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Frequent Contributor
Razeus
Posts: 387
Registered: ‎04-02-2012

The quality of your cards in relation to your score and other creditors.

Does the quality of your cards matter in terms of your score?  For example, does First Premier/Credit One have any less weight that say American Express/Discover.


Do you stand a better chance of getting better credit cards and bigger CL's if you have AMEX/Discover/Chase on your report than say First Premier/Applied Bank?

My Wallet:
Discover It $11,000 | Chase Freedom $5,000 | AMEX BCE $3,000 | Paypal Extras Platinum $5,000 | Wells Fargo $1,000 | AMEX Zync NPSL
Moderator
Shogun
Posts: 12,896
Registered: ‎04-15-2011

Re: The quality of your cards in relation to your score and other creditors.

There are 2 answers to your questions.

 

1) FICO doesn't care who the cards are from, be they AMEX or First Premier

 

2) FICO does look at util, AMEX or another prime card are likely to have a higher CL that will factor in.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Frequent Contributor
atarvuzdar
Posts: 375
Registered: ‎01-20-2012

Re: The quality of your cards in relation to your score and other creditors.

Scoring-wise, the card "quality" does not have a direct impact. However, if your report is reviewed manually by a human being there is some clout that Amex/Chase/City/Discover have that could tell the underwriter that you're worth the risk of extending credit. There is also a stigma attached to Credit One/First Premier that also tells any intelligent human being that the person who has those cards (particularly in the absence of the more reputable credit cards) had credit issues in the past and may still be a risk.

Current: EQ 673 September2013 / TU 696 September2013 (Walmart)
Start: EQ 584 Feb2012 / TU 629 July2012

Wallet: BofA Cash Rewards Visa Sig $5000 / Lowe's $6000 / JCP $3900 / eBay MC $3200 / Barclaycard Rewards $2000 / Walmart $3300 / CapOne NHRC $2000 / CapOne Platinum #1 $2000 / Amazon $1700 / Discover It $1000 / CapOne Platinum #2 (former Orchard) $750 / Amex Zync $500 Autopay
Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012

Re: The quality of your cards in relation to your score and other creditors.

As previous posters said accurately, fico doesn't care but manual underwriter might.  However some internal scoring engines might care as well.  The only real evidence I have seen is Amex rejections have cited not liking an open first premier card.

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