topic Re: CC Mix in Credit Cards

CC Mix

paydownin09 — Mon, 09 Feb 2009 18:51:13 GMT

I currently have a Chase MC and a BoA AMEX. I've been reading a lot about having a store card and its effects on your score. Would having a store only card (without the Visa or MC logo?) boost my score a few points? I only have 1 inq in the past year that will come off next month. Does Nordstrom have such a card? My sister works there (not like that will help my app) but I do shop there now because she finds me deals.

I'm really trying to get above 700 by the summer, so every point helps.

As always, thanks for the input!

Re: CC Mix

Anonymous — Mon, 09 Feb 2009 18:58:48 GMT

Seeing as how ~ 10% of your score is based on mix - I"d say yes. It is difficult, if not impossible however, to quantify the influence a store card really has - if any at all. But, FICO seems to look favorably on it. Yes, Nordstrom is a store card, as is Macys, etc.

Re: CC Mix

oracles — Mon, 09 Feb 2009 18:58:56 GMT

Hi Paydown

Yes, adding a store card to your mix will improve your score. The reasons are not too concrete however I do believe I read because it was consider a charge card back in the days where you had to pay in full and was not a revolving, this was a different type of card and you are adding to the mix of the types of credit. Once again, this is not a concrete answer, however from many examples of people getting a store card, we just know it does increase your score.

Therefore you should receive some type of increase.

Also make sure you receive a card that you will use. It sounds like you will use this card due to your sister's relationship with the company. It is nothing like having a card that you don't use and forcing yourself to buy something you do not want.

hope this helps

Re: CC Mix

Zar — Mon, 09 Feb 2009 20:08:55 GMT

Hello,

From my recent experience, adding a Nordstrom retail card increased my scores even for EQ which is what they pulled. I like the card and I use it with certain frequency. I applied online and got the 7-10 day message so I called right away to know the status of my application... It was instantly approved (EQ: 724 after applying, 0 inquiries in the last year). I plan on keeping it as a retail card forever for the credit mix. Since you have a relative working there you should be able to apply in store which would probably be faster in terms of the approval decision.

Zar

Re: CC Mix

oracles — Mon, 09 Feb 2009 20:13:15 GMT

@Zar wrote:
Hello,

From my recent experience, adding a Nordstrom retail card increased my scores even for EQ which is what they pulled. I like the card and I use it with certain frequency. I applied online and got the 7-10 day message so I called right away to know the status of my application... It was instantly approved (EQ: 724 after applying, 0 inquiries in the last year). I plan on keeping it as a retail card forever for the credit mix. Since you have a relative working there you should be able to apply in store which would probably be faster in terms of the approval decision.

Zar

and maybe a higher credit limit

Re: CC Mix

Zar — Mon, 09 Feb 2009 20:27:05 GMT

Right Oracles! However, I was content with the CL: 3000 they gave me. I think it's a decent CL for a store card and better than what stingy BofA has given me in more than a year (CL: 2500).

Zar