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Store Cards Dropping Like Dominos

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taxi818
Super Contributor

Re: Store Cards Dropping Like Dominos

Well in tha case. True. Limitations on purchases. But I was meaning on fico score. Many store cards also have visa mc logo. Albeit high interest. But I was meaning for fico score. 

Message 91 of 129
Anonymous
Not applicable

Re: Store Cards Dropping Like Dominos


@taxi818 wrote:

Well in tha case. True. Limitations on purchases. But I was meaning on fico score. Many store cards also have visa mc logo. Albeit high interest. But I was meaning for fico score. 


What good does that FICO score do me if i'm cluttering up all my available credit with limited use cards. "Pyramiding debt", and "Too much available credit" come to mind.

Message 92 of 129
CreditMagic7
Mega Contributor

Re: Store Cards Dropping Like Dominos

Thanks for keeping things alive and cooking while I been chalking up some more road miles again. And boy it's hard driving in subzero crap.

 

Good News! I just finished closing out my last of the SCT cards Yeah Me! Victoria's Secret ($1750)

 

Only one left now is the JCrew card and that's a keeper for obvious reasons Smiley Happy

 

Now more back on Nixon's points. In my own experience i can personally attest to the "Plenty" whereby Prime Lenders U/W Dept started to get peeved not so much at the amounts on those store cards but at the raw number of those trade lines at all. I suppose it can be argued either way as to your own experiences, but I found that in the first 6 months they weren't much of an issue. However as more n more new apps for Prime Cards got routed for review, they did come into question and although some were approved, they were NOT on the most adequate terms OR limits.

 

After my SCT elimination process began first week of this January is when in only a matter of WEEKS, the Prime Pre-Qualify sites really seem to start to open up for me with Instant Approvals (not routed for reviews) at reasonably decent limits albeit still not with the best APR's IMO. But then APR's can fluctuate wildly.

 

I think Nixon's caution on such store cards is every bit worthy of consideration. You DO NOT want store cards to bog down your credit progress.

 

 

 

 

Message 93 of 129
Anonymous
Not applicable

Re: Store Cards Dropping Like Dominos

So...
how many is too many?
Should I close 2-3 or 5-6?
Message 94 of 129
Anonymous
Not applicable

Re: Store Cards Dropping Like Dominos


@Anonymous wrote:
So...
how many is too many?
Should I close 2-3 or 5-6?

Too many is what you don't use regularly.

Message 95 of 129
baller4life
Super Contributor

Re: Store Cards Dropping Like Dominos

2 Smiley Very Happy
Message 96 of 129
CreditMagic7
Mega Contributor

Re: Store Cards Dropping Like Dominos

I have to watch myself though that I don't replace those same cards just closed with any more stores.

 

Of these (7) Synchrony cards so far, Sams Club MC, PayPal Extra MC, and Ebates Visa are Bankcard branded whereby the Walmart, Evine (formerly ShopHQ), Amazon, Lowes are store connected only.

 

And of course there's that pesky Discover Card I wish was already at 2 years today so I can close it. Grrrrr

Message 97 of 129
Anonymous
Not applicable

Re: Store Cards Dropping Like Dominos

Hello Fellas

 

Haven't been back recently as I've pretty much reached my credit goals minus Barclays but that should be in soon.

 

I understand that for most people, having a ton of store cards doesn't work.  I just wanted to chime in a different point of view.

 

I have a boatload of store cards.  Went overboard and sunk the boat on SCT cards (30 of 'em babies).  I also have another 15 from other places like Kohl's, CareCredit, TJMaxx, etc.

 

I know it's "supposed" to stop me from getting higher limits since I have so many toy limits.  But it hasn't and I'm not sure why.

 

So I have approximately 45 store cards and around 15 regular cards.  

 

AMEX - (Green, Gold, BCP 15K,CostCO)

Capital One - 1 week old VentureTrick $30K (damn nice trick considering I still have $851 Secured CapOne)

NFCU - 16K

4 Chase - CSP, Freedom, Slate, SWA 12K

BofA 123, WF, Citi DC, Penfed AMEX, AlliantCU CC, ValorCU CC

 

I'm still missing Barclays (denied too many new accounts) but will be apping in June.

 

As far as I can see, I haven't been affected by store cards.  With Venture I finally got over the 20K hump and will be asking AMEX for 25K in April.

 

I know it doesn't work for anybody but I had no AAoA to lose when I rebuilt so I went crazy on the store cards along with 5 secured cards.  After my baddies dropped off, my tax liens were the last to go in December.  I'm sitting at 750+ on all 3 with TU 767 being the highest.

 

Just my 2 cents, it worked for me because I had no AAoA to destroy really.  I brought my 4 Backdated AMEX (2 at a time)  into the fold later on which was a really nice bonus.

 

I see the SCT as destroying AAoA but other than that, it has not held me back.  Maybe it will hold me back from 800 score or maybe it will hold me back from 50K credit cards.  I dunno yet.

 

I do know that even though I added the CapOne card, my AAoA will not change since I have 60 aged accounts vs 1 new account.

 

And as a disclaimer, I advised my brother not to get any store cards as he only had 2 Backdated AMEX 2005 so 10 year AAoA and old student loan.  Yesterday he got 50K VentureTrick, 10K Ring, 10K US Airways.  I told him he might want to get Overstock but that's it.

 

I am hoping to ride out those 45 store cards until they get closed for non-use then SCT again to replace them Smiley Happy

 

Message 98 of 129
Oslo
Valued Member

Re: Store Cards Dropping Like Dominos

After being scolded by Nixon and a few others for opening a store card the other day I don't think I will get any more.  Smiley Wink 

 

I currently have Jcrew (looking forward to see how much CLI love I get) along with Banana Republic and I think that will work just fine for me since they are the only two places I shop for clothes.

| Amex Green | Dicover It | Citi Simplicity | Capital One Quicksilver | Chase Sapphire Preferred | Chase Slate | Banana Republic Visa | JCrew |

| EQ 694 | TU 701 | EX 706 | Updated 02/04/2015
Message 99 of 129
Anonymous
Not applicable

Re: Store Cards Dropping Like Dominos


@Oslo wrote:

After being scolded by Nixon and a few others for opening a store card the other day I don't think I will get any more.  Smiley Wink 

 

I currently have Jcrew (looking forward to see how much CLI love I get) along with Banana Republic and I think that will work just fine for me since they are the only two places I shop for clothes.


It's not about NOT getting store cards, period.

 

It's about NOT getting store cards strictly to tone down utilization percentages. If one is having utilization issues that only a cheap band aid (store cards that will not be used) will fix, then usually there are other underlying issues at hand that require attention. Assess your situation before adding new accounts you have zero use for.

Message 100 of 129
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