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New Member
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Registered: ‎09-12-2008
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Re: Advice on Merchandise Cards

I really misspoke and meant department store cards; Sears, Boscovs, JC Penny etc.  
New Member
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Re: Advice on Merchandise Cards

I guess I really meant dept. store cards. 
Moderator Emeritus
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Re: Advice on Merchandise Cards

Store charge cards?
 
FICO does like to see at least one. I'm partial to Macys. They tend to give a higher CL, you can request a CLI every 3 months with great history, they are more generous with their CLIs (I just went from $800 to $1500 last month), and they have great customer service. Can't go wrong. And in time if approved for a Visa, the store charge card will continue to report and the Visa will report separately, so you don't have to worry about losing the mix.
 
Most all store charge cards report to all 3. No costs, other than a higher-than-average interest rate. Don't app for a store charge card if you plan to get a home within the next 6 months.
Valued Member
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Re: Advice on Merchandise Cards

I got one from Old Navy recently; they definitely report at least to Experian.  I haven't pulled my other reports yet, sorry.
5/2013: TU 646 Eq 622 Ex 738
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Registered: ‎12-19-2007
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Re: Advice on Merchandise Cards



llecs wrote:
Store charge cards?
 
FICO does like to see at least one. I'm partial to Macys. They tend to give a higher CL, you can request a CLI every 3 months with great history, they are more generous with their CLIs (I just went from $800 to $1500 last month), and they have great customer service. Can't go wrong. And in time if approved for a Visa, the store charge card will continue to report and the Visa will report separately, so you don't have to worry about losing the mix.
 
Most all store charge cards report to all 3. No costs, other than a higher-than-average interest rate. Don't app for a store charge card if you plan to get a home within the next 6 months.





llecs wrote:
Store charge cards?
 
FICO does like to see at least one. I'm partial to Macys. They tend to give a higher CL, you can request a CLI every 3 months with great history, they are more generous with their CLIs (I just went from $800 to $1500 last month), and they have great customer service. Can't go wrong. And in time if approved for a Visa, the store charge card will continue to report and the Visa will report separately, so you don't have to worry about losing the mix.
 
Most all store charge cards report to all 3. No costs, other than a higher-than-average interest rate. Don't app for a store charge card if you plan to get a home within the next 6 months.



Does anyone know what the minimum credit score is for Macy's/JCPenney/Sears card? EQ 605, EX 609, TU 599 Note: My scores have increased +100 in 18 months. I've been working diligently to Be Good. I have 1 MasterCard, 1 Visa, and 1 MetroStyle card. Balances should be paid off near the end of the month (so my Debt-To-Income ratio improves).
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Re: Advice on Merchandise Cards



mvtwoods wrote:

Does anyone know what the minimum credit score is for Macy's/JCPenney/Sears card? EQ 605, EX 609, TU 599 Note: My scores have increased +100 in 18 months. I've been working diligently to Be Good. I have 1 MasterCard, 1 Visa, and 1 MetroStyle card. Balances should be paid off near the end of the month (so my Debt-To-Income ratio improves).

I was approved for Macys at an EX FICO of 648 last fall. DW was approved with EX at or near 620.
 
If you apply at the store, you should have a greater chance for approval and a greater chance for a higher CL. I don't know about now, but you used to have to present a CC at time of approval if ID verification purposes.
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Registered: ‎09-24-2008
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Re: Advice on Merchandise Cards

Why a merchandise card?
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Re: Advice on Merchandise Cards

[ Edited ]

llecs wrote:
Store charge cards?
 
FICO does like to see at least one. I'm partial to Macys. They tend to give a higher CL, you can request a CLI every 3 months with great history, they are more generous with their CLIs (I just went from $800 to $1500 last month), and they have great customer service. Can't go wrong. And in time if approved for a Visa, the store charge card will continue to report and the Visa will report separately, so you don't have to worry about losing the mix.
 
Most all store charge cards report to all 3. No costs, other than a higher-than-average interest rate. Don't app for a store charge card if you plan to get a home within the next 6 months.


 
With regards to this, I've found that Macy's store card application is actually for a Visa through Macy's, as are many other store cards nowadays.  I would like to know if this kind of card shows up as a Merchandise Card/Dept Store Card or if it shows up as simply another Visa.  I already have 2 Visa's and an MC, so I don't think it would be prudent to get another.  But I would certainly like to have a Merchandise card if FICO likes to see one.
 
BTW, I'm single, scores ranging between 695 - 704.
 
Do you know how one of these Merchandise/Dept Store Cards might appear to FICO?
 
Tim


Message Edited by shel3702 on 09-24-2008 10:27 AM

Message Edited by shel3702 on 09-24-2008 10:28 AM
Regular Contributor
Posts: 117
Registered: ‎12-06-2009
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Re: Advice on Merchandise Cards

One word of caution about Macy's cards - they can give nice credit increases, but they can and will also do decreases for no warning. My husbands card took a 300 decrease, and why? for inactivity! They give no warning, and they may not give it back if you call - so that's one thing to think about.

 

If it were between Macy's and JC Penneys, I'd go with JC - very generous with CLI $200-$300 at a time.

Moderator Emeritus
Posts: 32,869
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Re: Advice on Merchandise Cards

Ah...old thread bumpage. I was trying to figure out why I was endorsing Macys. Macys was great up to the point they killed off the reporting of the CLs. Now I wish mine wouldn't report.

 

On CLDs, yep...I just checked CLs for DW and myself after not caring since they did what they did last spring. DWs dropped about $400. She hadn't used it since last Christmas. I had not used mine since Feb/Mar and is still at $3200, but I wouldn't be surprised if they did away with that soon.

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