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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?
@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
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.
@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.
@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?
@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.
TU: 818 EX: 809 EQ: 801
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!
@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.
@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.
@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