SCT help?

[Anonymous]

Hey all.. I'm new here! I just learned what SCT meant however I dont know exactly how it works! I see a lot of threads but many are dated a bit. Could anyone explain how it works and where it works? Or maybe point me to a thread that has it? The earliest I could find was Aug 2019. Thanks!!

[AllZero]

https://ficoforums.myfico.com/t5/Credit-Card-Applications/The-Newest-SP-SCT-Alive-Again/td-p/5655276

[Anonymous]

Google SCT 2020.  Most, if not all cards, are with Comenity Bank.  These are not great cards, but if you're in the 580-620 range, it's a good option.

[Anonymous]

P.S. Check out my DP's post on my recent SCT approval.

[dragontears]

I still don't understand the appeal of getting a card you won't use just because it is not a HP since (for me) the new account penalty is more than the few points lost from a HP. Any credit worth getting should be worth a HP in my opinion. 

[GApeachy]

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@dragontears wrote:

I still don't understand the appeal of getting a card you won't use just because it is not a HP since (for me) the new account penalty is more than the few points lost from a HP. Any credit worth getting should be worth a HP in my opinion. 

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This is the appeal: 

1. ALL grow really fast, Majors and store cards alike. 

2. Majors use anywhere-Mastercard/Visa-VS.

3. Store cards- deferred interest promotional pymt opts.  

4. So instead of losing 2-3 pts. per pull plus an additional 2, 3, 4pts. opening a new acct (all profile dependent) you are saving those pulls.

As far as the penalty opening a new acct. is solely based on your cr's. However; less damage is lesser damage....hence saving/avoiding hard pull penalty.

Comenity has some good cards I really enjoy.  For instance, the points I earn on my GoodSam VS I can apply towards hotel rooms and the savings is better than any of my travel cards........I know because I compare alllllll the time. Use a lot. 

You just have to find one that you like and if you can pick up a tl for free (sct- sp) that's icing on the cake.

[GApeachy]

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@Anonymous wrote:

Could anyone explain how it works and where it works?

Sure:

There is NO guarantee you will not receive a hard pull but the likeihood is strong.(*read on)  It's a gamble you just have to make for yourself. Make sure your choice is one you would make for either hp or sp with that particular store aka trade line (tl).

So once you have created an acct. or choose to check out as a Guest. (I recommend creating an acct.) in one of their sponsored stores, you will load up the cart with whatever amt$ and go to check out, enter your information, click to get to the pymt. portion that's when you will receive the "Congratulations!" Pop-up.  Sometimes it takes 4 or 5 seconds to pop-up so wait to see.  If it doesn't pop-up you either

A. have too much in your cart vs. their Starting Limit (sl) or

B. UW is not approving you for the Pop-up.

So either move on to a different choice of store or try again later.

*Usually if the app. asks for the last four digits of your SS# you have a pretty good chance it's going to be a soft pull. Still not a guarantee, hard pulls do happen.

Hope this helped........Good Luck!

Or maybe point me to a thread that has it? 

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[dragontears]

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@GApeachy wrote:

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@dragontears wrote:

I still don't understand the appeal of getting a card you won't use just because it is not a HP since (for me) the new account penalty is more than the few points lost from a HP. Any credit worth getting should be worth a HP in my opinion. 

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This is the appeal: 

1. ALL grow really fast, Majors and store cards alike. 

2. Majors use anywhere-Mastercard/Visa-VS.

3. Store cards- deferred interest promotional pymt opts.  

4. So instead of losing 2-3 pts. per pull plus an additional 2, 3, 4pts. opening a new acct (all profile dependent) you are saving those pulls.

As far as the penalty opening a new acct. is solely based on your cr's. However; less damage is lesser damage....hence saving/avoiding hard pull penalty.

Comenity has some good cards I really enjoy.  For instance, the points I earn on my GoodSam VS I can apply towards hotel rooms and the savings is better than any of my travel cards........I know because I compare alllllll the time. Use a lot. 

You just have to find one that you like and if you can pick up a tl for free (sct- sp) that's icing on the cake.

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I guess you missed the "card you won't use" statement. IF you actually shop at a store and the rewards/perks are beneficial to you then by all means get the card. But what frequently happens is someone new "discovers" the SCT and gets a bunch of cards which they later regret when they are denied for a useful card because of too many new accounts. Or have all of their "utilization padding" store cards closed. There is also reports that store cards lowering insurance scores but I have never seen actual data on this. 

There is no one single best way to build a good credit profile (other than never being late) so I think it is helpful to consider the downside to cheap tricks. 

I still maintain that any credit worth having is worth a HP.

[GApeachy]

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@dragontears wrote:

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I guess you missed the "card you won't use" statement.

But no, I answered the "appeal" part based on no sp and they will use the card, directly or indirectly:  either for padding, thickening and/or shopping and the sp is the appeal for any of those reasons.

[Anonymous]

There was no intention to open many cards I just found the idea of it interesting and wanted to know how it works.