topic Re: Store card? in Rebuilding Your Credit

Store card?

J91605 — Sun, 26 Jul 2015 04:48:43 GMT

Just a quick question. I don't have any store cards and don't want any really, but I've seen people say they aren't worth it any way. I am wondering why do they not affect your credit like other revolving accounts?

Re: Store card?

Anonymous — Sun, 26 Jul 2015 05:36:49 GMT

@J91605 wrote:
Just a quick question. I don't have any store cards and don't want any really, but I've seen people say they aren't worth it any way. I am wondering why do they not affect your credit like other revolving accounts?

They are scored "slightly less" than regular bank revolving accounts. Only FICO knows the reason why.

Re: Store card?

J91605 — Sun, 26 Jul 2015 05:41:33 GMT

Does the trade line look different on your report?

Re: Store card?

Anonymous — Sun, 26 Jul 2015 06:50:25 GMT

Bank cards will report as "account type - credit card" and store cards will report as "account type - charge account"

Re: Store card?

J91605 — Sun, 26 Jul 2015 06:53:59 GMT

Thanks Norman. Glad I never wanted any.

Re: Store card?

Anonymous — Sun, 26 Jul 2015 09:01:18 GMT

I have no clue if a store card will help your credit score but if i were you i would probably get one anyway simply to diversify my "portfolio" and to show to the credit bureaus i can manage all forms of credit properly.

Re: Store card?

J91605 — Sun, 26 Jul 2015 09:49:25 GMT

Maybe. I'll look into in it I have a car loan and 3 revolving accounts. 2 are about to report for the first time. I have a lot of HPs because of the car loan. The bad thing is it took about three weeks and they pulled my credit multiple times over that period. I don't believe they all count as one. So I don't know if it is worth another HP. I'm only going to app once more in the next year and that's when I feel confident about approval on a QS1. I'll think on it though. What do you think Norman?

Re: Store card?

J91605 — Sun, 26 Jul 2015 09:54:45 GMT

Are there any store cards I can get approved for without a HP?

Re: Store card?

Anonymous — Sun, 26 Jul 2015 13:09:12 GMT

99.99% sure you can not.

Re: Store card?

Anonymous — Sun, 26 Jul 2015 13:58:11 GMT

search shopping cart trick

Re: Store card?

woodsie1 — Sun, 26 Jul 2015 14:51:15 GMT

@Anonymous wrote:
search shopping cart trick

+1 comenity backed cards have been known for SP instead of HP. This only works through the Shopping Cart Trick (SCT). Search the forum. There is plenty of info about this.

Re: Store card?

Anonymous — Thu, 30 Jul 2015 20:56:29 GMT

Hi- Shopping cart trick just worked for me a couple days ago at Overstock.com (Comenity Bank). I just put in 1 item in my shopping card and proceeded to check out. I got the address information entered just prior to payment info and the offer for an Overstock.Com credit card came up. I was approved instantly. Its a low balance but its a start... at that point you don't have to proceed w/the purchase.

My scores are currently 599, 606, 608. I've got 1 collection acct and a few late payments to Capital One in late 2014. Additionally I JUST paid down my existing credit cards but the reports haven't updated yet so they approved me despite very high utilization they would have also seen on my existing TL's and I was still approved. I've read several people say this is a soft pull and I'd say I have seen no change to my tracker this week to indicate a hard pull as well. I've also read they are pretty frequent with their CLI's so I just added this as my only store card at this point in hgopes it helps keep down my overall UTI.

Re: Store card?

Anonymous — Fri, 31 Jul 2015 05:12:11 GMT

If your scores are in the 600 range that is about right for the QS1

Re: Store card?

J91605 — Fri, 31 Jul 2015 05:41:14 GMT

I apped for the QS1 2 days ago. They are reviewing the app. keeping my fingers crossed!

Re: Store card?

Anonymous — Fri, 31 Jul 2015 18:38:20 GMT

@J91605 wrote:
I apped for the QS1 2 days ago. They are reviewing the app. keeping my fingers crossed!

As stated SCT, is best way to get a store card without HP. But, if you don't really need it still not worth it. Good Luck on QS!!!