The Shopping Cart Trick it's really TWO tricks...

[NoNonsense]

I see a lot of shopping cart trick posts and lists about it and I feel compelled to complete the picture.  The trick is real and it's good.  I have used it and benefited from it, BUT, it is good only when you do the "double trick."  

The first trick is what is explained on all those threads, the second "trick" is the discipline to choose just ONE of those cards.  That's it.  No more.  Anything else is populating your credit profile with junk.  I know a lot of people in this forum, many who should know better, do have many of these insignificant cards, but they also have the sub-par scores and credit profiles that go along with them... and every know and then, they complain about it, "perplexed."

Be good to yourself, people.  Be smart.  Be disciplined.  If you are going to do the "trick," do the "double trick."

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A message brought to you by the "No, little Johnny, 730 FICO ain't a good score.  Get real!" Club.

[SevenNEW]

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@NoNonsense wrote:

I see a lot of shopping cart trick posts and lists about it and I feel compelled to complete the picture.  The trick is real and it's good.  I have used it and benefited from it, BUT, it is good only when you do the "double trick."  

The first trick is what is explained on all those threads, the second "trick" is the discipline to choose just ONE of those cards.  That's it.  No more.  Anything else is populating your credit profile with junk.  I know a lot of people in this forum, many who should know better, do have many of these insignificant cards, but they also have the sub-par scores and credit profiles that go along with them... and every know and then, they complain about it, "perplexed."

Be good to yourself, people.  Be smart.  Be disciplined.  If you are going to do the "trick," do the "double trick."

---------------------------------------------

A message brought to you by the "No, little Johnny, 730 FICO ain't a good score.  Get real!" Club.

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Ha! I am a big believer in having a "quality" wallet, so never got a store card. Most gurus here feel that shopping cards don't affect Fico scores differently from regular CCs. What's your sense?

[NoNonsense]

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@SevenNEW wrote:

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Ha! I am a big believer in having a "quality" wallet, so never got a store card. Most gurus here feel that shopping cards don't affect Fico scores differently from regular CCs. What's your sense?

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I have also read those "most gurus" and they are FULL OF IT.  You NEED one store card, to optimize your score.  Choose carefully, though.  The "rationale" of those gurus is "oh, that's just 10% of score, don't worry about it."  The next thread, those same gurus are claiming the advantages of a 1.5% rewards card over a 1%.  Fine.  But, why do they care about half of one percent in one thread, and not about 10% in another?  Pay attention, people!

There is a lot of truths and a lot of lies in this forum... like with your cards, choose wisely.

[wacdenney]

I closed every one that I opened.  If I had it to do over again, I wouldn't have accepted any of them.  I advise avoiding these cards all together or if you feel you must go for the Sportsman's Guide card.  It at least seems to offer fairly high limits.

I don't see any good reason to disagree with anything you're asserting OP.  If you feel having one helps then that's good.  I wouldn't assert that having one would hurt anything, but I would strongly advise against going crazy and ending up with several of these.  They are fun while your doing it, but the regret often sets in all too quickly.

[spike69]

I love this post!! I am rebuilding. Am in the "waiting for the next phase" plan which is just taking my clean file and getting it healthy (anorexic now with two secured cards plus one non-secure AU account). Time. Time. Time. I remind myself of the every day!!

[lonelyisland]

Heh. I sadly knew nothing about the SC trick and applied for my store cards in the store while shopping (except Sportsman Guide). But I still use them a lot for the discounts and benefits.  I love cards that come with free alterations!!

[longtimelurker]

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@NoNonsense wrote:

.  The "rationale" of those gurus is "oh, that's just 10% of score, don't worry about it."  The next thread, those same gurus are claiming the advantages of a 1.5% rewards card over a 1%.  Fine.  But, why do they care about half of one percent in one thread, and not about 10% in another?  Pay attention, people!

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If we weren't being respectful, supportive etc, I would nominate that statement for the "Math isHaaarrrd Award of the Year".   Different things, different scale, different consequences.    

[MidnightJester]

I will say this. Shopping cart tricks for instore only usable cards are all crap in the end and if you grow into good/excellent credit in the future you wished you never had most of them. Store specific groupies have their thing though for store cards.

The only worth while shopping card tricks are the Total Rewards and Sportsman guide Visa cards. Cards that can be used anywhere. And this is only as Utilization offseting balances on other cards.  These are purchases you are leaving on "OTHER" cards that have much lower interest or 0% offers. As far as I can tell the sportsman Visa and Total rewards all have 24.99% interest or more so carrying most if any balance is crazy.

[lonelyisland]

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@MidnightJester wrote:

I will say this. Shopping cart tricks for instore only usable cards are all crap in the end and if you grow into good/excellent credit in the future you wished you never had most of them. Store specific groupies have their thing though for store cards.

The only worth while shopping card tricks are the Total Rewards and Sportsman guide Visa cards. Cards that can be used anywhere. And this is only as Utilization offseting balances on other cards.  These are purchases you are leaving on "OTHER" cards that have much lower interest or 0% offers. As far as I can tell the sportsman Visa and Total rewards all have 24.99% interest or more so carrying most if any balance is crazy.

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Or, people use them to shop in stores they like for the benefits offered by the card. Why would anyone wish they didn't have a positive trade line on their credit -- even if they close it? While I agree with the idea that excessive store cards probably isn't a great idea, that's also true of all cards. 

[NoNonsense]

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@lonelyisland wrote:

Heh. I sadly knew nothing about the SC trick and applied for my store cards in the store while shopping (except Sportsman Guide). But I still use them a lot for the discounts and benefits.  I love cards that come with free alterations!!

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You may love them, collect them, use them, fondle them at night under the sheets for all I care... although I think that was CreditAddict, not you... Anyway, everything you say is fine as long as you understand that in exchange for whatever benefits, you believe you are getting, you are also not optimizing your FICO score or credit profile, things that provide their own benefits.  That is your choice to make and you;ll have to live with the consequences, as we all do.  The important thing is to do an informed decision, not following a myth.