@Anonymous wrote:
@MaisCher wrote:
@Anonymous wrote:
@Anonymous wrote:In my own opinion many people will be harmed for accounts 20th this provider 5 to 10 years down the line.
What do you mean? The only harm comes from destroying your AAoA on limits that aren't worth the paper they are printed on in addition to looking desperate for credit.
Why do you say that?
For a rebuilder, they are great!!! I hope most people use this provider to build some easy positive history and move on to bigger and better things in 5 or 10 years. Most people who've had some credit issues can't jump straight into an approval from Chase or AMEX so we take what we can't get. For me, I needed the positive accounts in 2010 and the approvals felt great. When you get declined at every turn sometimes you just need to see something positive to boost your spirits. By the time your credit profile reaches a point were they "aren't worth the paper they are printed on" they will have aged enough that they aren't really an issue.
I didn't know about the SCT in 2010 and took a HP for all mine. When I discovered it here last year I tried it and got 2 new cards. Dumb, but I was fasinated and didn't think much about AAoA. Live and learn....
Secured cards are great too.
For some, yes. For me, I could barely pay the expenses I had so giving someone a few hundred bucks to hold wasn't an option. I barely used these and I had a positive TR that reported each month and didn't close for inactivity. Didn't cost me a penny. Each persons journey is different though.
My only regret is not knowing about that stupid Luv button!! Had I been hitting that every month my limits would be some much better off. LOL
@MaisCher wrote:
@Anonymous wrote:
@MaisCher wrote:
@Anonymous wrote:
@Anonymous wrote:In my own opinion many people will be harmed for accounts 20th this provider 5 to 10 years down the line.
What do you mean? The only harm comes from destroying your AAoA on limits that aren't worth the paper they are printed on in addition to looking desperate for credit.
Why do you say that?
For a rebuilder, they are great!!! I hope most people use this provider to build some easy positive history and move on to bigger and better things in 5 or 10 years. Most people who've had some credit issues can't jump straight into an approval from Chase or AMEX so we take what we can't get. For me, I needed the positive accounts in 2010 and the approvals felt great. When you get declined at every turn sometimes you just need to see something positive to boost your spirits. By the time your credit profile reaches a point were they "aren't worth the paper they are printed on" they will have aged enough that they aren't really an issue.
I didn't know about the SCT in 2010 and took a HP for all mine. When I discovered it here last year I tried it and got 2 new cards. Dumb, but I was fasinated and didn't think much about AAoA. Live and learn....
Secured cards are great too.
For some, yes. For me, I could barely pay the expenses I had so giving someone a few hundred bucks to hold wasn't an option. I barely used these and I had a positive TR that reported each month and didn't close for inactivity. Didn't cost me a penny. Each persons journey is different though.
My only regret is not knowing about that stupid Luv button!! Had I been hitting that every month my limits would be some much better off. LOL
I can see your point of view, and yes; Everyone's journey is different.
But just like with anything, there can be too much.
I pretty much gardened until my scores were in range to get non-store credit cards that I can use anywhere.
As my sig shows, I did go a little nuts with my first app-o-rama in years. But my reward for biding my time was getting in with quality lenders with limits I can use.
@MaisCher wrote:
@Anonymous wrote:
@Anonymous wrote:In my own opinion many people will be harmed for accounts 20th this provider 5 to 10 years down the line.
What do you mean? The only harm comes from destroying your AAoA on limits that aren't worth the paper they are printed on in addition to looking desperate for credit.
Why do you say that?
For a rebuilder, they are great!!! I hope most people use this provider to build some easy positive history and move on to bigger and better things in 5 or 10 years. Most people who've had some credit issues can't jump straight into an approval from Chase or AMEX so we take what we can't get. For me, I needed the positive accounts in 2010 and the approvals felt great. When you get declined at every turn sometimes you just need to see something positive to boost your spirits. By the time your credit profile reaches a point were they "aren't worth the paper they are printed on" they will have aged enough that they aren't really an issue.
I didn't know about the SCT in 2010 and took a HP for all mine. When I discovered it here last year I tried it and got 2 new cards. Dumb, but I was fasinated and didn't think much about AAoA. Live and learn....
It's not uncommon to make some mistakes in the beginning.
It seems that some have a rather intense disdain for store cards. They most certainly do not provide the flexibility of major CCs, but they can be beneficial not only to one's credit profile but for the wallet, as well.
I made several purchases from VS for my daughter and myself using about$70-80 worth of reward cards. In early 2015 I will receive an additional $110 for the December purchases. That is far in excess of anything I would have received from Barclay/Discover even if I had used one of the online shopping portals. That's money I get to keep!
As far as limits are concerned, sure they sometimes start low, but if handled well they grow to decent limits, which count toward util.
I don't recommend getting a store card for a place that one doesn't shop, but if you frequent a shop and they have a card with good loyalty rewards, I see no reason to pass on it simply because it's not a major CC. Since Comenity cards can be obtained via soft pull it's less of a score hit than other options. Just don't go crazy with the SCT or AAoA will suffer.
@FocusedAndDetermined wrote:
@MaisCher wrote:
@Anonymous wrote:
@Anonymous wrote:In my own opinion many people will be harmed for accounts 20th this provider 5 to 10 years down the line.
What do you mean? The only harm comes from destroying your AAoA on limits that aren't worth the paper they are printed on in addition to looking desperate for credit.
Why do you say that?
For a rebuilder, they are great!!! I hope most people use this provider to build some easy positive history and move on to bigger and better things in 5 or 10 years. Most people who've had some credit issues can't jump straight into an approval from Chase or AMEX so we take what we can't get. For me, I needed the positive accounts in 2010 and the approvals felt great. When you get declined at every turn sometimes you just need to see something positive to boost your spirits. By the time your credit profile reaches a point were they "aren't worth the paper they are printed on" they will have aged enough that they aren't really an issue.
I didn't know about the SCT in 2010 and took a HP for all mine. When I discovered it here last year I tried it and got 2 new cards. Dumb, but I was fasinated and didn't think much about AAoA. Live and learn....
It's not uncommon to make some mistakes in the beginning.
It seems that some have a rather intense disdain for store cards. They most certainly do not provide the flexibility of major CCs, but they can be beneficial not only to one's credit profile but for the wallet, as well.
I made several purchases from VS for my daughter and myself using about$70-80 worth of reward cards. In early 2015 I will receive an additional $110 for the December purchases. That is far in excess of anything I would have received from Barclay/Discover even if I had used one of the online shopping portals. That's money I get to keep!
As far as limits are concerned, sure they sometimes start low, but if handled well they grow to decent limits, which count toward util.
I don't recommend getting a store card for a place that one doesn't shop, but if you frequent a shop and they have a card with good loyalty rewards, I see no reason to pass on it simply because it's not a major CC. Since Comenity cards can be obtained via soft pull it's less of a score hit than other options. Just don't go crazy with the SCT or AAoA will suffer.
It's not necessarily a disdain, but more of a dislike of the "Any approval is a good approval" school of thought.
Store cards can indeed save you a ton of money or make it so you are eligible for certain offers. After the bonus coupons, I pretty much get 10% back at Dick's Sporting goods, Overstock constantly has 10-15% coupons available, CareCredit has great 0% offers if your provider offers it.
I completely agree with the statement in red though.
@Anonymous wrote:
@FocusedAndDetermined wrote:
@MaisCher wrote:
@Anonymous wrote:
@Anonymous wrote:In my own opinion many people will be harmed for accounts 20th this provider 5 to 10 years down the line.
What do you mean? The only harm comes from destroying your AAoA on limits that aren't worth the paper they are printed on in addition to looking desperate for credit.
Why do you say that?
For a rebuilder, they are great!!! I hope most people use this provider to build some easy positive history and move on to bigger and better things in 5 or 10 years. Most people who've had some credit issues can't jump straight into an approval from Chase or AMEX so we take what we can't get. For me, I needed the positive accounts in 2010 and the approvals felt great. When you get declined at every turn sometimes you just need to see something positive to boost your spirits. By the time your credit profile reaches a point were they "aren't worth the paper they are printed on" they will have aged enough that they aren't really an issue.
I didn't know about the SCT in 2010 and took a HP for all mine. When I discovered it here last year I tried it and got 2 new cards. Dumb, but I was fasinated and didn't think much about AAoA. Live and learn....
It's not uncommon to make some mistakes in the beginning.
It seems that some have a rather intense disdain for store cards. They most certainly do not provide the flexibility of major CCs, but they can be beneficial not only to one's credit profile but for the wallet, as well.
I made several purchases from VS for my daughter and myself using about$70-80 worth of reward cards. In early 2015 I will receive an additional $110 for the December purchases. That is far in excess of anything I would have received from Barclay/Discover even if I had used one of the online shopping portals. That's money I get to keep!
As far as limits are concerned, sure they sometimes start low, but if handled well they grow to decent limits, which count toward util.
I don't recommend getting a store card for a place that one doesn't shop, but if you frequent a shop and they have a card with good loyalty rewards, I see no reason to pass on it simply because it's not a major CC. Since Comenity cards can be obtained via soft pull it's less of a score hit than other options. Just don't go crazy with the SCT or AAoA will suffer.
It's not necessarily a disdain, but more of a dislike of the "Any approval is a good approval" school of thought.
Store cards can indeed save you a ton of money or make it so you are eligible for certain offers. After the bonus coupons, I pretty much get 10% back at Dick's Sporting goods, Overstock constantly has 10-15% coupons available, CareCredit has great 0% offers if your provider offers it.
I completely agree with the statement in red though.
Sorry if you took that as a direct hit - I was speaking in general. I have read other posts that are totally negative on store cards. Credit is a lifestyle choice not a hard rule. I generally do not look for absolute value outside the realm of mathematics.
