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Registered: ‎04-20-2007
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Re: How does charge account and credit account differ for fico scoring

[ Edited ]


concorduser wrote:
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.


If you call a store's credit department, the rep can tell you how often you must have activity on your account before it becomes "inactive," or is even closed.   That way, you aren't wasting money purchasing items that you really don't want or need in order to keep the account active.  I have a 16 year old Dillard's account that I use just a couple of times a year, simply because it's becoming an "older" account, and I'd like to keep it on my credit reports.  I don't even like Dillard's merchandise anymore.  But, twice a year I'll try to find something in that store that I like. 
 
In addition, the store cards that you mentioned in your original post (Spiegel, etc.) seem to be cards that you can "age with."  By this I mean, those establishments don't target a particular age group, like The Gap, J Crew, etc.  You won't "outgrow" shopping at those retailers.  So those cards should be good down the road. 


Message Edited by psychic on 11-26-2007 05:03 AM
EQ 814 / TU 815 / EX 842
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Re: How does charge account and credit account differ for fico scoring



psychic wrote:
  I have a 16 year old Dillard's account that I use just a couple of times a year, simply because it's becoming an "older" account, and I'd like to keep it on my credit reports.  I don't even like Dillard's merchandise anymore.  But, twice a year I'll try to find something in that store that I like. 

You may be over-working that Dillard's card.  Smiley Wink
 
The last payment/date of activity on mine is 04/1998.  They continue reporting every month on all three CRAs and the CL (at least on EQ) is factored into my revolving utilization. 
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Re: How does charge account and credit account differ for fico scoring



denbar2003 wrote:


psychic wrote:
  I have a 16 year old Dillard's account that I use just a couple of times a year, simply because it's becoming an "older" account, and I'd like to keep it on my credit reports.  I don't even like Dillard's merchandise anymore.  But, twice a year I'll try to find something in that store that I like. 

You may be over-working that Dillard's card.  Smiley Wink
 
The last payment/date of activity on mine is 04/1998.  They continue reporting every month on all three CRAs and the CL (at least on EQ) is factored into my revolving utilization. 


I hadn't used my Dillard's card from 1999 to 2004.  In 2004, I called their credit department to see if the account was still active, and was told that it was closed due to inactivity. In 2005, I looked at one of my credit reports, and it showed that my Dillard's account was still open.  I called their credit department once again, and was told that GEMB probably reopened my account, when they took over handling accounts from Dillard National Bank.  The rep then asked me if I still had my card, and I told her that I shredded it, because I didn't think it was any good.  She told me she'd send me a new card.  Anyway, the very next day, FedEx arrived with my new Dillard's card.  Dillard's actually "overnighted" my card!!!  I thought it was funny, because you never think of needing a Dillard's card so urgently. 
EQ 814 / TU 815 / EX 842
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Re: How does charge account and credit account differ for fico scoring

Hi denbar and pyshic thank you very much for your input. I think dillards sending you a card by next day is extremely good service. I want to keep that card and hopefully have them upgrade it to their Amex Version then it would be more versatile to use the card. psychic have you talke to dillards and see if they would convert it to Amex. Then it might be more useful to you with the long age of the card and also being able to use it as amex.
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Re: How does charge account and credit account differ for fico scoring

[ Edited ]


concorduser wrote:
Hi denbar and pyshic thank you very much for your input. I think dillards sending you a card by next day is extremely good service. I want to keep that card and hopefully have them upgrade it to their Amex Version then it would be more versatile to use the card. psychic have you talke to dillards and see if they would convert it to Amex. Then it might be more useful to you with the long age of the card and also being able to use it as amex.


From what I've been told by Dillard's credit department, if I want the Dillard's AMEX card, I'd have to apply for it--meaning a hard inq.  They don't just automatically upgrade you.  This is the down side of having my 16 year old account--the Dillard's AMEX card wasn't available when I applied for credit in 1991.  At this point in my life,  I'm really not interested in applying for new credit.  On the other hand, I already have an AMEX Optima Platinum card that I only use 4 times a year. 





Message Edited by psychic on 11-26-2007 09:30 AM
EQ 814 / TU 815 / EX 842
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