@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@CBrent wrote:I'd also like evidence that the shopping cart trick, owning store cards, actually puts one in a different category and supresses one's credit score. Does anyone actually have evidence of this?
It's just a suburban legend.
The gazillion small limits don't kill you. Having a million store cards doesn't kill you either. They don't stop you from getting "Prime" credit.
As the guys have said, it severely butchers your AAoA ... that is the worst impact.
Manual review may indicate aggressive credit seeking as well...Just sayin'
But that happens with both store cards and "Prime" cards.
Not really fair to peg that on ye old lowly store card.
If you get a buncha credit (Prime or Store card) all at once "Aggressive credit seeking" or that lovely and equally ambiguous "Debt Pyramiding"
Well of course it can happen with either. 
In any case. Moderation and lender diversity is key.
Congratulations on the shopping cart trick, when I found out about it i went a little overboard i was just so excited about getting approved
@Imperfectfuture wrote:
@Anonymous wrote:
@CBrent wrote:I'd also like evidence that the shopping cart trick, owning store cards, actually puts one in a different category and supresses one's credit score. Does anyone actually have evidence of this?
It's just a suburban legend.
The gazillion small limits don't kill you. Having a million store cards doesn't kill you either. They don't stop you from getting "Prime" credit.
As the guys have said, it severely butchers your AAoA ... that is the worst impact.
Google is your friendl. Store cards are not credit cards, they are charge accounts. It's not urban legend. Folks want it to be (and comenity likes it, is that the banks name?).
Charge accounts are scored differently than credit cards, considered a form of consumer finance (google consumer finance and fico scoring). They are considered revolvers, so do not add to mix of credit. My sis started with Macy's and VS, but was AU on hubby's Amex, and finally got banana republic visa. Her only other credit card now is southwest plus rapid rewards (though 18k limit, but she carries balances, doesn't really care about score). Since she is divorced, no longer AU on Amex,
My score was in toilet with just a charge account. Adding a secured card (even reporting secured) jumped it up 60 pts in less than a year.
As I said, it is just an urban legend. All of my Commenity cards report as revolvers, not consumer finance
Just try to Google what makes a "consumer finance loan" and nobody will tell you Commenity cards are consumer finance
I do believe they are not weighted as high as real credit cards but they sure as heck dont hurt your credit
Add in that account mix is only 10% of your score and that is just a fraction of youe total score. Now factor in that payment history weighs in at 30% of your score and you see the net result positive payments on store cards have a much higher positive impact on your score than the perceived ding of "consumer finance"
I have 45 "store cards" and I never get the "too many consumer finance accounts" denial
It hasnt stopped me from getting any prime cards
The only thing stopping me now is I have too many new accounts and have to garden. No different than anybody else forced into gardening
@Anonymous wrote:
@Imperfectfuture wrote:
@Anonymous wrote:
@CBrent wrote:I'd also like evidence that the shopping cart trick, owning store cards, actually puts one in a different category and supresses one's credit score. Does anyone actually have evidence of this?
It's just a suburban legend.
The gazillion small limits don't kill you. Having a million store cards doesn't kill you either. They don't stop you from getting "Prime" credit.
As the guys have said, it severely butchers your AAoA ... that is the worst impact.
Google is your friendl. Store cards are not credit cards, they are charge accounts. It's not urban legend. Folks want it to be (and comenity likes it, is that the banks name?).
Charge accounts are scored differently than credit cards, considered a form of consumer finance (google consumer finance and fico scoring). They are considered revolvers, so do not add to mix of credit. My sis started with Macy's and VS, but was AU on hubby's Amex, and finally got banana republic visa. Her only other credit card now is southwest plus rapid rewards (though 18k limit, but she carries balances, doesn't really care about score). Since she is divorced, no longer AU on Amex,
My score was in toilet with just a charge account. Adding a secured card (even reporting secured) jumped it up 60 pts in less than a year.
As I said, it is just an urban legend. All of my Commenity cards report as revolvers, not consumer finance
Just try to Google what makes a "consumer finance loan" and nobody will tell you Commenity cards are consumer finance
I do believe they are not weighted as high as real credit cards but they sure as heck dont hurt your credit
Add in that account mix is only 10% of your score and that is just a fraction of youe total score. Now factor in that payment history weighs in at 30% of your score and you see the net result positive payments on store cards have a much higher positive impact on your score than the perceived ding of "consumer finance"
I have 45 "store cards" and I never get the "too many consumer finance accounts" denial
It hasnt stopped me from getting any prime cards
The only thing stopping me now is I have too many new accounts and have to garden. No different than anybody else forced into gardening
You misread, they report as charge account. Good luck with getting score over 720 with store cards, never happens (google that and why).
They are bucketed between consumer finance and credit cards. I never said they were consumer finance loans.
you must feel the need to defend your position, following credit addict?
@Imperfectfuture wrote:
@Anonymous wrote:
@Imperfectfuture wrote:
@Anonymous wrote:
@CBrent wrote:I'd also like evidence that the shopping cart trick, owning store cards, actually puts one in a different category and supresses one's credit score. Does anyone actually have evidence of this?
It's just a suburban legend.
The gazillion small limits don't kill you. Having a million store cards doesn't kill you either. They don't stop you from getting "Prime" credit.
As the guys have said, it severely butchers your AAoA ... that is the worst impact.
Google is your friendl. Store cards are not credit cards, they are charge accounts. It's not urban legend. Folks want it to be (and comenity likes it, is that the banks name?).
Charge accounts are scored differently than credit cards, considered a form of consumer finance (google consumer finance and fico scoring). They are considered revolvers, so do not add to mix of credit. My sis started with Macy's and VS, but was AU on hubby's Amex, and finally got banana republic visa. Her only other credit card now is southwest plus rapid rewards (though 18k limit, but she carries balances, doesn't really care about score). Since she is divorced, no longer AU on Amex,
My score was in toilet with just a charge account. Adding a secured card (even reporting secured) jumped it up 60 pts in less than a year.
As I said, it is just an urban legend. All of my Commenity cards report as revolvers, not consumer finance
Just try to Google what makes a "consumer finance loan" and nobody will tell you Commenity cards are consumer finance
I do believe they are not weighted as high as real credit cards but they sure as heck dont hurt your credit
Add in that account mix is only 10% of your score and that is just a fraction of youe total score. Now factor in that payment history weighs in at 30% of your score and you see the net result positive payments on store cards have a much higher positive impact on your score than the perceived ding of "consumer finance"
I have 45 "store cards" and I never get the "too many consumer finance accounts" denial
It hasnt stopped me from getting any prime cards
The only thing stopping me now is I have too many new accounts and have to garden. No different than anybody else forced into gardening
You misread, they report as charge account. Good luck with getting score over 720 with store cards, never happens (google that and why).
They are bucketed between consumer finance and credit cards. I never said they were consumer finance loans.
you must feel the need to defend your position, following credit addict?
It's true. My mother could never seem to get past 770 until her 2 of her store cards were closed for inactivity.
She was already well into the 8yr+ AAoA bucket.