topic Re: Store card or lack there of. in Credit Cards

Store card or lack there of.

Anonymous — Thu, 03 Apr 2008 17:10:21 GMT

Over the last several days I have been reading up on store cards. Which are good, do you need one is it necessary etc. My Target went to visa late last year so I find myself without a store card. Am I losing points by not having one? Do I NEED one? Is this something I should go out and get?

Re: Store card or lack there of.

Anonymous — Thu, 03 Apr 2008 17:19:48 GMT

Having a store card is not absolutely necessary. However it helps your overall mix of credit along with student loans, auto finance, mortgages, etc. If you have several other types of accounts on your credit report, the effect would be rather minimal.

I don't have a store card (credit cards, student loan, revolving loan) and my score is in the upper 700s.

One thing I read a lot here is get a store card somewhere you would actually use it enough to have a significant cost savings. (Bestbuy for a large purchase with big % off, etc)

Re: Store card or lack there of.

Anonymous — Thu, 03 Apr 2008 17:20:59 GMT

I think store cards are somewhat over rated if you are an occasional shopper, or don't shop at one store exclusively. All stores accept Visa, M.C., Amex, or Discover. So why the 'need'?

The answer? Having a store card will grant you access to special sales and discounts and other offerings you would not have access to not having one, helps with overall utils(assuming you keep low balance on it).

For example, I have a Penny's card because I do a LOT of Christmas shopping with them...always have. Plus Sephora(women's beauty product) is linked to the Penny's card. I use them almost exclusively because of the great prices and priduct line.

I have a Best Buy store card and shop there all the time. The rewards are great. My Macy's card has great rewards also. Alway a special sale going on with them.

The list goes on and on. But do you NEED a store card? Probably not. You can get by very well without it. I guess it comes down to your purchasing profile.

'Sup to you. Hope that helps.

Re: Store card or lack there of.

Anonymous — Thu, 03 Apr 2008 17:38:48 GMT

unless I am misaken it is store or GAS card to add to the mix (reports as a 'charge card') - one of either should be fine.

Re: Store card or lack there of.

Anonymous — Thu, 03 Apr 2008 18:41:40 GMT

I am not to big on the store cards, or shopping at one store, but I am trying to do any and everything I can right now to get my scores up. I am kind of stuck in the 620-650 range. Unfortunately, I think the real culprit is util (35%). I am working to pay this stuff off/down. I don't think the app spree helped, but it sure didn't hurt, it took my util from 75% down to 35%. I have 8 CC's and a auto loan, so I was just seeing if i app'd for a Macy's card would it bump me up at all. Thanks for the help guys.

Re: Store card or lack there of.

llecs — Thu, 03 Apr 2008 19:09:06 GMT

Lady_Scarlet wrote:
unless I am misaken it is store or GAS card to add to the mix (reports as a 'charge card') - one of either should be fine.

Very true. I started with 0 CCs on 8/1. I added 2 revolving CCs and the scores shot up. The third card added was Macys shortly after the first two. Once that reported, the score went up higher on the store card than did the second revolving card when that reported. Cards 4-7 tanked everything from there on out.

Re: Store card or lack there of.

Anonymous — Thu, 03 Apr 2008 20:30:17 GMT

Sylviatob wrote:
I think store cards are somewhat over rated if you are an occasional shopper, or don't shop at one store exclusively. All stores accept Visa, M.C., Amex, or Discover. So why the 'need'?

The answer? Having a store card will grant you access to special sales and discounts and other offerings you would not have access to not having one, helps with overall utils(assuming you keep low balance on it).

For example, I have a Penny's card because I do a LOT of Christmas shopping with them...always have. Plus Sephora(women's beauty product) is linked to the Penny's card. I use them almost exclusively because of the great prices and priduct line.

I have a Best Buy store card and shop there all the time. The rewards are great. My Macy's card has great rewards also. Alway a special sale going on with them.

The list goes on and on. But do you NEED a store card? Probably not. You can get by very well without it. I guess it comes down to your purchasing profile.

'Sup to you. Hope that helps.

Sylvia - arey ou refering to the BestBuy store card or BestBuy Co-Branded CC? If the store card, what kind-of benefits do you get by chance?

Re: Store card or lack there of.

Anonymous — Thu, 03 Apr 2008 22:17:23 GMT

Yes Pj, I'm referring to the BB store card. I've tied the Rewards Zone benefits to the store card itself. Sometimes you get double points when purchasing a particular product with only the store card.

I used it a lot at Christmas. Got rewards certificates totalling $45. Went in there 3 weeks ago to buy some printer ink, and an iTunes music card. Total bill would have been over $100 but I paid like $65, PLUS they threw in a ream of paperfor free because the R.Z. card was tied to the store card. Oh. I put the $65 on the Citi CashReturns card. lol

Re: Store card or lack there of.

haulingthescoreup — Thu, 03 Apr 2008 22:46:28 GMT

I was really skeptical about the whole store card thing, but Timothy has posted that getting one boosted his score, and it also affected his insurance rates (I suppose because of his increased score.)

As Sylvia said, don't fool with them unless you get killer discounts, coupons, early sales, etc. I would add make sure that it's a store where you actually shop (I think she said that, too), be prepared to PIF as their APR's are generally nuts, and check out the bank behind the store card, to see what you might be in for.

My only true store cards are the POS J.Crew card (WFNNB) and Home Depot (Citi.) J.Crew is, oh well, never mind; Home Depot hasn't posted yet, although I charged and paid it off. The CSR's told me it would only report when there's a balance, although other members said it reported regularly, balance or no, for them. I'm hoping that HD is just a bit poky or something.

It's a real PITA for those of us who like to monkey with our util when store cards don't report every month like clockwork, even with $0 balances.

Re: Store card or lack there of.

Anonymous — Fri, 04 Apr 2008 02:49:25 GMT

Yeah, I use to have a Macys card, then I closed it after they kept running hard inqs for no reason...still boils my blood. 3 inqs in one month. I want a target card, but I'm afraid it will get upgraded to the co-branded one...it seems like pure store cards are dying out. I like the amazon one, but again, co-branded, not a "pure" store card. I guess it might be Best Buy for me...it's the only store i shop at offline. I was thinking about waiting ten years until the Macys card falls off, but then it will hurt my credit age, so I guess I mine as well get it soon, since my age is already reset...erhh....lol...FICO AGEIST

Re: Store card or lack there of.

haulingthescoreup — Fri, 04 Apr 2008 11:49:43 GMT

@Anonymous wrote:
Yeah, I use to have a Macys card, then I closed it after they kept running hard inqs for no reason...still boils my blood. 3 inqs in one month. I want a target card, but I'm afraid it will get upgraded to the co-branded one...it seems like pure store cards are dying out. I like the amazon one, but again, co-branded, not a "pure" store card. I guess it might be Best Buy for me...it's the only store i shop at offline. I was thinking about waiting ten years until the Macys card falls off, but then it will hurt my credit age, so I guess I mine as well get it soon, since my age is already reset...erhh....lol...FICO AGEIST

DS is really happy with his Best Buy store card. I think there's something about how you need to apply in person, and maybe over the phone works too, because an online app shunts you into the MC, which you don't want for many many reasons. Foggy memory on that one...

Ageist, huh? I think I'm now younger than you in average age! BTW, I'm convinced that I was re-bucketed after the app spree, explaining the drastic score hurt (originally 75 points on EX.) I guess I'm out there competing with you mid-20's people now!

Re: Store card or lack there of.

Anonymous — Fri, 04 Apr 2008 12:55:40 GMT

Thanks for the recommendation.

Now, the question is...should I wait a few years until I really need it or when the macys card drops off or just go get now, since I've been re-aged and could use for little things, here and there?