Re: Store card applicatio
[ Edited ]
n Help !!
10-25-2012 10:26 PM - edited 10-25-2012 10:28 PM
I just started my credit history 5 months ago and right now i have
1) $300 WELLS FARGO SECURED
2) $400 WALMART STORE CARD
3) $500 CAPITAL ONE UNSECURED
Next month i'm going for a charge card with AMEX
Now i have a question
My friend works in Littman Jewelers and they just came out with their new store cards operated by TD Card services. She told me that a lot of people that don't have a good credit or short credit history are getting straight away 1000-2000 credit limit on their card.
I don't know if that is true or not but i was wondering something
Let's say I apply and i get $1500 CL. Is that a good move for my credit ? Because right now my highest limit is $500
Will that look good on my report? Will that help me to get higher limits from know on ? Or store card and credit card are not the same value of importance ?
Because i know that some credit card companies match you the same limits than your highest limit you have
Please give me some advice, i would like to give this a try, but would like some advice first
If your just looking for more Credit to show on your CB then go for it but really if your not going to use a store card then there is no point. Most store charge accounts that are not used are usually closed by the creditor. Also store charge accounts don't hold the same value to your CB as major credit/charge cards do. I would say go for the AmEx charge card before a store card.
But if your going to use the charge card then go for it, remember most store cards have a very high interest rate so you may not want to keep a balance at least not for very long anyways. UTL is UTL so if you have a store card that credit limit is included in your UTL where your AmEx charge card would not be included so it would not help the value of your credit score if you have a balance your are going to keep on any of your other cards.
AMEX PR Gold, AMEX Blue cash (15k), AMEX Delta (5k), US Bank Premier Line (14.5k), US Bank Cash + (5k), Chase Freedom (5k), Fred Meyer Rewards Visa (7.5k), US Bank Flex Perks Travel Rewards (5k), Discover IT (3.25k), Alerus Financial Visa Signature issued by Elan (10k) and JCPenney (5k..Oldest Account 20 Years)
FICO Score = 785 TU & 739 EQ Goal is 800 TU & 750 EQ
CreditKarma score = 762, CreditSesame score = 780, Vantage = 861