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@Mistakes wrote:Thank you all so much! Does anyone have info on retail cards?
Sure. First off, having a retail card (versus any other type of card) doesn't give you any FICO advantage.
The key with retail cards, if you choose to have one or more, is the card benefits. For example, I have a Macy's card because the coupons that come with the card are useful to me. Some folks have a Target card because of their discount. But having a retail card, in and of itself, isn't a FICO score builder.
Is there a reason you'd like a retail card? (There's no "mix" that specifies an advantage to having a retail card - the mix FICO refers to involves having a mix of installment and revolving accounts).
Is there a retail card that would provide some benefit to you? Somewhere you shop often?
The other advantage to retail cards is that folks tend to keep them open for a long time. So way down the line, that ever-aging card can benefit your AAofA. Of course, that's true with any card (or account, for that matter) you keep open a long time.
All that being said, GE store cards are good rebuilder cards - especially if they suit your personal needs or wants. GE cards include a huge number of merchants, but Dillards, Walmart, JCPenney come to mind. They may start out with smaller CL's, but tend to build CL's if you request one after every fourth statement.
Hope that's somewhat helpful!
@Anonymous wrote:
@Mistakes wrote:Thank you all so much! Does anyone have info on retail cards?
Sure. First off, having a retail card (versus any other type of card) doesn't give you any FICO advantage.The key with retail cards, if you choose to have one or more, is the card benefits. For example, I have a Macy's card because the coupons that come with the card are useful to me. Some folks have a Target card because of their discount. But having a retail card, in and of itself, isn't a FICO score builder.
Is there a reason you'd like a retail card? (There's no "mix" that specifies an advantage to having a retail card - the mix FICO refers to involves having a mix of installment and revolving accounts).
Is there a retail card that would provide some benefit to you? Somewhere you shop often?
The other advantage to retail cards is that folks tend to keep them open for a long time. So way down the line, that ever-aging card can benefit your AAofA. Of course, that's true with any card (or account, for that matter) you keep open a long time.
All that being said, GE store cards are good rebuilder cards - especially if they suit your personal needs or wants. GE cards include a huge number of merchants, but Dillards, Walmart, JCPenney come to mind. They may start out with smaller CL's, but tend to build CL's if you request one after every fourth statement.
Hope that's somewhat helpful!
Really? I added two retail cards, which are already reporting and raised my FICO score about 23 points combined.It decreased my utilization by increasing my overall CL, so ended up really helping out.