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Do I need to add a store card to my mix?

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Anonymous
Not applicable

Do I need to add a store card to my mix?

My goal in mid April 2008 is to obtain my 1st mortgage which is one of the reasons for my FICO insanity these days.
 
I've read a lot of messages about the "mix" of credit that you should have.
 
Should I add a store card (ie. Nordstrom) to my mix?:
 
Following are my current cards/CL's:
 
Hooters:      $1850
BOA:           $1400
Credit One: $  500
First Prem:  $  400
First Prem:  $  300
 
No other open accounts (ie. Mortgage, Car, etc)
 
I do plan to apply with NASA CU in Mid December for a used car loan but would like to ensure that I have the appropriate "mix" of credit now so that it can age a bit before April 08.
 
 
 
 
 
Message 1 of 17
16 REPLIES 16
Creditaddict
Legendary Contributor

Re: Do I need to add a store card to my mix?

I would consider a gas card or a store card just to throw in the mix, but do it now if your going to do it... if you can let all your cards stew and NO inquires for atleast 3 months before applying for that mortgage that will really help. When your border line (not sure you are) but when you are mortgage companies don't like to see you trying to get all new credit right before a mortgage
Message 2 of 17
Anonymous
Not applicable

Re: Do I need to add a store card to my mix?

Thanks Creditaddict -
Message 3 of 17
Anonymous
Not applicable

Re: Do I need to add a store card to my mix?

bw, this time last year I had the exact same number of cc's as you have.....5. Applied for a Penny's card in late November, got it, used it for Christmas. It was a godsend.
Oh. I had a V.S. card too, but never used it because of the prices. Smiley Sad Besides it only had $100 cl on it. not much you can do with $100cl there!)

Applied for a gas card last August, just to have a gas card. Glad I got it.

Added 2 more store cards early this month(BB & QVC), mainly to ease the burden of X-mas shopping.

I think store cards are convenient. They also help me keep down my utils on my bank cards. Smiley Happy
Message 4 of 17
Anonymous
Not applicable

Re: Do I need to add a store card to my mix?

Thanks Silvia.  I appreciate your expertise !
 
I may just wait until I am officially in the 700 club and then apply with Nordstrom.  This is my favorite store and unfortunately I visit it far too often.  I would like the card just for their rewards and I would always PIF.
 
PS. I am so close to their store that they will deliver to me next day if I order by 4:00 pm (convenient, but scary)
 
 
 
Message 5 of 17
Anonymous
Not applicable

Re: Do I need to add a store card to my mix?

LOL! I hear you. soooo convenient...sooooo close. That can get expensive!

Thanks for the kind words honey. But no expertise. Just my experiences may, just may help someone down the road.

Of course I, as you, have this forum to thank for coming out of my credit coma.

In fact, I've thought of an "end of the year credit review for Syl" after Christmas. My my how much my credit has changed this year....and I owe it all to this forum and you wonderful people. Smiley Happy
Message 6 of 17
Anonymous
Not applicable

Re: Do I need to add a store card to my mix?

I wish I didn't have so many inqs or I'd have that Kohls card by now.  Maybe in May.
 
May for Hooters...and May for Kohls.
 
May I bring my Hooters to Kohls?
 
They'll look so good in my wallet.
Message 7 of 17
Anonymous
Not applicable

Re: Do I need to add a store card to my mix?

I may do a 1/2 review myself because I've only been at this since July 07.
 
I'm sharing tips with my siblings based on what I've learned thus far so hopefully it will benefit them as well.Smiley Tongue
Message 8 of 17
haulingthescoreup
Moderator Emerita

Re: Do I need to add a store card to my mix?

You know, I just looked again at your original post, and saw that you're aiming for a mortgage in April. I've always read that it's better to have no apps for 6 months before going for a mortgage.

If all the current hysterical yapping on the business news is true, credit is going to REALLY tighten up next year. Might be the best idea to look as boring and conservative as possible, and to me, that means no apps for now. Just groom, groom, groom!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 9 of 17
Anonymous
Not applicable

Re: Do I need to add a store card to my mix?

I started coming here in September for serious credit repair bw. I know what you mean.

I constantly talk about my improving credit situation with my entire family, and they see me slaving away, making notes, printing stuff out, and they've mentioned how acutely aware I've become of how delicate credit is. They are learning by observation, I guess Smiley Happy
Message 10 of 17
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