Credit Mix Question...

[myjourney]

---

@longtimelurker wrote:

---

@myjourney wrote:

---

@longtimelurker wrote:

---

@myjourney wrote:

---

@longtimelurker wrote:

---

@myjourney wrote:

---

@longtimelurker wrote:

Again, the quote from Barry Paperno, a FICO product support manager:

But then within credit cards, it breaks it down into whether you have bank cards or department-store cards. If you close off all your bank cards and they get deleted from your report in a few years, and all you're left with is department-store cards, that can hurt your score a little bit. Down the road that can hurt you, but that's a very minimally weighted part of the scoring. 

So, unless this has changed, there IS an score decrease for having just one. 

---

The discussion I elaborated to and have constantly tried to stress has never had anything to do with closing cards but how they're scored in Fico eyes...

So what's your point?

Due to some of the things I saw in this thread I didn't want anyone/newbies to read this and not have the correct info.....

I answered how they're scored 

They won't show as retail on CR's ......They show as an charge accounts 

The 10% consist on revolving and installment 

They are scored under the title of revolving and scored the same way be it CC or Store card 

I have not said one thing about them being closed or elaborated about the effects of closing cards.......but I am well aware/educated on the plus and minuses of closing cards and can respond ....But that's not the topic I addressed in this thread which was my choice.

So whats the issue LTL?

---

Oh, I see.   My point is NOTHING to do with closing cards.  I was just pasting from an interview when that was the topic.   The point is this: [if] all you're left with is department-store cards, that can hurt your score a little bit.   So whether you get there from closing or because you never had them in the first place, that is my evidence for a score-based component on mixture.  

And the second quote should have made it ever clearer:

That would hurt you less, potentially, because the bank cards count for more than the department-store cards, all things being equal. If you have to be without one, you're better off being without the department-store cards.

So there is a difference even if you just have one: i.e. for scoring bank and store are not quite equal.

---

Down the road that can hurt you, but that's a very minimally weighted part of the scoring. ROFLOL

---

Or you can just say "OK, I was wrong".

---

Let it go pal 

Apples and Oranges are different unless you read into it what you want to read into it ...

Agree to disagree

---

Sorry, no.   You were the one who posted for education of newbies.  

 Some in this thread seem to think that store cards are different than CC's when it come to Fico scoring and for those that follow along I posted this so newbies will know 

A) what goes into the scoring process

B) education 

I think the above shows that, for the purposes of credit mixture scoring, store cards and bank cards are (very slightly) different.  Saying that there is no FICO impact on score is simply not true, unless you have evidence to the contrary. Nothing apples and oranges to my mind.

---

Feel free to PM me if you have more to say ....I look forward to hearing from you Lol

[09Lexie]

Moving to Gen Credit

[Closingracer99]

---

@myjourney wrote:

---

@longtimelurker wrote:

Again, the quote from Barry Paperno, a FICO product support manager:

But then within credit cards, it breaks it down into whether you have bank cards or department-store cards. If you close off all your bank cards and they get deleted from your report in a few years, and all you're left with is department-store cards, that can hurt your score a little bit. Down the road that can hurt you, but that's a very minimally weighted part of the scoring. 

So, unless this has changed, there IS an score decrease for having just one. 

---

The discussion I elaborated to and have constantly tried to stress has never had anything to do with closing cards but how they're scored in Fico eyes...

So what's your point?

Due to some of the things I saw in this thread I didn't want anyone/newbies to read this and not have the correct info.....

I answered how they're scored 

They won't show as retail on CR's ......They show as an charge accounts 

The 10% consist on revolving and installment 

They are scored under the title of revolving and scored the same way be it CC or Store card 

I have not said one thing about them being closed or elaborated about the effects of closing cards.......but I am well aware/educated on the plus and minuses of closing cards and can respond ....But that's not the topic I addressed in this thread which was my choice.

So whats the issue LTL?

---

+1

There I have 2 store cards and nothing says store card on the reports. the only differences are they are listed as Charge accounts 

[fused]

I had FICO 08 scores at 850 with all three CRA's without a store or a gas card on my reports.

Not having a store/gas card does not harm you one bit. Not having a CC with a big issuer or big bank will hurt you a handful of points. I'm sorry, but I only pay attention to the things that matter in FICO scoring. Having a CC(s) with a big bank or issuer does matter. Having CC's only with regional banks and CU's can hurt you a little, too. In both instances, having only store/gas cards or smaller bank/CU cards just won't give those extra FICO points, so maybe "hurt" isn't the best choice of words.

[takeshi74]

While the difference may be almost neglibile, IIRC, the OP stated that even a minimal gain would be worthwhile to the OP.

[Swapmeet]

---

@takeshi74 wrote:

While the difference may be almost neglibile, IIRC, the OP stated that even a minimal gain would be worthwhile to the OP.

---

I did, thanks for reading. I said "even 1 point difference." LTL was with this conversation from the beginning, and had participated as the initial question evolved into the "even 1 point difference" one. In fact, I think that I was responding directly to him when I said that. Others want to argue with LTL about this or that aspect of scoring, but at the end of the day, they are just proving that LTL is absolutely correct--namely, that it is better to have at least 1 store card than it is to have 0. I appreciate everyone's input on this matter, and I love a good debate; I got the answer that I was asking for: I will keep my Wal-Mart card as my only store-only card unless they offer me some amazing deal to upgrade (then I'll open another store card ). Thanks again everybody!