8 CREDIT CARDS

[Anonymous]

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TheCynicalOne wrote:

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Brammy wrote:

Great list.  Not sure why you would advise to close the Spiegels and Dillards cards, those are store cards and add to the credit mix.  I don't use my Dillards often, but I still have it and will keep it.

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Nobody cares whether it's a store card or a bank credit card.  They're all revolving lines of credit.  Doesn't make a difference whether it's a catalog credit card.

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I am going to argue with you about that as the classification on some of my store cards are different than my majors.  Most are Classifid as 'Charge' even though they are not PIF and store cards are weighted differently.  Check the FICO learning tab.

Types of Credit Used

• Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.)

As you can see, Retail or store cards are weighted diffrently in the scoring model.  Personally I like both my dillards and Macys for the rewards.  Of course they are PIF.  Of course mortgage, auto, installment and consumer finance are all installment loans but they are not all weighted the same.

Message Edited by Brammy on 11-23-2007 08:36 PM

Message Edited by Brammy on 11-23-2007 08:37 PM

[Anonymous]

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concorduser wrote:

Hi Ash, I still dont understand why you have to through so much trouble to add cards and close them again. Could have waited few months for BOA to go unsecured and get all the CLI you wanted along with it add a card from Barclays. Any way you brought us all a new inspiration in this forum. It is a good move closing the cards with AF.

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From what I read, the OP is not closing newly opened cards, just the dogs.  the ones with AF and monthly maintenance fees.  Tribute, 660, First Premie and the like.  I would never reccommend anyone keep these types of cards once they qual for better cards.

[Anonymous]

Fair enough, you can keep the store cards, but 9 times out of 10 they report exactly the same way, kudos if they're pumping up your fico.

And as a priority, closing the annual fee cards would definitely be a must, I agree with that.  I examine the overall value of the card.  I prefer to have a card with flexibility in spending, rather than being forced to spend at a particular establishment with a high apr and fees that gouge the consumer.  Store credit...never a good thing.

[Anonymous]

Store cards will hurt you if they weight too heavily in your portfolio.  Basically anyone who breathes can get one.  That being said as long as there are no long time balances and you have a good mix of credit they won't hurt you.  I have yert to see FICO say 'Too mny store cards' though mine does detract for too many CFLs.  I have heard however reccommendations for those who only have store cards. generally that message is a reccommendation to get some bankcards.

Message Edited by Brammy on 11-23-2007 08:55 PM

[Anonymous]

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TheCynicalOne wrote:

.  Store credit...never a good thing.

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The only thing I can say about store CC's is that they will offer "insider" coupons and even 10 off gift cards that the general public doesn't get.

I.E. Kohl's, Macy's, and Belks.

Of course, these are ALWAYS PIF.

[Anonymous]

you gotta love the coupons for the victorias secret card too!

[SonorityGenius]

I always thought the "mix" of credit involved Revolving (CCs) Vs Installment (Charge+student loans)+Mortgage

I have actually read somewhere that store ccs do VERY little factoring in ccs if classified as installment..

I dont have any but always curious and debating if I should add one to da 'mix' lol

They are such a hassle, I would "HAVE" to spend something every 3-6 months at "somewhere" which I hate to keep track of lol

[Anonymous]

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netpanther wrote:

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TheCynicalOne wrote:

.  Store credit...never a good thing.

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The only thing I can say about store CC's is that they will offer "insider" coupons and even 10 off gift cards that the general public doesn't get.

I.E. Kohl's, Macy's, and Belks.

Of course, these are ALWAYS PIF.

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lol, I don't take any chances.

Eh...other threads were convincing me about these stupid store cards.

I think I gave in and decided on apping for a Kohls.  I still haven't done that.  Maybe I should reconsider.  I really do need those "insider" coupons...lol.

[Anonymous]

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dnm45227 wrote:

you gotta love the coupons for the victorias secret card too!

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Do they do lots of coupons too? Kohl's does- haven't used them yet but will for first time tommorrow!

[Anonymous]

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TheCynicalOne wrote:

Fair enough, you can keep the store cards, but 9 times out of 10 they report exactly the same way, kudos if they're pumping up your fico.

And as a priority, closing the annual fee cards would definitely be a must, I agree with that.  I examine the overall value of the card.  I prefer to have a card with flexibility in spending, rather than being forced to spend at a particular establishment with a high apr and fees that gouge the consumer.  Store credit...never a good thing.

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Believe it or not, regardless of how a card report the secret to the type is i the account number. Bankcards have a cretain range of account numbers, store cards another. Usually identifiable in the first four digits or so.