Should I get a store card?

bott6698 · ‎10-18-2017

Will it help my score a bit if I add a store card? I know credit mix can help so I wondered if I should add 1.
My current cards I have are Credit one bank Visa $1,000, Credit one bank Mastercard $1,000 Capital One Visa $1,000 and Discover IT $1,200
I have 0 store cards so far. Also if I should apply for one which stores use Fico 08 EX or TU?

10/11/2017 EQ 640 TU 639 EX 652 12/10/2016 EQ 621 TU 607 EX 626 10/10/16 EQ566 TU591 EX 587
01/31/2008 EX 502 EQ 466 TU 481
3/14/2008 EX 578 EQ 539 TU 543
4/16/2008 EX 622 EQ 532 TU 578
5/19/2008 EX 604 EQ 591 TU 592
1/1/2009 EQ 625 EX 576 TU 569
02/13/2009 EQ 648 EX 617 TU 590
09/28/2009 EQ 568 TU 591
Thanks to all Fico supporters for your encouragement and advice

Anonymous · ‎10-18-2017

I'd avoid. You're well on your way with the two good cards you have. I'd be looking in putting the credit one cards on the chopping block. Where are your scores and stats at now?

Anonymous · ‎10-18-2017

You should get rid of those Credit One cards. I consider Credit One to be a predatory lender. Now that you're in with Discover and Capital One there is no reason to ever do business with Credit One.

HeavenOhio · ‎10-18-2017

Only get a store card if it offers a financial advantage at a place you shop at often.

FICO doesn't care one way or the other about store cards. But their presence will ding your insurance score.

Anonymous · ‎10-18-2017

Store cards are only appealing if you shop there all the time. The Paypal 2% Cashback on everything is a nice store card if you don't shop at any particular store all the time. Synchrony (Paypal) pulled TU when I applied.

bott6698 · ‎10-18-2017

My current scores are in my sig. I really didn't go for CC after my BK in 2011. I just started in 2016 with Credit One.
My age of credit cards thus far is Credit One Bank 01/01/2016, Capital One 07/01/2016, Credit One Bank 02/01/2017
I just got the Discover IT this week and I am sure this card will help me build. I don't really use credit cards just using them merely to build credit and now that I have Discover get some rewards... So I should close the 2 Credit One Bank CC's?

10/11/2017 EQ 640 TU 639 EX 652 12/10/2016 EQ 621 TU 607 EX 626 10/10/16 EQ566 TU591 EX 587
01/31/2008 EX 502 EQ 466 TU 481
3/14/2008 EX 578 EQ 539 TU 543
4/16/2008 EX 622 EQ 532 TU 578
5/19/2008 EX 604 EQ 591 TU 592
1/1/2009 EQ 625 EX 576 TU 569
02/13/2009 EQ 648 EX 617 TU 590
09/28/2009 EQ 568 TU 591
Thanks to all Fico supporters for your encouragement and advice

morgacj2004 · ‎10-18-2017

If u get a store card I would recommend one of the following

1. Kohls
2. Target. May eventually PC to Visa
3. GAP (Visa)
4. Amazon (synchrony)
5. Macy's
6. Ebates (comenity)

Get rid of the credit one products ASAP.

AX Hilton Aspire 20k, AX Bonvoy Brilliant 15k, AX BCP 2k, AX Blue Bus Cash 15k, AX Delta Air Platinum 49k, (AU) AX Delta Gold 15k, AX Amazon Prime Bus 25k, BC Uber 29k, AKUSA FCU -10k , CITI AAdvantage Exec World Elite MC 16.5k, Discover (2) 16k, Kohls-4k, VS Comenity $3k, BofA AK Air Siggy 9.8k, WF Propel AX 5k, JCP $10k PFCU Plat Rewards Siggy 39.5k, PFCU Power Cash Rewards AX 10.5k, NFCU Flagship 50k, CLOC 15k, CITI Costco 9.5k, GAP VISA Synchrony $9k,Target MC 9k, Ulta MC Comenity 9k, Pay Pal 1k, CO Venture One 23k, US Bank Radisson Rewards Signature 10k, US Bank Fred Meyers World MC, 11k, US Bank Plat VISA 15.7k, VS Comenity 2k, 240k total available credit. Utiliz-2%, Current FICO EQ-724, EX 763,TU 802 ,Chapt 7 BK D/C 11-2012. Starting scores 520-550

Anonymous · ‎10-18-2017

@bott6698 wrote:
Will it help my score a bit if I add a store card? I know credit mix can help so I wondered if I should add 1.
My current cards I have are Credit one bank Visa $1,000, Credit one bank Mastercard $1,000 Capital One Visa $1,000 and Discover IT $1,200
I have 0 store cards so far. Also if I should apply for one which stores use Fico 08 EX or TU?

Stay away from store cards. They are sub-prime lenders so you will be going backwards. You will be in "store card hell" for a long time. Not good at all!

morgacj2004 · ‎10-18-2017

I would have to disagree. Store cards are NOT subprime and can be quite useful in certain circumstances. Once again you need to apply for only what is useful. You will NOT go backwards in your rebuild. I have never been declined for having too many store cards and I use the ones I have on a regular basis!

AX Hilton Aspire 20k, AX Bonvoy Brilliant 15k, AX BCP 2k, AX Blue Bus Cash 15k, AX Delta Air Platinum 49k, (AU) AX Delta Gold 15k, AX Amazon Prime Bus 25k, BC Uber 29k, AKUSA FCU -10k , CITI AAdvantage Exec World Elite MC 16.5k, Discover (2) 16k, Kohls-4k, VS Comenity $3k, BofA AK Air Siggy 9.8k, WF Propel AX 5k, JCP $10k PFCU Plat Rewards Siggy 39.5k, PFCU Power Cash Rewards AX 10.5k, NFCU Flagship 50k, CLOC 15k, CITI Costco 9.5k, GAP VISA Synchrony $9k,Target MC 9k, Ulta MC Comenity 9k, Pay Pal 1k, CO Venture One 23k, US Bank Radisson Rewards Signature 10k, US Bank Fred Meyers World MC, 11k, US Bank Plat VISA 15.7k, VS Comenity 2k, 240k total available credit. Utiliz-2%, Current FICO EQ-724, EX 763,TU 802 ,Chapt 7 BK D/C 11-2012. Starting scores 520-550

K-in-Boston · ‎10-18-2017

There’s a big difference between having a handful of useful store cards and grabbing every store card available with a shopping cart trick. Those that offer extended 0% interest for large purchases and/or give 5% or more off or back with a statement credit are great if you shop at those retailers. I haven’t heard of store card hell, but certainly low limit hell that happen when one does get a dozen low limit cards. I wouldn’t grab a store card for credit mix, though. If you have no open installment loans, the best bang for your (very few) buck(s) would be a Share Secured Loan through a credit union.