concorduser wrote:I thought all the credit cards are the same. Today I found out fico treats the charge account different from credit card.I have cards from Spiegel/dillards/macys/jcpenny and couple of other cards reporting as charge card on all there CRA's when I looked up my report through TrueCredit.How does these cards differ from visa/mc or Credit card for the fico scoring?What is it I should do and should not do with the charge cards?I usually do a PIF. Is it ok to do with these cards or not?How does util works with these cards?Do I have to keep them under 10% as fico suggests?As I understand when we open a Credit card card it dilutes the age of the accounts. Does the charge cards have the same negative effect on the scores?Could you please help me understand how to use and make the best use of these charge cards to get the best out of them to boost my fico Score.
Store cards can be beneficial in some ways. On my FICO reports, both Equifax and TransUnion remark that one factor helping my score is the fact that "You have an established credit history...Your FICO score was helped because you have a relatively long credit history." Both reports state that "Your oldest account was opened 29 years ago." The 29 year old account cited is a store account with Saks Fifth Avenue. Having this store card is obviously helping my FICO scores.
concorduser wrote:I still dont understand if having a store card is good or bad. For now I think I have 6 store cards. I'll leave them as they are for now. Make a purchase every other month and PIF on each card. Let it happen what ever happens 6 months from now. There is no point in worrying for what we dont know.