Random question thread.

[Anonymous]

This thread is for questions that do not merit a whole thread for themselves. I'll go first : Is it possible that a fraud alert on my credit report might cause me to get declined?

[Walt_K]

Not sure why this question can't be something that stands alone, but I believe the answer is yes.  http://ficoforums.myfico.com/t5/Credit-Cards/Will-a-fraud-alert-cause-issues/m-p/941318/highlight/tr...

[Anonymous]

What is a good excuse for lots of inquiries?

[Anonymous]

That depends.

If the inquiries are for a mortgage or a car loan, shopping for the best rates is not only a plausible "excuse", but a likely scenario.  And, depending on how closely together those inquiries are, they may only count as one inquiry (for scoring purposes).

If the inquiries are for credit cards, then I don't know what excuse you could use. 

It is what it is. 

[Anonymous]

Thanks man.

Here's another:

I currently carry in my wallet:

citi forward (5% restaurant, movies, books)

discover more (5% cat)

chase freedom (5% cat)

fidelity(FIA) amex (2%)

amex bcp(AU) (gas3%, groceries6%)

fidelity debit (cash)

That's 6 cards, I have room for 7. The obvious choice to me is the penfed visa for 5% gas, however I was declined for that sucker and I don't think I'll be getting it for at least a year. 

So my question is, what is a good 7th card?!

[CS800]

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@Anonymous wrote:

Thanks man.

Here's another:

I currently carry in my wallet:

citi forward (5% restaurant, movies, books)

discover more (5% cat)

chase freedom (5% cat)

fidelity(FIA) amex (2%)

amex bcp(AU) (gas3%, groceries6%)

fidelity debit (cash)

That's 6 cards, I have room for 7. The obvious choice to me is the penfed visa for 5% gas, however I was declined for that sucker and I don't think I'll be getting it for at least a year. 

So my question is, what is a good 7th card?!

---

I would add a charge card for credit mix.. I would say the AMEX Zync

[haulingthescoreup]

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@CS800 wrote:

---

@Anonymous wrote:

Thanks man.

Here's another:

I currently carry in my wallet:

citi forward (5% restaurant, movies, books)

discover more (5% cat)

chase freedom (5% cat)

fidelity(FIA) amex (2%)

amex bcp(AU) (gas3%, groceries6%)

fidelity debit (cash)

That's 6 cards, I have room for 7. The obvious choice to me is the penfed visa for 5% gas, however I was declined for that sucker and I don't think I'll be getting it for at least a year. 

So my question is, what is a good 7th card?!

---

I would add a charge card for credit mix.. I would say the AMEX Zync

---

Charge cards don't help credit mix. If all you had were store cards, it would help to add a bank card like a VISA, AmEx, etc. But American Express charge cards are just another bank card. They don't do anything special for your scores.

[CS800]

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@haulingthescoreup wrote:

---

@CS800 wrote:

---

@Anonymous wrote:

Thanks man.

Here's another:

I currently carry in my wallet:

citi forward (5% restaurant, movies, books)

discover more (5% cat)

chase freedom (5% cat)

fidelity(FIA) amex (2%)

amex bcp(AU) (gas3%, groceries6%)

fidelity debit (cash)

That's 6 cards, I have room for 7. The obvious choice to me is the penfed visa for 5% gas, however I was declined for that sucker and I don't think I'll be getting it for at least a year. 

So my question is, what is a good 7th card?!

---

I would add a charge card for credit mix.. I would say the AMEX Zync

---

Charge cards don't help credit mix. If all you had were store cards, it would help to add a bank card like a VISA, AmEx, etc. But American Express charge cards are just another bank card. They don't do anything special for your scores.

---

Good to know. I was always underthe impression that a good credit mix consisted of credit and charge cards. But now that you mention it, FICO doesnt see if it's a charge or credit since they all report as credit card.

[Datx]

---

@haulingthescoreup wrote:

---

@CS800 wrote:

---

@Anonymous wrote:

Thanks man.

Here's another:

I currently carry in my wallet:

citi forward (5% restaurant, movies, books)

discover more (5% cat)

chase freedom (5% cat)

fidelity(FIA) amex (2%)

amex bcp(AU) (gas3%, groceries6%)

fidelity debit (cash)

That's 6 cards, I have room for 7. The obvious choice to me is the penfed visa for 5% gas, however I was declined for that sucker and I don't think I'll be getting it for at least a year. 

So my question is, what is a good 7th card?!

---

I would add a charge card for credit mix.. I would say the AMEX Zync

---

Charge cards don't help credit mix. If all you had were store cards, it would help to add a bank card like a VISA, AmEx, etc. But American Express charge cards are just another bank card. They don't do anything special for your scores.

---

Would it also mean that it doesnt negatively impact your score? Just asking since its a new account being added to your credit report, and possibly affecting your AAoA. What if its a new Amex charge card that is backdated?

[haulingthescoreup]

---

@CS800 wrote:

---

@haulingthescoreup wrote:

---

@CS800 wrote:

---

@Anonymous wrote:

Thanks man.

Here's another:

I currently carry in my wallet:

citi forward (5% restaurant, movies, books)

discover more (5% cat)

chase freedom (5% cat)

fidelity(FIA) amex (2%)

amex bcp(AU) (gas3%, groceries6%)

fidelity debit (cash)

That's 6 cards, I have room for 7. The obvious choice to me is the penfed visa for 5% gas, however I was declined for that sucker and I don't think I'll be getting it for at least a year. 

So my question is, what is a good 7th card?!

---

I would add a charge card for credit mix.. I would say the AMEX Zync

---

Charge cards don't help credit mix. If all you had were store cards, it would help to add a bank card like a VISA, AmEx, etc. But American Express charge cards are just another bank card. They don't do anything special for your scores.

---

Good to know. I was always underthe impression that a good credit mix consisted of credit and charge cards. But now that you mention it, FICO doesnt see if it's a charge or credit since they all report as credit card.

---

There's lot of confusion on this subject, and it's understandable. Back in the day, store cards were called charge cards. You had to settle your bill once a month. More recently, they became revolving; thus they were no longer charge cards.

If all that someone had were these store charge cards, it helped to add a bank card. Now that every store card that I can think of is revolving, it's a pretty irrelevant score factor, but it's still listed.

For those who are into scoring factors, try this: FICO score reason codes. Click on the link on that page to see the PDF document. Ignore the first column (the NextGen factors), and you'll see a breakdown of factors for the classic FICO scores that we all know and love.