topic SCT doesn't work for new in the credit game:( in Credit Cards

SCT doesn't work for new in the credit game:(

orestrus — Tue, 07 Apr 2015 01:56:18 GMT

I tried numerous sites, no luck. The only one seems to be working is Fingerhut with measily $180 limit. I have a perfect payment history.. I guess I have to wait before FICO score is in place to try again?

Re: SCT doesn't work for new in the credit game:(

Anonymous — Tue, 07 Apr 2015 01:57:59 GMT

What are your current tradelines? Why in such a hurry to add credit, useful or useless?

Re: SCT doesn't work for new in the credit game:(

orestrus — Tue, 07 Apr 2015 02:06:49 GMT

2 caps 1's, us bank, BofA, Walmart. I just want to get overstock as it has some great deals

Re: SCT doesn't work for new in the credit game:(

Anonymous — Tue, 07 Apr 2015 02:09:15 GMT

@orestrus wrote:
2 caps 1's, us bank, BofA, Walmart. I just want to get overstock as it has some great deals

If it won't show up, Just apply directly.

Re: SCT doesn't work for new in the credit game:(

Callandra — Tue, 07 Apr 2015 02:27:30 GMT

How long have you had those cards/how much history? VS seems to be the easiest to get. But seriously, unless there's a store you shop at a lot and will benefit from the card benefits (ie- lots of coupons), avoid the SCT. I regret my one and only. *sigh*

Re: SCT doesn't work for new in the credit game:(

Anonymous — Tue, 07 Apr 2015 02:37:23 GMT

@Callandra wrote:
How long have you had those cards/how much history? VS seems to be the easiest to get. But seriously, unless there's a store you shop at a lot and will benefit from the card benefits (ie- lots of coupons), avoid the SCT. I regret my one and only. *sigh*

OP apparently is only interested in Overstock, and I applaud that.

Re: SCT doesn't work for new in the credit game:(

newhis — Tue, 07 Apr 2015 03:01:19 GMT

@Callandra wrote:
How long have you had those cards/how much history? VS seems to be the easiest to get. But seriously, unless there's a store you shop at a lot and will benefit from the card benefits (ie- lots of coupons), avoid the SCT. I regret my one and only. *sigh*

OP has no FICO score yet, so the history is less than 6 months.

I also regret my one and only SCT card. At least I know the feeling, from the pop-up, to the app, the congratulations and even a good limit then.

Re: SCT doesn't work for new in the credit game:(

Anonymous — Tue, 07 Apr 2015 03:35:36 GMT

@orestrus wrote:
2 caps 1's, us bank, BofA, Walmart. I just want to get overstock as it has some great deals

You have 5 tradelines, I'm guessing you already have some FICO scoring in place already.

Are you opted into pre-screened offers?

Re: SCT doesn't work for new in the credit game:(

Erusidhion — Tue, 07 Apr 2015 15:17:34 GMT

A lot of dislike for store cards which is understandable because of their limited use and you only use them once in awhile. But I figured they were always beneficial to have because they helped lower your utilization and with them having a higher starting limit/easy CLIs; perhaps it would force other Store Cards/Bank Cards to increase their limit to match. I have one store card and it isn't one I regret. It's a CFNA card that is only useable at my local Ford dealership with a $2200 limit. I mainly use it for oil changes and any major repair work that I don't trust a non-dealership mechanic to do right.

At some point later on I'd probably get store cards down the road and sock drawer them until I use them 3-5 times a year. If they close it due to non-use, whatever. But it still thickens your file in the long run. All these people on myFICO that recently gained tons of store cards at once + starter/rebuilder/higher tier cards are going to have such a thick file after two years. You won't even have to worry about inquiries when you apply anymore. Thick file, good score, utilization at 1-30% and you're probably approved for whatever you want by then.

Re: SCT doesn't work for new in the credit game:(

Anonymous — Tue, 07 Apr 2015 15:23:18 GMT

@Erusidhion wrote:

A lot of dislike for store cards which is understandable because of their limited use and you only use them once in awhile. But I figured they were always beneficial to have because they helped lower your utilization and with them having a higher starting limit/easy CLIs; perhaps it would force other Store Cards/Bank Cards to increase their limit to match. I have one store card and it isn't one I regret. It's a CFNA card that is only useable at my local Ford dealership with a $2200 limit. I mainly use it for oil changes and any major repair work that I don't trust a non-dealership mechanic to do right.

At some point later on I'd probably get store cards down the road and sock drawer them until I use them 3-5 times a year. If they close it due to non-use, whatever. But it still thickens your file in the long run. All these people on myFICO that recently gained tons of store cards at once + starter/rebuilder/higher tier cards are going to have such a thick file after two years. You won't even have to worry about inquiries when you apply anymore. Thick file, good score, utilization at 1-30% and you're probably approved for whatever you want by then.

Eh... not really. Store cards are looked at it a completley different light than bank cards. All these people applying for a mass amount of store cards are going to have to explain to UWs why they have so many useless cards. Even several years down the line, having many store cards isn't a good thing.

Re: SCT doesn't work for new in the credit game:(

Anonymous — Tue, 07 Apr 2015 15:24:50 GMT

@Erusidhion wrote:

A lot of dislike for store cards which is understandable because of their limited use and you only use them once in awhile. But I figured they were always beneficial to have because they helped lower your utilization and with them having a higher starting limit/easy CLIs; perhaps it would force other Store Cards/Bank Cards to increase their limit to match. I have one store card and it isn't one I regret. It's a CFNA card that is only useable at my local Ford dealership with a $2200 limit. I mainly use it for oil changes and any major repair work that I don't trust a non-dealership mechanic to do right.

At some point later on I'd probably get store cards down the road and sock drawer them until I use them 3-5 times a year. If they close it due to non-use, whatever. But it still thickens your file in the long run. All these people on myFICO that recently gained tons of store cards at once + starter/rebuilder/higher tier cards are going to have such a thick file after two years. You won't even have to worry about inquiries when you apply anymore. Thick file, good score, utilization at 1-30% and you're probably approved for whatever you want by then.

In manual review..Don't think for a second that the analyst isn't looking at what % of credit is being used on bankcards vs store cards.

The theory that the utilization padding even works in this instance, is just that. A theory. You just might be able to fool the computer, but may the almighty bless you if you think you can fool the analyst. Even if they don't say anything about it.