topic Re: Store Card??? in Credit Cards

Store Card???

Anonymous — Wed, 15 Apr 2009 14:03:56 GMT

Just wondering if anyone may know a store card that i could be able to get with my current scores. I really think a store card would help "my mix"

Re: Store Card???

Anonymous — Wed, 15 Apr 2009 14:18:00 GMT

Maybe Macy's, but I would definitely suggest getting a secured card and holding onto it for a while before you go on an App spree.

I got a Macy's card when my scores were mid to high 500's, but the Credit Line started out at $200. The nice thing though is that it is up to $1,500 now and I just learned from our friends on this board that if you call every 3 months and ask for a CLI, you usually get it, so my CL has finally been moving.

Re: Store Card???

Anonymous — Wed, 15 Apr 2009 14:19:01 GMT

What current cards do you have in your "mix?" What is in your CR that has your scores where they are?

Re: Store Card???

Anonymous — Wed, 15 Apr 2009 14:20:04 GMT

I already have the BofA secured card. Thanks for the info

Re: Store Card???

Anonymous — Wed, 15 Apr 2009 14:23:15 GMT

I have a Charge off with Chase that should be getting deleted (the agreed in writing to a PFD) and then the rest of the neg stuff is Medical bills. I am starting the HIPAA process on them but this will take time since I am only 20 and dont have outstanding income. My age is prolly a good factor because of AAoA.

Re: Store Card???

Anonymous — Wed, 15 Apr 2009 14:24:10 GMT

A better mix than a store card would be an installment loan.

Put $500 in savings with a Credit Union. Take out a secured personal loan against it. Pay it off in 6 to 12 months. Then leave the savings there. Then apply for a real cc through the CU.

While a second card may be of some help, having a mix really means revolving, installment, mortgage, etc. Not so much having lots of revolving.

However, jewelry stores are sometimes easier "store cards" to get, I have heard.

Re: Store Card???

Anonymous — Wed, 15 Apr 2009 14:32:25 GMT

I have a Installment loan on my car but it only reports to TU. My CU also has a "credit builder loan" where they deposit $1500 into your savings account and lock it there until it has been paid off (just in case that didn't make since it is pretty much a loan you have to pay off before you have accesses to the money = Forced savings) It also only reports to TU. I don't want my TU score to skyrocket while my others are left lingering.

Re: Store Card???

Anonymous — Wed, 15 Apr 2009 14:41:34 GMT

The loan is a possible option, but you may want to look around to find one that reports to the other two as well. A quick call can answer that for you.

Re: Store Card???

Anonymous — Wed, 15 Apr 2009 14:47:51 GMT

I have seen a lot of post about alliant CU. Is this available to me? I am in KY.

Re: Store Card???

Anonymous — Wed, 15 Apr 2009 14:51:14 GMT

On their online application it only states that you must be 18 and a US citizen or resident alien....so I would think so. You will find out soon enough during the application process.

Re: Store Card???

iwantbettercredit — Wed, 15 Apr 2009 20:57:35 GMT

Kohl or Target if you have one around you. They changed my life, my credit and my home decor!!!

Target will give you a auto increase if you pay on time, every month. Kohl's will increase you at 6 months and then one year, and then every 4 months after that if you use the card and pay payments on time monthly. I love Kohls.

Re: Store Card???

iwantbettercredit — Wed, 15 Apr 2009 21:01:34 GMT

I think your scores have to be a minimum of the mid 600'S to get Kohl's or Target.

Re: Store Card???

Imhotrodcrazy — Wed, 15 Apr 2009 23:02:31 GMT

I just took out a secured cc with Christian Communities Credit Union, ( CCCU ). They told me that they report to all three cra's. They also have a fixed interest rate and no annual fee. They also have an on line site at MYCCCU.com. Hope the info helps.

Re: Store Card???

Anonymous — Wed, 15 Apr 2009 23:14:35 GMT

Stay away from Kohl's b/c of the 'issue' with Chase. They may remove it from your reports, but it will take them awhile to forgive.

Re: Store Card???

Anonymous — Wed, 15 Apr 2009 23:39:45 GMT

@Anonymous wrote:
A better mix than a store card would be an installment loan.

Put $500 in savings with a Credit Union. Take out a secured personal loan against it. Pay it off in 6 to 12 months. Then leave the savings there. Then apply for a real cc through the CU.

While a second card may be of some help, having a mix really means revolving, installment, mortgage, etc. Not so much having lots of revolving.

However, jewelry stores are sometimes easier "store cards" to get, I have heard.

Really good suggestions here from John. Learning to save is as important as learning to manage credit responsibly.

Also the jewerly store suggestion...I've read numerous threads that mentioned Kay Jewels and Crown Jewelry as good starter cards. Not something you want long term I think as I believe you have to use them every 3 months to keep them open.