Department Store Cards

[Anonymous]

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@haulingthescoreup wrote:
I'm still awfully skeptical that they help, but I've seen enough posts by members who said that getting one helped their score that I grudgingly accept it. I've got the two on my siggy on the list, plus Borders.

If the store card is also co-branded with MC, Visa, Discover, or AmEx, it counts as a major, not a store card.

In general, all store cards have crazy high interest rates, except for instances like Home Dept and BB, where they have 0% for a set period, because their goodies are so expensive. So I think of store cards as automatic PIF'ers.

Also, too many store cards are handled by horrible banks with horrible customer service and vicious collection departments.

So my rule of thumb (rules, I guess) would be:
- find out who the bank is first
- only get a card from a store where you actually like to shop
- don't bother unless you get fantastic cardholder deals
- PIF, PIF, PIF!

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This is not necessarily true. Macy's Visas report to credit reports as two lines of credit, because they are. There's a Macy's credit line and the DSNB credit line.

[Anonymous]

I like my store and gas cards as 'anchors' for age of credit - if  in the future I want to switch MC/V cards (for whatever reason) - those darn store & gas cards will always be there (no fee, lousy rate but PIF solves the rate issue).

Have 4 store, 3 gas and 4 MC/V currently - one of the store I am hoping to turn to a co-brand (target) to replace 2 of the MC/V (so down to 3 store, 3 gas and 3 MC/V). A Discover is a "maybe" in the future as is AmEx (plat or better only) - and only if I have a real need for those (not just to have it again).  A CU MC/V is on the list though (and will replace one of the MC/V - Cap1).

[Anonymous]

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lurknomore wrote:

Agreed.  All stores have ridiculous rates, but they only come into play if you don't PIF.  Seriously, when it comes to store cards, it's best to be a "deadbeat."

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Then whats the point of ussing them? do you get rewards like bank cards?

[Anonymous]

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Lady_Scarlet wrote:

I like my store and gas cards as 'anchors' for age of credit - if  in the future I want to switch MC/V cards (for whatever reason) - those darn store & gas cards will always be there (no fee, lousy rate but PIF solves the rate issue).

Have 4 store, 3 gas and 4 MC/V currently - one of the store I am hoping to turn to a co-brand (target) to replace 2 of the MC/V (so down to 3 store, 3 gas and 3 MC/V). A Discover is a "maybe" in the future as is AmEx (plat or better only) - and only if I have a real need for those (not just to have it again).  A CU MC/V is on the list though (and will replace one of the MC/V - Cap1).

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The Discover are good just to have but A Plat amex I agree only if it works for you.

[Anonymous]

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ddd wrote:

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lurknomore wrote:

Agreed.  All stores have ridiculous rates, but they only come into play if you don't PIF.  Seriously, when it comes to store cards, it's best to be a "deadbeat."

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Then whats the point of ussing them? do you get rewards like bank cards?

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Yes, most store cards have rewards programs and/or extended 0% offers.

Message Edited by cheddar on 02-09-2008 11:38 AM

[haulingthescoreup]

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@Anonymous wrote:

Then whats the point of ussing them? do you get rewards like bank cards?

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They have rewards, but they tend to be store rewards: extra 30% off, 0% for X number of months, etc. That's what I was saying in my post above. If you get a store card, it's best to get one where you actually shop at that store, and you like their stuff, and you take advantage of their deals.

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@Anonymous wrote:

This is not necessarily true. Macy's Visas report to credit reports as two lines of credit, because they are. There's a Macy's credit line and the DSNB credit line.

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Thanks, I need to tuck that into my over-heated brain! That might well be unique to Macy's, though.

Message Edited by haulingthescoreup on 02-09-2008 11:57 AM

[Anonymous]

Does anyone know what store or gas card I might get approved for. Fico eq 602 tu 609 ex ? Also ex is not showing anything on my cr good or bad, why?

[Red1Blue]

I just saved 15% on my purchases just for using the Macy's card at the store. Store Cards have their own perks for using their cards at the store. I guess it is a way of building customer loyalty to their stores.

[Anonymous]

haulingthescoreup wrote:

thevariable wrote:

This is not necessarily true. Macy's Visas report to credit reports as two lines of credit, because they are. There's a Macy's credit line and the DSNB credit line.

Thanks, I need to tuck that into my over-heated brain! That might well be unique to Macy's, though.

Message Edited by haulingthescoreup on 02-09-2008 11:57 AM

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The Saks Fifth Avenue World Elite MasterCard also reports as two lines of credit--the Saks Fifth Avenue credit line, and the HSBC credit line. 

[Anonymous]

haulingthescoreup wrote:

thevariable wrote:

This is not necessarily true. Macy's Visas report to credit reports as two lines of credit, because they are. There's a Macy's credit line and the DSNB credit line.

Thanks, I need to tuck that into my over-heated brain! That might well be unique to Macy's, though.

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There's also another quirk about Macy's that I've seen discussed a few times.  Apparently, as thevariable mentioned, if you have the Macy's Visa you have two credit lines, one for the store card, and one for the Visa.  However, if you use either of the cards at Macy's, the purchase goes on your Macy's store card!

So let's say you have $500 on the store card and $2000 on the Visa.  You might use the Visa at Macy's for $600, thinking it's OK because you have a $2K CL.  Instead, unless you specify otherwise, they apparently apply the purchase to your $500 store CL, even though that wasn't the card you used.  That's when the "fun" begins.