Re: Store Cards Dropping Like Dominos

FocusedAndDetermined · ‎01-09-2015

@Anonymous wrote:
@FocusedAndDetermined wrote:
My first SCT was VS for a $500 CL. Was able to bump it to $1050 via luv button. Lately, I have been shopping there a lot. Last statement received an auto CLI to $2250.
I have Loft at $1,200 and J. Crew at $5,100, which is amusing because that's the card I ust the least. At the time I got it I thought I'd be doing more shopping at J. Crew but it hasn't turned out that way. Loft and especially VS offer great incentives that far surpass the rewards I would receive on a bankcard.

I'd ditch the J. Crew but because of the ease of getting CLIs, I'll keep it for a bit longer. Definitely holding on to Loft and VS. Awaiting delivery of $140 worth of reward cards from December shopping. I also used about $150 in reward cards during holiday shopping. Can't beat those numbers!

I agree that some people went a bit too far with nabbing card that they will rarely or never use. In time, those mistakes will be corrected. Hopefully, new members will use SCT with caution and only get cards that will serve them well.
I don't shop at VS, but I do like to browse the site.

LOL!

Anonymous · ‎01-09-2015

@Anonymous wrote:
@Anonymous wrote:
@FocusedAndDetermined wrote:
My first SCT was VS for a $500 CL. Was able to bump it to $1050 via luv button. Lately, I have been shopping there a lot. Last statement received an auto CLI to $2250.
I have Loft at $1,200 and J. Crew at $5,100, which is amusing because that's the card I ust the least. At the time I got it I thought I'd be doing more shopping at J. Crew but it hasn't turned out that way. Loft and especially VS offer great incentives that far surpass the rewards I would receive on a bankcard.

I'd ditch the J. Crew but because of the ease of getting CLIs, I'll keep it for a bit longer. Definitely holding on to Loft and VS. Awaiting delivery of $140 worth of reward cards from December shopping. I also used about $150 in reward cards during holiday shopping. Can't beat those numbers!

I agree that some people went a bit too far with nabbing card that they will rarely or never use. In time, those mistakes will be corrected. Hopefully, new members will use SCT with caution and only get cards that will serve them well.
I don't shop at VS, but I do like to browse the site.
Lies, that's the Sears catalogue.

That and National Geographic.

BluePoodle · ‎01-09-2015

It's nice to see this post. Seems like SCT is all I ever hear about and I never really understoond the need to try for one or two cards to build credit for 6 months. After that it only makes sense to go for bank cards. I don't know how it happened when I read all the toy limits people have with Target. But when I applied, I was approved in the store at the register for $3K. It's my only store card, I'll never get a CLI but I am happy with it and shop there enough to make the 5% savings, free shipping and extended return policy worth while.

CreditMagic7 · ‎01-09-2015

@mongstradamus wrote:
@FocusedAndDetermined wrote:
My first SCT was VS for a $500 CL. Was able to bump it to $1050 via luv button. Lately, I have been shopping there a lot. Last statement received an auto CLI to $2250.
I have Loft at $1,200 and J. Crew at $5,100, which is amusing because that's the card I ust the least. At the time I got it I thought I'd be doing more shopping at J. Crew but it hasn't turned out that way. Loft and especially VS offer great incentives that far surpass the rewards I would receive on a bankcard.

I'd ditch the J. Crew but because of the ease of getting CLIs, I'll keep it for a bit longer. Definitely holding on to Loft and VS. Awaiting delivery of $140 worth of reward cards from December shopping. I also used about $150 in reward cards during holiday shopping. Can't beat those numbers!

I agree that some people went a bit too far with nabbing card that they will rarely or never use. In time, those mistakes will be corrected. Hopefully, new members will use SCT with caution and only get cards that will serve them well.
learn from others mistakes:-) i am tempted to dump by walmart store card now that barclays and discover both offer free fico scores now. I don't goto walmart ever I think i could live without the relatively small 5k CL thats on that card.

Is your Walmart card a Mastercard from the former Discover brand? Not that it matters with scores hovering in the 800's I think the SCT cards and even other store cards (Not particularly Walmart type) if heaped up and allowed to linger at low or slow limits can in reality prove to become detrimental or at the very least cause a slow down in growing a solid credit profile, where lenders regularly keep pace with customers limits expectations. No?

mongstradamus · ‎01-09-2015

@CreditMagic7 wrote:
@mongstradamus wrote:
@FocusedAndDetermined wrote:
My first SCT was VS for a $500 CL. Was able to bump it to $1050 via luv button. Lately, I have been shopping there a lot. Last statement received an auto CLI to $2250.
I have Loft at $1,200 and J. Crew at $5,100, which is amusing because that's the card I ust the least. At the time I got it I thought I'd be doing more shopping at J. Crew but it hasn't turned out that way. Loft and especially VS offer great incentives that far surpass the rewards I would receive on a bankcard.

I'd ditch the J. Crew but because of the ease of getting CLIs, I'll keep it for a bit longer. Definitely holding on to Loft and VS. Awaiting delivery of $140 worth of reward cards from December shopping. I also used about $150 in reward cards during holiday shopping. Can't beat those numbers!

I agree that some people went a bit too far with nabbing card that they will rarely or never use. In time, those mistakes will be corrected. Hopefully, new members will use SCT with caution and only get cards that will serve them well.
learn from others mistakes:-) i am tempted to dump by walmart store card now that barclays and discover both offer free fico scores now. I don't goto walmart ever I think i could live without the relatively small 5k CL thats on that card.
Is your Walmart card a Mastercard from the former Discover brand? Not that it matters with scores hovering in the 800's I think the SCT cards and even other store cards (Not particularly Walmart type) if heaped up and allowed to linger at low or slow limits can in reality prove to become detrimental or at the very least cause a slow down in growing a solid credit profile, where lenders regularly keep pace with customers limits expectations. No?

its an store card ,i have been offered discover upgrade in the past, but i have passed on the offer because I didnd't want new TL for an card i would hardly ever use. 1% on everything is pretty garbage to me when i have other cards that offer at least that or better like the cap one qs. Will have to see i don't think it matters either way if I keep it open or close it.

EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16

CreditMagic7 · ‎01-09-2015

@mongstradamus wrote:
@CreditMagic7 wrote:
@mongstradamus wrote:
@FocusedAndDetermined wrote:
My first SCT was VS for a $500 CL. Was able to bump it to $1050 via luv button. Lately, I have been shopping there a lot. Last statement received an auto CLI to $2250.
I have Loft at $1,200 and J. Crew at $5,100, which is amusing because that's the card I ust the least. At the time I got it I thought I'd be doing more shopping at J. Crew but it hasn't turned out that way. Loft and especially VS offer great incentives that far surpass the rewards I would receive on a bankcard.

I'd ditch the J. Crew but because of the ease of getting CLIs, I'll keep it for a bit longer. Definitely holding on to Loft and VS. Awaiting delivery of $140 worth of reward cards from December shopping. I also used about $150 in reward cards during holiday shopping. Can't beat those numbers!

I agree that some people went a bit too far with nabbing card that they will rarely or never use. In time, those mistakes will be corrected. Hopefully, new members will use SCT with caution and only get cards that will serve them well.
learn from others mistakes:-) i am tempted to dump by walmart store card now that barclays and discover both offer free fico scores now. I don't goto walmart ever I think i could live without the relatively small 5k CL thats on that card.
Is your Walmart card a Mastercard from the former Discover brand? Not that it matters with scores hovering in the 800's I think the SCT cards and even other store cards (Not particularly Walmart type) if heaped up and allowed to linger at low or slow limits can in reality prove to become detrimental or at the very least cause a slow down in growing a solid credit profile, where lenders regularly keep pace with customers limits expectations. No?
its an store card ,i have been offered discover upgrade in the past, but i have passed on the offer because I didnd't want new TL for an card i would hardly ever use. 1% on everything is pretty garbage to me when i have other cards that offer at least that or better like the cap one qs. Will have to see i don't think it matters either way if I keep it open or close it.

Good deal. I recall reading a lot of posts at one time of many cardholders frustrations when then GE would open a whole new TL instead of just transitioning the early history and making it like a PC.

kdm31091 · ‎01-09-2015

I think store cards can be useful if they offer really good discounts and it's somewhere you shop often, but it's not something I would accumulate a lot of.

I shop a fair amount at Kohl's, and have thought about getting their card for the discounts (it seems as though their store card actually benefits you quite a bit to have) but I have heard some horror stories about their payment system being a mess.

Anonymous · ‎01-09-2015

@kdm31091 wrote:
I think store cards can be useful if they offer really good discounts and it's somewhere you shop often, but it's not something I would accumulate a lot of.

I shop a fair amount at Kohl's, and have thought about getting their card for the discounts (it seems as though their store card actually benefits you quite a bit to have) but I have heard some horror stories about their payment system being a mess.

Plus they pull EX. Not worth an EX pull for a store card.

I have a small amount of store cards that are useful for Discounts. Cabela's VISA, Dick's sporting goods, Overstock. Dillards AMEX is the wife's.

CreditMagic7 · ‎01-09-2015

@kdm31091 wrote:
I think store cards can be useful if they offer really good discounts and it's somewhere you shop often, but it's not something I would accumulate a lot of.

I shop a fair amount at Kohl's, and have thought about getting their card for the discounts (it seems as though their store card actually benefits you quite a bit to have) but I have heard some horror stories about their payment system being a mess.

Home Improvement store cards ARE VERY USEFUL (both HD + Lowes) and theres some HOT! retail cards that every christmas season seem to surface right here in the forums in the form of Nordstrom and Macy's!

I also have Walmart + Amazon Store cards but they are growing with regular CLI's and i actually use them both frequently.

Imperfectfuture · ‎01-09-2015

@CreditMagic7 wrote:
@mongstradamus wrote:
@Mantis350 wrote:
@CreditMagic7 wrote:
Well that's what i was taking a hard look at myself and decided enough is enough of this. I mean theres as you said, Lowes (17K) Home Depot (5K) and in my case with the (3) newest additions of Visa/MC Synchrony Cards in Ebates, PayPalMC, and Sam's 531 MC, those SCT cards suddenly stick out and not in the most convenient way.
I just don't know what the magic number is. I understand the mix of one's credit file but I don't know how much having store cards actually hurts one's credit profile. Bank cards, installments and mortgage loans are great but I don't know where store cards come in or how much of an impact it makes to have too many (even if 0% util)...maybe someone can chime in on that?
I think all the new TL is what hurts most people with store cards. Most store cards have limited use and usually, but not all the time, have low CL. From what i can tell most people apply for them in rebuilding phase because thats the only card they can get at the time. Getting one or two is ok but when you go 5+ then that is where the problems start. The affect on AAOA is more than people realize imo.
Obviously. And for those exact reasons you just mentioned. Also i did a little extra digging the past few days on the differences of how store cards vs Bankcards affect how Fair Issac's Scorecard weighs them and the potential point gains vs reductions and concluded that those certain algorithms still, if not even more, today is taken into account which as i see it coincides equally with some Bankcard lenders expectations from conversations that i have experienced when up against underwriting analysts reviews. Point being that it's definitely not just a criteria that is obsolete by any means but just as relevant in todays decisions
Whatta ya think?

Totally agree, can keep one in toy limit heck.

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Store Cards Dropping Like Dominos

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