topic Re: applying nonstop in Credit Cards

applying nonstop

princeromeo — Thu, 16 Aug 2007 17:48:26 GMT

within the last two weeks i wanted some retail cards i applyed for samsclub walmart home depot and lowes

lowes 600.00

home depot 500.00

samsclub discover 5000.00

walmart 500.00

walmart and lowes pulled equifax and sams and home depot pulled tu scores were tu 728 equifax 740 by the way i love this board

Re: applying nonstop

Anonymous — Thu, 16 Aug 2007 17:53:41 GMT

Nice catch on the discover! :-)

Re: applying nonstop

Anonymous — Thu, 16 Aug 2007 18:21:05 GMT

Don't you hate when you read something then can't remember where your read it?

I well I read article somewhere, that department store cards and consumer finance(companies that loan money that aren't banks) factor negatively in the 10% credit mix part of your score.

apparently they are considered "lesser forms" of credit, I think it goes on the premise

"What's your problem that won't deal with a bank or have a major credit card"

but they don't know your only doing it to get the discount..

Message Edited by rbbyrbsn on 08-16-2007 11:21 AM

Re: applying nonstop

fused — Thu, 16 Aug 2007 18:23:39 GMT

rbbyrbsn wrote:

Don't you hate when you read something then can't remember where your read it?

I well I read article somewhere, that department store cards and consumer finance(companies that loan money that aren't banks) factor negatively in the 10% credit mix part of your score.

apparently they are considered "lesser forms" of credit, I think it goes on the premise

"What's your problem that won't deal with a bank or have a major credit card"

but they don't know your only doing it to get the discount..

Message Edited by rbbyrbsn on 08-16-2007 11:21 AM

Consumers Finance Loans = FICO doesn't like em

Department Store Cards = FICO wants to see one or two

Re: applying nonstop

Anonymous — Thu, 16 Aug 2007 18:37:38 GMT

fused111 wrote:

Consumers Finance Loans = FICO doesn't like em
Department Store Cards = FICO wants to see one or two

Fused, this may be a stupid question but...what exactly are "Consumer Finance Loans"? Example?

Tessa

Re: applying nonstop

Anonymous — Thu, 16 Aug 2007 18:53:04 GMT

tessarue wrote:

fused111 wrote:

Consumers Finance Loans = FICO doesn't like em
Department Store Cards = FICO wants to see one or two

Fused, this may be a stupid question but...what exactly are "Consumer Finance Loans"? Example?

Tessa

I'm not 100% on this , but I think when a companies extend credit directly rather than a bank. they are giving you IOU, vs a car dealership that gets their money from bank and you have a IOU for the bank

Re: applying nonstop

Anonymous — Thu, 16 Aug 2007 19:02:58 GMT

Anyone know how to " ask "FICO" I'm interested in the topic of store cards, should I be looking for a store I like and get their card to PIF to add to credit portfolio

fused111 wrote:

rbbyrbsn wrote:
Don't you hate when you read something then can't remember where your read it?

I well I read article somewhere, that department store cards and consumer finance(companies that loan money that aren't banks) factor negatively in the 10% credit mix part of your score.

apparently they are considered "lesser forms" of credit, I think it goes on the premise

"What's your problem that won't deal with a bank or have a major credit card"

but they don't know your only doing it to get the discount..

Message Edited by rbbyrbsn on 08-16-2007 11:21 AM
Consumers Finance Loans = FICO doesn't like em
Department Store Cards = FICO wants to see one or two

Re: applying nonstop

fused — Thu, 16 Aug 2007 20:42:43 GMT

rbbyrbsn:

Read this!

http://en.wikipedia.org/wiki/Consumer_finance

Re: applying nonstop

MidnightVoice — Thu, 16 Aug 2007 20:45:39 GMT

fused111 wrote:
rbbyrbsn:

Read this!

http://en.wikipedia.org/wiki/Consumer_finance

Examples of these companies include HSBC Finance, CIT, CitiFinancial, Wells Fargo Financial,

Re: applying nonstop

fused — Thu, 16 Aug 2007 20:50:37 GMT

MidnightVoice wrote:

fused111 wrote:

rbbyrbsn:

Read this!

http://en.wikipedia.org/wiki/Consumer_finance

Examples of these companies include HSBC Finance, CIT, CitiFinancial, Wells Fargo Financial,

My wife had a very bad experience with CITI Financial some years back. They're reallllllly sleazy!

Re: applying nonstop

Anonymous — Thu, 16 Aug 2007 21:13:13 GMT

rbbyrbsn wrote:

tessarue wrote:

fused111 wrote:

Consumers Finance Loans = FICO doesn't like em
Department Store Cards = FICO wants to see one or two

Fused, this may be a stupid question but...what exactly are "Consumer Finance Loans"? Example?

Tessa

I'm not 100% on this , but I think when a companies extend credit directly rather than a bank. they are giving you IOU, vs a car dealership that gets their money from bank and you have a IOU for the bank

When I ordered my computer from Dell, and put it on my Dell account, that would be an example of a Consumer Finance Loan, yes?

Would I be better off canceling that account? I PIF as soon as I got the statement (I had been waiting on an insurance settlement - darn lightning!) and haven't charged anything since.

Re: applying nonstop

Anonymous — Fri, 17 Aug 2007 02:08:03 GMT

Although their CL and Util factor into the 30% mix quite nicely, so I'd say the good outweighs the bad. At least my score jumped 20 points by getting a 12,500 HD card.

Re: applying nonstop

princeromeo — Fri, 17 Aug 2007 20:50:07 GMT

just applyed for patelco union got 5000.00 i cant stop help!!!

Re: applying nonstop

Anonymous — Fri, 17 Aug 2007 21:16:58 GMT

I have an HSBC consumer loan, so how is this affecting me?