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Store Card - How Important?

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Regular Contributor

Store Card - How Important?

I have 3 CCs, $1570 limit between them; 0 - 1% util; a car loan, a ready-cash (overdraft protection) loan, and a student loan.

 

When I got my ex thing (I ignore the score), it said one characteristic hurting me was lack of a store card.  Smiley Indifferent

 

True?

 

If so, which store should I apply at?  I only shop Nordstroms (hahahahahahahaha @ getting card there) and ... dog food/grocery/Target stores.

Message 1 of 18
17 REPLIES 17
Valued Contributor

Re: Store Card - How Important?

Don't get a card just because of what a credit report says.  Just get one if you can use it to make life easier for you (or, more profitable, a.k.a. rewards).

 

The reasons given in a report are pick 'em - choose 'em sometimes.

 

If you were going to get a store card, though, you might as well go for the Target card.  You already shop there, and there's a discount day when you do a certain level of shopping using that card.  Saves a bit of money, not lots, but it's still money.

 

You haven't mentioned your scores, Hopelives2.  If they're decent enough, you shouldn't have a problem with Target.  But it's going to be another low-limit card, so maybe rethink getting anything, and don't worry about the reasons given on that report. 

 

 

Message 2 of 18
Frequent Contributor

Re: Store Card - How Important?

You should also be aware of the high interest rates of store cards. If you PIF each month a store card is fine.  But if you expect to carry a balance you might focus more on a quality Visa or something with a lower rate.

Message 3 of 18
Valued Contributor

Re: Store Card - How Important?


@Uborrow-Upay wrote:

Don't get a card just because of what a credit report says.  Just get one if you can use it to make life easier for you (or, more profitable, a.k.a. rewards).

 

The reasons given in a report are pick 'em - choose 'em sometimes.

 

If you were going to get a store card, though, you might as well go for the Target card.  You already shop there, and there's a discount day when you do a certain level of shopping using that card.  Saves a bit of money, not lots, but it's still money.

 

You haven't mentioned your scores, Hopelives2.  If they're decent enough, you shouldn't have a problem with Target.  But it's going to be another low-limit card, so maybe rethink getting anything, and don't worry about the reasons given on that report. 

  



+1

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's very tough with small income ~ The Rewards are big little helper to me.
Message 4 of 18
Valued Contributor

Re: Store Card - How Important?


@gangof4 wrote:

You should also be aware of the high interest rates of store cards. If you PIF each month a store card is fine.  But if you expect to carry a balance you might focus more on a quality Visa or something with a lower rate.



+1

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's very tough with small income ~ The Rewards are big little helper to me.
Message 5 of 18
Valued Contributor

Re: Store Card - How Important?


@Hopelives2 wrote:

I have 3 CCs, $1570 limit between them; 0 - 1% util; a car loan, a ready-cash (overdraft protection) loan, and a student loan.

 

When I got my ex thing (I ignore the score), it said one characteristic hurting me was lack of a store card.  Smiley Indifferent

 

True?

 

@If so, which store should I apply at?  I only shop Nordstroms (hahahahahahahaha @ getting card there) and ... dog food/grocery/Target stores.


 

What are those?   What is your score?   Do you really need another one right now?

 

 

Credit Card

Date of Open

CL

Balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's very tough with small income ~ The Rewards are big little helper to me.
Message 6 of 18
Senior Contributor

Re: Store Card - How Important?


@Hopelives2 wrote:

I have 3 CCs, $1570 limit between them; 0 - 1% util; a car loan, a ready-cash (overdraft protection) loan, and a student loan.

 

When I got my ex thing (I ignore the score), it said one characteristic hurting me was lack of a store card.  Smiley Indifferent

 

True?

 

@If so, which store should I apply at?  I only shop Nordstroms (hahahahahahahaha @ getting card there) and ... dog food/grocery/Target stores.


It is likely to help a little.   Target red card gets you 5% discount at the register all the time.   It is worth for that.


 

Message 7 of 18
Regular Contributor

Re: Store Card - How Important?

 


@bunnyrabbit wrote:

What are those?   What is your score?   Do you really need another one right now?

 

 

Credit Card

Date of Open

CL

Balance

 OB

 1-3-11

 320

 0

 FP

 8-20-10

 500

 0

 Cap 1

 1-15-11

750

 0

 

 


Updated the columns... and no, I don't need a store card and quite frankly, don't really want one other than Nordstroms.

 

While I do shop at Target once in awhile, I've actually found the nearby Walmart cheaper and not trashy at all.  My son was shocked at how nice it was.

 

There are 4 derogs that are being deleted at end of June which should help my scores but I'm not expecting much as they are two years old and were included in my ch 7.  I know when my score was pulled in early May with the derogs showing and a util 20%+, I was at 619.  I took a slight hit with the purchase of my Escalade, 5 pts worth.

Message 8 of 18
Valued Contributor

Re: Store Card - How Important?


@Hopelives2 wrote:

 


@bunnyrabbit wrote:

What are those?   What is your score?   Do you really need another one right now?

 

 

Credit Card

Date of Open

CL

Balance

 OB

 1-3-11

 320

 0

 FP

 8-20-10

 500

 0

 Cap 1

 1-15-11

750

 0

 

 


Updated the columns... and no, I don't need a store card and quite frankly, don't really want one other than Nordstroms.

 

While I do shop at Target once in awhile, I've actually found the nearby Walmart cheaper and not trashy at all.  My son was shocked at how nice it was.

 

There are 4 derogs that are being deleted at end of June which should help my scores but I'm not expecting much as they are two years old and were included in my ch 7.  I know when my score was pulled in early May with the derogs showing and a util 20%+, I was at 619.  I took a slight hit with the purchase of my Escalade, 5 pts worth.



Thanks!   In this way people can see with their eyes easily instead read the info in the sentences.

Then, you will better off to wait a little more longer to app for it.   Let your ccs ages and keep gardening.

Oh, you and your son found something reasonable ~ that's very good!

Well, you will find out your new score when you pull the new one.

 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's very tough with small income ~ The Rewards are big little helper to me.
Message 9 of 18
Moderator Emeritus

Re: Store Card - How Important?


@Hopelives2 wrote:

I have 3 CCs, $1570 limit between them; 0 - 1% util; a car loan, a ready-cash (overdraft protection) loan, and a student loan.

 

When I got my ex thing (I ignore the score),  very wise!!!  it said one characteristic hurting me was lack of a store card.  Smiley Indifferent

 

True? No.  Whenever you pull a FAKO score, ignore the score and ignore all the advice that comes with it.  Following FAKO advice can, and does damage FICO scores.  App for a store card only if it fills a need for you - it is not likely to increase your score.  There is no FICO reason code for "Not Enough Store Cards."  Smiley Tongue

 

@If so, which store should I apply at?  I only shop Nordstroms (hahahahahahahaha @ getting card there) and ... dog food/grocery/Target stores.


 

Just puttin' syrup on something, don't make it pancakes.
Message 10 of 18
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