@Anonymous wrote:
Was looking for new bed sheets on overstock and when i went to checkout it said i was preapproved for overstock store card.. It asked for my ssn so i googled to see if it was legit.. Apprently this is refrred to as a shopping cart trick by some
Anyway i got approved for a $250!!!!!!!
Pretty pumped about that.. It was the first time anything has ever said i was pre-approved lol
That is great! Congrats!
I encourage you to use caution about getting store cards that you dont have a use for though. I know you needed something from Overstock and it worked out great. Although you can get lots of store cards, it can get cumbersome to manage.
And a store card is not considered on the same level as a bank or cu card, they are a little lower, especially in a manual review. It will count as a trade line and will help if you use it responsibly.
Also, keep in mind that the Fico algorithms will give the best score to someone that has at least 3 CCs (even if secured) with only one of them showing a balance no higher than 9%. You need to use the CCs but pay them down before the statement date, but let one report at 9% or less.
In time, you will get prequal letters from CCCs. If you get one from Credit One, it counts as a TL but they are the masters of creating a fee, including asking something like 10 or 20 bucks to pay for a 250 CLI.
hth, you're making progress.
ETA: sorry, didnt mean to make it like I am preaching, just wanted to caution against collecting store cards that wont serve you well.
