 | Auto Lease: $0/$21,000 | Auto Loan: $0/$18,000 |

TU: 818 EX: 809 EQ: 801

Message 6 of 10
AAstra
Regular Contributor

Re: Store cards vs. Regular credit cards?

Good question and since I have a Sears card backed by Citi I would like to know if there is an answer to this also. I saw someone mentioned that it has more restrictive use since it is for a single store but in the case of the Sears card...I can use that thing anywhere, so wouldn't that be a different situation?

 

Cheers!

FICO - TU: 815 | EQ: 793 | EX: 813

Sears MasterCard: $13k (1/2013)
Capital One Venture One Visa Signature: $10k (7/2015)
Amex BCE: $9.8k (3/2014)
Amex Corporate: NPSL
Chase Freedom Visa Signature: $9.5k (3/2014)
Discover it: $9.5k (3/2014)
Barclaycard Visa with Apple Rewards: $2.65k (6/2013)
Message 7 of 10
user5387
Valued Contributor

Re: Store cards vs. Regular credit cards?


@dbutz1109 wrote:

Good question and since I have a Sears card backed by Citi I would like to know if there is an answer to this also. I saw someone mentioned that it has more restrictive use since it is for a single store but in the case of the Sears card...I can use that thing anywhere, so wouldn't that be a different situation?

 

Cheers!


I don't know if this is definitively tied down anywhere, but I expect that a store card that runs on the four national networks is no longer really a store card.

 

So a Sears MasterCard is treated like any other MasterCard.

 

On a manual review, a true store card may look less desirable because it's restricted in use, and easier to get.

 

Message 8 of 10
Swapmeet
Valued Contributor

Re: Store cards vs. Regular credit cards?


@user5387 wrote:

@dbutz1109 wrote:

Good question and since I have a Sears card backed by Citi I would like to know if there is an answer to this also. I saw someone mentioned that it has more restrictive use since it is for a single store but in the case of the Sears card...I can use that thing anywhere, so wouldn't that be a different situation?

 

Cheers!


I don't know if this is definitively tied down anywhere, but I expect that a store card that runs on the four national networks is no longer really a store card.

 

So a Sears MasterCard is treated like any other MasterCard.

 

On a manual review, a true store card may look less desirable because it's restricted in use, and easier to get.

 


I agree with this statement. Anything that runs on any national network (discover, amex, visa, mc...etc) is a credit card and not a store card.



My Wallet:
WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k|| Discover it: ||6.5k|| SG Visa: ||11k||
USAA World MC: ||23k|| US Bank Cash+ Siggy: ||7.5k|| Citi TYP World MC: ||12k|| Barclays Arrival World MC: ||13k||Citi Double Cash World MC ||25k||Sallie Mae World MC ||18.8k||Fico Scores (3 Fico Monitoring): EQ 751,TU 749, EX 743. Last app: 9-12-14 Sallie
Message 9 of 10
09Lexie
Moderator Emerita

Re: Store cards vs. Regular credit cards?


@Swapmeet wrote:

@user5387 wrote:

@dbutz1109 wrote:

Good question and since I have a Sears card backed by Citi I would like to know if there is an answer to this also. I saw someone mentioned that it has more restrictive use since it is for a single store but in the case of the Sears card...I can use that thing anywhere, so wouldn't that be a different situation?

 

Cheers!


I don't know if this is definitively tied down anywhere, but I expect that a store card that runs on the four national networks is no longer really a store card.

 

So a Sears MasterCard is treated like any other MasterCard.

 

On a manual review, a true store card may look less desirable because it's restricted in use, and easier to get.

 


I agree with this statement. Anything that runs on any national network (discover, amex, visa, mc...etc) is a credit card and not a store card.


+1

 

Since CRS code these cards differently , I would assume FICO scoring will be different as well

Message 10 of 10
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