8 CREDIT CARDS

[Red1Blue]

I am totally confused. I thought revolving credit is revolving credit. I did not know there is difference in scoring for store cards and bank cards. I thought they all are the same.

I  have 8 other major charge cards like vc/mc and hsbc discover.

I just added target/dillards/jc penny/ oldnavy / macys / spiegel cards about 2 months ago. I have been doing PIF on alll the cards. What have I done to my self and how would it effect my fico scoring. Does these score cards help my score or hurt my score? Should I continue PIF on these cards? Should I keep these cards or close these store cards?

[Anonymous]

oh, sorry for the double post, but BRAMMY

It was my understanding that as revolving lines it wouldn't have much of an impact, but what you're saying is that it would have enough of a positive impact to have a "retail account" (store card) open and age it, which would add diversity to the credit portfolio, probably making it easier to get to better buckets?  It was always explained by many that bank cards should always be valued higher than store cards...but you think it's good to throw one or two in there for variety?

[Anonymous]

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netpanther wrote:

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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!

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$10 holiday gift card in the mail as christmas thank you, or maybe a reward for dw spending loads of cash. maybe a little of both? plus a book of coupons, one for each month, tons of rewards.

[Anonymous]

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SonorityGenius wrote:

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

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That's why I regret opening Macy's and Nieman Marcus- got them cuz I go to Chi-town at least once a year to see mom- but those stores have been around forever so I will keep them as Macy's is as old as dirt.

It will take at LEAST another 20 years for a Macy's or Niemans to come to this area- too rural still.

[Anonymous]

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concorduser wrote:

I am totally confused. I thought revolving credit is revolving credit. I did not know there is difference in scoring for store cards and bank cards. I thought they all are the same.

I  have 8 other major charge cards like vc/mc and hsbc discover.

I just added target/dillards/jc penny/ oldnavy / macys / spiegel cards about 2 months ago. I have been doing PIF on alll the cards. What have I done to my self and how would it effect my fico scoring. Does these score cards help my score or hurt my score? Should I continue PIF on these cards? Should I keep these cards or close these store cards?

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Anyime oyu only have ONE type of credit, it hurts your score and does not give aclear pisture of your ability to manage different ypes of debt.  However, I do not believe a store card is going to hurt you unless that is the onyl revolving credit you have.

[haulingthescoreup]

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@Anonymous wrote:
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.

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(Pause, as everyone rummages around and fishes out their cards)

[Anonymous]

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Brammy wrote:

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.

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Yep- Visa's start w/ 4- Noah posted an article about how all the digits were compiled and in each section they help classify the card...was a really good article.

[Anonymous]

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concorduser wrote:

I am totally confused. I thought revolving credit is revolving credit. I did not know there is difference in scoring for store cards and bank cards. I thought they all are the same.

I  have 8 other major charge cards like vc/mc and hsbc discover.

I just added target/dillards/jc penny/ oldnavy / macys / spiegel cards about 2 months ago. I have been doing PIF on alll the cards. What have I done to my self and how would it effect my fico scoring. Does these score cards help my score or hurt my score? Should I continue PIF on these cards? Should I keep these cards or close these store cards?

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I was right there with you until Brammy spoke up.

In a few other threads there was heated debate about this and I walked away with confirmation that they were the same and the only hope I had of adding variety to my credit file was by throwing in an installment loan or getting a car loan.  But at least you gave me something a lot easier to accomplish!

[Anonymous]

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TheCynicalOne wrote:

oh, sorry for the double post, but BRAMMY

It was my understanding that as revolving lines it wouldn't have much of an impact, but what you're saying is that it would have enough of a positive impact to have a "retail account" (store card) open and age it, which would add diversity to the credit portfolio, probably making it easier to get to better buckets?  It was always explained by many that bank cards should always be valued higher than store cards...but you think it's good to throw one or two in there for variety?

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If you don't like store cards, by all means don't get one, there are many oth credit products you can get that wll have just as positive, if not more so, effect on your scores. The thing is not to get credit you don't need.  A mortgage o an auto loan would stand you in much better stead than a store card, as well as a bank LOC.

I have Dillards, Macy's and Walmart. Dillards and Macys because my kid is a clothes horse and what I buy, I PIF.  Makes it easier to keep track of his star wardrobe and the free alterations at my Star Rewards level definitely makes it worth it. WalMart simply because I didn;t have a lot of credit when I applied so I use it occasionally and PIF.

[Anonymous]

Visa's have their own first four digits

MC next

Disc next etc-

And within the number identifies the bank it came from

Gas cards start out w/ their own identifiable digits

Travel/Amex/Diner's Club have their own digits/category

Store cards have their own category-

there was another category- what am I forgetting?