topic Re: Store Card - How Important? in Credit Cards

Store Card - How Important?

Hopelives2 — Tue, 14 Jun 2011 21:39:45 GMT

I have 3 CCs, $1570 limit between them; 0 - 1% util; a car loan, a ready-cash (overdraft protection) loan, and a student loan.

When I got my ex thing (I ignore the score), it said one characteristic hurting me was lack of a store card.

True?

If so, which store should I apply at? I only shop Nordstroms (hahahahahahahaha @ getting card there) and ... dog food/grocery/Target stores.

Re: Store Card - How Important?

Anonymous — Tue, 14 Jun 2011 21:49:56 GMT

Don't get a card just because of what a credit report says. Just get one if you can use it to make life easier for you (or, more profitable, a.k.a. rewards).

The reasons given in a report are pick 'em - choose 'em sometimes.

If you were going to get a store card, though, you might as well go for the Target card. You already shop there, and there's a discount day when you do a certain level of shopping using that card. Saves a bit of money, not lots, but it's still money.

You haven't mentioned your scores, Hopelives2. If they're decent enough, you shouldn't have a problem with Target. But it's going to be another low-limit card, so maybe rethink getting anything, and don't worry about the reasons given on that report.

Re: Store Card - How Important?

Anonymous — Tue, 14 Jun 2011 22:13:56 GMT

You should also be aware of the high interest rates of store cards. If you PIF each month a store card is fine. But if you expect to carry a balance you might focus more on a quality Visa or something with a lower rate.

Re: Store Card - How Important?

Anonymous — Tue, 14 Jun 2011 22:52:49 GMT

@Anonymous wrote:
Don't get a card just because of what a credit report says. Just get one if you can use it to make life easier for you (or, more profitable, a.k.a. rewards).

The reasons given in a report are pick 'em - choose 'em sometimes.

If you were going to get a store card, though, you might as well go for the Target card. You already shop there, and there's a discount day when you do a certain level of shopping using that card. Saves a bit of money, not lots, but it's still money.

You haven't mentioned your scores, Hopelives2. If they're decent enough, you shouldn't have a problem with Target. But it's going to be another low-limit card, so maybe rethink getting anything, and don't worry about the reasons given on that report.

Re: Store Card - How Important?

Anonymous — Tue, 14 Jun 2011 22:53:54 GMT

@Anonymous wrote:
You should also be aware of the high interest rates of store cards. If you PIF each month a store card is fine. But if you expect to carry a balance you might focus more on a quality Visa or something with a lower rate.

Re: Store Card - How Important?

Anonymous — Tue, 14 Jun 2011 22:59:45 GMT

@Hopelives2 wrote:
I have 3 CCs, $1570 limit between them; 0 - 1% util; a car loan, a ready-cash (overdraft protection) loan, and a student loan.

When I got my ex thing (I ignore the score), it said one characteristic hurting me was lack of a store card.

True?

@If so, which store should I apply at? I only shop Nordstroms (hahahahahahahaha @ getting card there) and ... dog food/grocery/Target stores.

What are those? What is your score? Do you really need another one right now?

Credit Card	Date of Open	CL	Balance

Re: Store Card - How Important?

Anonymous — Wed, 15 Jun 2011 00:16:46 GMT

@Hopelives2 wrote:
I have 3 CCs, $1570 limit between them; 0 - 1% util; a car loan, a ready-cash (overdraft protection) loan, and a student loan.

When I got my ex thing (I ignore the score), it said one characteristic hurting me was lack of a store card.

True?

@If so, which store should I apply at? I only shop Nordstroms (hahahahahahahaha @ getting card there) and ... dog food/grocery/Target stores.

It is likely to help a little. Target red card gets you 5% discount at the register all the time. It is worth for that.

Re: Store Card - How Important?

Hopelives2 — Wed, 15 Jun 2011 02:53:41 GMT

@Anonymous wrote:
What are those? What is your score? Do you really need another one right now?

Credit Card
Date of Open
CL
Balance
OB
1-3-11
320
0
FP
8-20-10
500
0
Cap 1
1-15-11
750
0

Updated the columns... and no, I don't need a store card and quite frankly, don't really want one other than Nordstroms.

While I do shop at Target once in awhile, I've actually found the nearby Walmart cheaper and not trashy at all. My son was shocked at how nice it was.

There are 4 derogs that are being deleted at end of June which should help my scores but I'm not expecting much as they are two years old and were included in my ch 7. I know when my score was pulled in early May with the derogs showing and a util 20%+, I was at 619. I took a slight hit with the purchase of my Escalade, 5 pts worth.

Re: Store Card - How Important?

Anonymous — Wed, 15 Jun 2011 05:09:17 GMT

@Hopelives2 wrote:

@Anonymous wrote:
What are those? What is your score? Do you really need another one right now?

Credit Card
Date of Open
CL
Balance
OB
1-3-11
320
0
FP
8-20-10
500
0
Cap 1
1-15-11
750
0

Updated the columns... and no, I don't need a store card and quite frankly, don't really want one other than Nordstroms.

While I do shop at Target once in awhile, I've actually found the nearby Walmart cheaper and not trashy at all. My son was shocked at how nice it was.

There are 4 derogs that are being deleted at end of June which should help my scores but I'm not expecting much as they are two years old and were included in my ch 7. I know when my score was pulled in early May with the derogs showing and a util 20%+, I was at 619. I took a slight hit with the purchase of my Escalade, 5 pts worth.

Thanks! In this way people can see with their eyes easily instead read the info in the sentences.

Then, you will better off to wait a little more longer to app for it. Let your ccs ages and keep gardening.

Oh, you and your son found something reasonable ~ that's very good!

Well, you will find out your new score when you pull the new one.

Re: Store Card - How Important?

Anonymous — Wed, 15 Jun 2011 06:39:24 GMT

@Hopelives2 wrote:
I have 3 CCs, $1570 limit between them; 0 - 1% util; a car loan, a ready-cash (overdraft protection) loan, and a student loan.

When I got my ex thing (I ignore the score), very wise!!! it said one characteristic hurting me was lack of a store card.

True? No. Whenever you pull a FAKO score, ignore the score and ignore all the advice that comes with it. Following FAKO advice can, and does damage FICO scores. App for a store card only if it fills a need for you - it is not likely to increase your score. There is no FICO reason code for "Not Enough Store Cards."

@If so, which store should I apply at? I only shop Nordstroms (hahahahahahahaha @ getting card there) and ... dog food/grocery/Target stores.

Re: Store Card - How Important?

smc733 — Wed, 15 Jun 2011 14:34:26 GMT

Stupid FAKOs...

Re: Store Card - How Important?

UFGuy2006 — Wed, 15 Jun 2011 14:37:50 GMT

@smc733 wrote:
Stupid FAKOs...

I'm right there with you!!

Re: Store Card - How Important?

Hopelives2 — Wed, 15 Jun 2011 14:45:56 GMT

@Anonymous wrote:
There is no FICO reason code for "Not Enough Store Cards."

I think I <3 you! Thank you so much!!!

I was thinking MAYBE (but not likely) apping Target but the only card I really only want is Nordstroms; and you saved me from doing something really stooooopid... that and the fraud alert seems to have stopped all companies from asking if I want their card

Re: Store Card - How Important?

smc733 — Wed, 15 Jun 2011 15:22:03 GMT

I dislike store cards, too. I will be closing my Amazon store card, as I really just end up using a regular CC anyway, and it's my lowest limit ($1,200).

Re: Store Card - How Important?

Anonymous — Wed, 15 Jun 2011 16:31:58 GMT

One thing store cards are very very good at is giving adding length and breadth to your credit history (if you need it). (They can also be great for discounts etc.) If that particular store card has no AF, it might be wise to leave it open. Store cards can still be open 20 years down the road and really help contribute to your length of credit history. They're not evil - you just don't need one to up a FICO score.

Re: Store Card - How Important?

RockinRay — Wed, 15 Jun 2011 18:58:59 GMT

Get the Target Red Card. Since you shop there, you get 5% taken off the top when you check out.

Decent reward depsnding on how much you spend with Target.

Ray

Re: Store Card - How Important?

Hopelives2 — Wed, 15 Jun 2011 19:41:04 GMT

@RockinRay wrote:

Get the Target Red Card. Since you shop there, you get 5% taken off the top when you check out.

Checked another site that allows posters to add what their scores are, decline/approve, CL, etc and am seeing of the four apps from '10-'11, all were declined. Scores from those ranged from 596 - 675, reasons given by users were: too many inqs, or bankruptcy.

Apparently, Target is not overly BK friendly. So, I will wait

Re: Store Card - How Important?

Anonymous — Wed, 15 Jun 2011 19:51:19 GMT

I think those FAKO websites got that idea by snooping around on myFICO forums, haha. It used to be the popular theory on here that store cards added to the mix of credit, but that thinking has changed. It's why I still have an American Eagle store card with an $800 limit instead of the VISA. I told the rep, "I only want the store card, make sure you tell them I DONT want the Visa."

She looked at me like I was on drugs, lol.

Credit Card	Date of Open	CL	Balance
OB	1-3-11	320	0
FP	8-20-10	500	0
Cap 1	1-15-11	750	0