topic Re: May I say some thing ? in Credit Cards

May I say some thing ?

dangphuocloc72 — Sat, 15 Dec 2007 04:52:41 GMT

I been with this forums 10 month I reading many of posts . My question is why many people they already have many CC but they still want apply CC ( but they don't really needs it ) like store card . I think store card some time they give you offer in short time , but in long time it not really good , and they don't help your CR much . also CL not much . I remember on 2003 I have store card at usaa . CL 7500 but I never use it . they still report to TU . I just close this year , because I don't needs it . So why are we needs apply Store card ? save money in short time ? how about long time ? with CL too low . and also you only charge with them .

I am so sorry . I am wrong .

Re: May I say some thing ?

TryingVeryHard — Sat, 15 Dec 2007 04:57:15 GMT

Did it not improve your score?

Re: May I say some thing ?

Anonymous — Sat, 15 Dec 2007 04:59:14 GMT

some store cards offer great incentives (examples; victoria's secret (i'll let everyone interpret incentive's as they see fit), home depot (no intrest, no payments 6-12 moths on purchases over $299), etc.) also, it makes fico happy to see a "mix" of credit.

Re: May I say some thing ?

fused — Sat, 15 Dec 2007 05:03:24 GMT

dangphuocloc72 wrote:

I been with this forums 10 month I reading many of posts . My question is why many people they already have many CC but they still want apply CC ( but they don't really needs it ) like store card . I think store card some time they give you offer in short time , but in long time it not really good , and they don't help your CR much . also CL not much . I remember on 2003 I have store card at usaa . CL 7500 but I never use it . they still report to TU . I just close this year , because I don't needs it . So why are we needs apply Store card ? save money in short time ? how about long time ? with CL too low . and also you only charge with them .

I am so sorry . I am wrong .

I agree with you on not apping for credit if you don't need it. This is something that is clearly not discussed enough in these forums. As for store cards, they help with your credit mix which accounts for 10% in FICO scoring. For many it just feels great to be out of credit h$ll and feels even better when some CCC or store card company says yeah we will approve you. Your thinking is spot on though. BTW, a big congrats on your new home!

Re: May I say some thing ?

dangphuocloc72 — Sat, 15 Dec 2007 05:07:35 GMT

Yeay I understand some of them give you very good offer in one year .after that ? and offer good for new account only ! so what can you do after one year ?

when I close my usaa my score go up very good .

dicovery turn me down for that store card . sorry I am wrong .

Re: May I say some thing ?

dangphuocloc72 — Sat, 15 Dec 2007 05:10:52 GMT

thanks a lot Fused . I just want to say some thing what am I thinking ? and I don't really know Am I wrong or not ? I am trying to learning from all you guys .

Re: May I say some thing ?

haulingthescoreup — Sat, 15 Dec 2007 06:43:57 GMT

@dangphuocloc72 wrote:
thanks a lot Fused . I just want to say some thing what am I thinking ? and I don't really know Am I wrong or not ? I am trying to learning from all you guys

I think that it's smart for everyone to figure out exactly what they want from every card, and once they've got that, they don't need anything else. Good thinking!

Re: May I say some thing ?

Anonymous — Sat, 15 Dec 2007 14:43:30 GMT

I think that's a very good question you bring up.

I used to not at all be interested in store cards and used to think they were only useful at sign up also. Recently I learned that some store cards have interesting reward programs in general (a couple have been mentioned already).

I shop at the clearance sections at stores like GapKids, OldNavy, The Childrens Place, Lands End for my 3 yr old daughter's clothes. For the first 2 years, I only shopped at Kmart and Sears for her clothes. What I have also discovered is that name brands resell quite well at consignment shops. So for me, finding out that GapCard offers:

5% rewards
10% off the first Tuesday of every month (online or in store)
Free shipping online
No hassle returns to a real store
First purchase discount at Gap, another one for OldNavy, Banana Republic and PiperLine.

This has been a big score for me. And the green person in me (environmentalist and capitalist) likes the overall savings and the thinking that as long as these clothes are taken care of, they will continue to be used.

This is my first store card application since 1996, Home Depot. The CL is only $200, with what I currently already have, do I need it? Probably not. But does it contribute in my goals and planning? I do believe so. Especially since it benefits a current practice. And well, it's one of the better looking cards I have.

BTW, I do also shop at consignments and I still shop at Sears (KidVantage and I have a Sears MC).

I really do believe actions should map to goals. And this is going to be different for everyone. Some may not understand ones actions, maybe because they don't understand their goals as well? Or some may not have their goals clearly defined. Anyway, because of this forum, I do look at my credit very differently and more closely. Although I haven't found anyone in the same situation I'm in, I do find discussions and examples that are brought up to be rather helpful.

Re: May I say some thing ?

Anonymous — Sat, 15 Dec 2007 14:49:11 GMT

My two fave store cards, Circuit City and Best buy offer special financing all the time . 12-48 mos same as cash. Not going to get that on a Major card. Even Wally World is now offering same as cash for 12 mos on a certain purchase amount. Macys offers discounts and specials to card holders all year long. The only store card I have had that didn't offer repeating specials is Target and its no longer a store card but a Visa and soon to close.

The old school of thought is that store cards only offer the initial 10-15% to apply. Many are now flyinging the face of that. I never USE my store cards unless there is an advantage that I can't get with my majors.

Re: May I say some thing ?

pattycake — Sat, 15 Dec 2007 15:09:57 GMT

Brammy - doesn't your Target card offer the 10% after 1000 points purchase? They also give a percentage of your usage to a local school, and they give you more coupons if you use it to buy prescriptions. I shop at Target all the time, so that is the card I use there just for the points. Also, I discovered they only raise your CL if you use the card regularly (a CSR told me that I wasn't getting more CLIs because I didn't use my card enough, but go figure).

Re: May I say some thing ?

Anonymous — Sat, 15 Dec 2007 15:13:51 GMT

pattycake wrote:
Brammy - doesn't your Target card offer the 10% after 1000 points purchase? They also give a percentage of your usage to a local school, and they give you more coupons if you use it to buy prescriptions. I shop at Target all the time, so that is the card I use there just for the points. Also, I discovered they only raise your CL if you use the card regularly (a CSR told me that I wasn't getting more CLIs because I didn't use my card enough, but go figure).

Actually they do offer thoe things but after a year of tracking it I don't find that its worth it. I have had the card for almost 18 mos and just don't use it enough at their store to qualify. For purchases outside of target those points are very hard to come by. the contributions to my son's school combined (accrdingto their records) is little of nothing.

Basically that will get me 3.00 off my next purchase. The fact that their interest rate isso high precludes me from carrying any type of balance on the card which I would have to do to make it worth it. (See siggy)

Message Edited by Brammy on 12-15-2007 10:13 AM

Re: May I say some thing ?

MidnightVoice — Sat, 15 Dec 2007 15:19:58 GMT

I am just happier with less cards (1 gas (I can't use it much at the moment, no local station any more), 1 store (clothes and cosmetics), I gas CC (to replace gas card and get cheaper gas), I airmiles CC (united, my carrier), 1 CU CC (low Apr if I ever need to carry a balance for a month) and 1 Amex (because I want to establish a relationship for the time when I have to buy my own tickets and pay for my hotels and car rentals).

I just don't spend enough money to get many rewards on a regular basis, so the rewards aspect is not really all that much use to me. I would rather not apply for any more, and just keep careful track of what I have

Re: May I say some thing ?

Anonymous — Sat, 15 Dec 2007 15:24:29 GMT

For me the Macy's and dillards discounts come in handy with the Diva child for school clothes. Since my biz heavily relies on electronics and should either system go down, I don't have a month for the repair shop to get it back to me. Wally world just cause I live there and PIF before the statement falls.

Dillards and Macys do get moth eaten before their next usage tho. Never happen with BB.

Re: May I say some thing ?

Anonymous — Sat, 15 Dec 2007 16:00:45 GMT

Dang

I understand your question (which is a good one). As other posters have stated, it depends on the type of rewards they are getting. My personal (store) fav is VS--there is no other love for me!!

I also have a question: Why do people continue to push the LUV button at AMEX if they don't need it? Isn't that like playing with fire? Just because there is a link to push why continue to push it? I would think it would cut back on the amount of F/R's.

Re: May I say some thing ?

dangphuocloc72 — Sat, 15 Dec 2007 16:24:40 GMT

I push love from AMEX . because myfico say your cl too low , ask them more , lolz . now I am really stop . One thing I know if you got more cl . more you spent . so I don't want no more , I have total 4 now .

Re: May I say some thing ?

Anonymous — Sat, 15 Dec 2007 16:26:17 GMT

dangphuocloc72 wrote:

I push love from AMEX . because myfico say your cl too low , ask them more , lolz . now I am really stop . One thing I know if you got more cl . more you spent . so I don't want no more , I have total 4 now .

Whether you spend more or not depends on you. I have cards I only use for special things and then I rotate the other cards I have and PIF.

Re: May I say some thing ?

dangphuocloc72 — Sat, 15 Dec 2007 16:33:12 GMT

you right BRammy . but for myself some time I can't control .

Re: May I say some thing ?

Anonymous — Sat, 15 Dec 2007 16:43:45 GMT

Dang

It really depends on your situation, I guess. My largest TL is 40K and it has a $3 balance. I am a little to scary too even go over 2K. @ years ago it was up to 10K, and I was scared I would never pay that off. I had to charge that much for personal reasons tho. Those high limits can be dangerous, especially if I snapped and wanted to max out all my CC's

Message Edited by jaybee on 12-15-2007 08:43 AM

Re: May I say some thing ?

Anonymous — Sun, 16 Dec 2007 18:39:29 GMT

I love my Macy's card too, Brammy, and it too gets moth eaten after Christmas each year. I charge my colognes to Macy's each year at Christmas! Macy's for me started off as a J L Hudson's Card, then it went to a Marshall Field's Card and now it is strictly Macy's now. I keep the card for longevity purposes too. My card, with all the new owners lol, dates back to 1990.

SandyK

Re: May I say some thing ?

rudy — Mon, 17 Dec 2007 04:19:57 GMT

Well let me add to this store card thing as simple put with these figures :

1. Home Depot bought riding lawn mower really good deal 1500 for 12 months same as cash no int

Breaks down to 125 per mo. and a lot less back ache

2. Macy's, Calvin Klien, P coat for son x-mas. Regulaly the coat cost 395.00. opened charge got 20%

off, got antother 20% off for something else. got another 10 or 15 % off for something else. ( can not remeber what the sales lady was saying) But got the the coat for 144. and some change.

Also found out the alway's give specials to card holders ( so this is a keeper)

I use hd alot, and macy's is plus for clothing. I don't have any other store cards. I use to have a Best Buy. It was also great for items the we purchased same as cash.

It really is a matter of presonnel prefrence. Those are the only store cards I have evere had. Ireally do not like them. Because you can only purchase from that store. But, if the deal is good and it is a store I like. I will consider opening a account. other than that know thank you. I prefer getting frequent flier miles With less intrest