@jamesdwi wrote:
@score_building wrote:
Too late to worry about it now but 8 is a lot of store cards IMO, if they have some utility, hopefully a lot -then so be it.
Otherwise, they could be taking the place of a mc, discover, amex, visa card.
Close those that will not get used and/or are low limits IF planning to close any to make more room for majors. No rush but the big league cards may ultimately have staying power down the road.
At this point, would at least consider adding no more store cards, if those currently have work for you than it's all good. The idea is not to have useless store card taking up too much space in the roster. IMHO, with store cards in general, moderation can be key. YMMV.
as LS mentioned 6 of the 8 store cards are GE backed which equates to CLI's every 4 months and is always a SP, and if you contact an underwriter epic CLI's are possible and also there may be possibility to upgrade them...
They also help with the dreaded "thin file" denial reason, and "percent of cards with a balance" and given LS's tendancy to hang out here daily I bet he checks every card online at least once a week if not daily (yes i am guilty of this one).
Agreed- some nice growth potential, while a handful of upgrade invites are reported, are not guaranteed w/o a new app. Often those who receive upgrade offers have had the store card for several years before getting an offer.
With one notable exception- Nordstrom (tiered APRs which can be reduced if not approved at Tier 1) often come with astronomical APRs so PIF (or using interest free promos) are the only cost effective way to manage store cards. Care credit is one that does not offer four month CLI with SP.
So too generally offer quite a bit less flexibility than majors, since can be used at a limited range of retailers and if exposure limits become an issue can sometimes get in the way of higher limit/ approvals for major cc products, enter the dreaded: 'sufficient available credit (from current lenders)' response.
Invariably, 6 out of 8 cards from one issuer beckons the quesstion: too many eggs in one basket? DIversity is typically a key consideration with respect to bulding a roster. Ideally, thin files are expanded primarily with major credit cards. Again, as with most things credit related: YMMV...not necessarily a show stopper, however worth considering limiting to a few, if that can work for a card holder.
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
