Shopping Cart Trick?

Anonymous · ‎12-17-2014

I read that the worst thing to do is the shopping cart trick because the cards will put you in a separate scoring bucket than regular credit cards and will keep your score low. Is this true and why if it is true? I was approved for 2 cards (VS & Overstock) via the shopping cart trick and didn't think too much of it other than it would help to decrease my utilization.

coldnmn · ‎12-17-2014

Congrats on the cards! The only harm I see from the shopping cart is making yourself look desperate for credit by going overboard. If you only get cards you will use and use them responsibly no harm to you or your score in my opinion. Thanks for sharing.

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $15k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $10.8k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $5.35k / Citi DC (WMC) $12k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17

Anonymous · ‎12-17-2014

@coldnmn wrote:
Congrats on the cards! The only harm I see from the shopping cart is making yourself look desperate for credit by going overboard. If you only get cards you will use and use them responsibly no harm to you or your score in my opinion. Thanks for sharing.

+1

But if you can get approved for real credit cards (V/MC), It is better.

CBrent · ‎01-21-2015

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?

mongstradamus · ‎01-21-2015

@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?

In my opinion getting cards via shopping cart trick will be detrimental to your credit building. The new TL will hurt an lot for an card in most instances you will rarely use. Butchering your AAOA will hurt an lot. Just because you can get card now doesn't mean you should.

EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16

Anonymous · ‎01-21-2015

+1.

A lot.

dragonfly66 · ‎01-21-2015

@coldnmn wrote:
Congrats on the cards! The only harm I see from the shopping cart is making yourself look desperate for credit by going overboard. If you only get cards you will use and use them responsibly no harm to you or your score in my opinion. Thanks for sharing.

This is true. I don't think it puts you in a different credit category. I've always heard that they are simply weighted differently in the FICO scoring models than the regular bank credit cards. As long as you use them responsibly, they will only help your score. I just wouldn't go overboard with the store cards. I was able to establish my credit initially with just a Macy's card, and because of how I managed it, it allowed me to get a number of other bank cards (but that was a lifetime ago).

Current - FICO 3/2019: EX(753); EQ(763); TU(749)
Beginning - FICO 7/2014: EX(630); EQ(608); TU(581)
Credit: Wells Fargo Home Projects Charge Card ($7,800); Wells Fargo Home Rebate Visa ($4,000); Capital One Quicksilver ($10,000); Capital One Venture ($6,000); Discover it ($7,900); Macy's ($20,000); BrandsMart ($4,000); Banana Republic ($1,200); Lowes ($12,000); Amex Everyday ($30,000); Macy's Amex ($15,000); Amex Platinum (NPSL); Citi Diamond Preferred ($9,000); Chase Freedom ($9,000); Wells Fargo Outdoor Solutions ($10,000); SunTrust HELOC ($25,000)

Anonymous · ‎01-22-2015

@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.

Anonymous · ‎01-22-2015

@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'

Anonymous · ‎01-22-2015

@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 you'll get

"Aggressive credit seeking" or that lovely and equally ambiguous "Debt Pyramiding"