Credit Card and Store Card Utility

[misfit928]

I have currently have 2 unsecured bank credit cards and 1 Jared store card. I only have a balance($495) on the Jared card which has about a 9% utility. Does the utility of a store card have a less effect on the FICO score then a bank credit card would? 

[tcbofade]

I don't think it makes any difference.

[Guava]

I'm guessing by "utility" you probably mean "utilization"; on that assumption, there's no difference in having balance on a bank card or a store card. 

[MarineVietVet]

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@Guava wrote:

I'm guessing by "utility" you probably mean "utilization"; on that assumption, there's no difference in having balance on a bank card or a store card. 

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Revolving utilization is all the same. This is incorrect. See my update in message # 6 of this thread.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

As long as it reports, there's no real difference. I'm relatively sure a Jared card reports your CL and all the other info to the CRAs, so it doesn't matter whcih card you use.

The only difference is with 'store cards' like Newegg/Tigerdirect preferred accounts that don't really report anything unless you get late payments. If it doesn't report your CL or a balance, it obviously doesn't affect your utilization.

But if it shows up on your credit report, then a card is a card, and utilization is utilization.

[MarineVietVet]

UPDATE.

I just found out I was wrong in my first statement. This from myFICO: The score gives less weight to retail card util than bankcards.

I apologize for my big mistake.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[fused]

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@MarineVietVet wrote:

UPDATE.

I just found out I was wrong in my first statement. This from myFICO: The score gives less weight to retail card util than bankcards.

I apologize for my big mistake.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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Correct! We have a winner!

[Wolf3]

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@MarineVietVet wrote:

UPDATE.

I just found out I was wrong in my first statement. This from myFICO: The score gives less weight to retail card util than bankcards.

I apologize for my big mistake.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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How much less weight?   Any idea?    How about a link to article?

[MarineVietVet]

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@Wolf3 wrote:

 
How much less weight?   Any idea?    How about a link to article?

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I'll try to see if there is a definitive answer about this. It might be the usual YMMV.

There is no article or link. Just someone high up in the food chain.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Wolf3]

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@MarineVietVet wrote:

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@Wolf3 wrote:

 
How much less weight?   Any idea?    How about a link to article?

---

I'll try to see if there is a definitive answer about this. It might be the usual YMMV.

There is no article or link. Just someone high up in the food chain.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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Here is another question, I've wondered about.     How important is the single highest utilization card versus the overall utilization?