@Imperfectfuture wrote:
@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 Point being that it's definitely not just a criteria that is obsolete by any means but just as relevant in todays decisions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.
Made me think. This topic could have been titled, Jailbreak!! Escaping From Toy Limit Land 
@CreditMagic7 wrote:
@Imperfectfuture wrote:
@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.
Made me think. This topic could have been titled, Jailbreak!! Escaping From Toy Limit Land
Nah, I think that should have been the title for your first purge thread when you cut the CapOne GMBP.
@Anonymous wrote:
@CreditMagic7 wrote:
@Imperfectfuture wrote:
@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.
Made me think. This topic could have been titled, Jailbreak!! Escaping From Toy Limit Land
Nah, I think that should have been the title for your first purge thread when you cut the CapOne GMBP.
World Elite MasterCard goes down in a blaze of $600 glory 
@Anonymous wrote:Congratulations for trimming the fat! The fat was useful for the winter time, but Spring is coming up soon! lol
I have not read through all 6 pages, but I can tell you are on an amazing credit journey, and I wish you all the best luck on that journey!
I too think I will trim the store cards I have (even though I only have two). I often wonder if I truly need the two store cards I have, but when a sale comes around and I get an added discount just for owning the card, I rethink closing them. I think I will ultimately (after this inner debate) continue to keep my store cards since I do use them more then twice a year. As you can tell, I barely have any credit cards, but it is still a bit to manage for me personally - especially having two visas!
Thanks 
It's been agonizingly slow at first in working my way up from pure scratch. I had been totally away from credit cards for over 10 years and managing very well strictly from cash, check and debit during that time. It was not until my umpteenth or so unsecured loan that my local banker suggested that i also add revolving credit cards. About 2 weeks later i get my first bonified useful preapproval in a US Bank card. And after some history on that first one the credit lenders preapproval flood gates burst wide open! The problem is that the bankcard approvals were so rapid and ever increasing with good offers plus limits that i overlooked the overuse of the SCT which was another easy avenue to pile it on as they say. So lately i been begrudging all those store cards and now am trying to do damage control, not so much for Utilization as peeling away all those low limit store cards that can't really add anything productive anymore to the profile.
As they say, better late than never.
@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 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.
I only read the articles
@VirtualCuriosity 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 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.
I only read the articles
Not so sure now but about 1 year ago there was plenty of hyper excitement to do with the SCT that yielded a frenzy like none you ever seen regarding credit cards. Add to that Occu massive candy giveaways and there were tons of new credit card approvals flying across these forums daily & nightly
@VirtualCuriosity 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 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.
I only read the articles
#DEAD
