Bank Cards

[Anonymous]

Are Capital One and Bank of America considered bank cards?  Do bank cards carry more weight/have more effect on credit scores?

Thanks.

[Horseshoez]

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@Anonymous wrote:

Are Capital One and Bank of America considered bank cards?  Do bank cards carry more weight/have more effect on credit scores?

Thanks.

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Yes, both are considered bank cards.  As for carrying more weight, that is harder to quantify; compared to a store card backed by a bank, there is unlikely to be much of a difference, if any, however, compared to other store cards, yeah, the concensus seems to be they do carry more weight, if only because they report regularly.

[OmarGB9]

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@Anonymous wrote:

Are Capital One and Bank of America considered bank cards?  Do bank cards carry more weight/have more effect on credit scores?

Thanks.

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They don't "carry more weight" per se, but they do work better when trying to do AZEO (All Zero Except One, wherein you pay all credit cards down to zero before statement cut except for one that you leave a small balance on).

[SouthJamaica]

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@Anonymous wrote:

Are Capital One and Bank of America considered bank cards?  Do bank cards carry more weight/have more effect on credit scores?

Thanks.

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Yes they are bank cards.

No they do not carry more weight.

[Anonymous]

Everyone says they don't carry more weight, but I beg to differ. Until you have at least 3 bankcards, you are penalized for having too few bankcards. Store cards, PLCCs, will not remove this code.

furthermore number of bankcards is a scoring factor and retail cards are not included in that. So you make your own judgment about whether they carry more weight knowing those facts.

and a store card that has Visa MasterCard American Express or Discover network on it is a bankcard.

[FinStar]

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@Anonymous wrote:

Everyone says they don't carry more weight, but I beg to differ. Until you have at least 3 bankcards, you are penalized for having too few bankcards. Store cards, PLCCs, will not remove this code.

furthermore number of bankcards is a scoring factor and retail cards are not included in that. So you make your own judgment about whether they carry more weight knowing those facts.

and a store card that has Visa MasterCard American Express or Discover network on it is a bankcard.

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Has it been thoroughly established that PLCCs (universally) will not remove the code?  Is this a fact or opinion?  Certainly, there are quite a few PLCCs (V/MC/D/AX) branded CCs that do weigh in the same bankcard metrics criteria.  And, I can assure you that the Scoring Primer (if we're using that as a baseline for those metrics) do not have all PLCCs captured universally for a variety of the different scenarios and scoring versions.

So, some PLCCs can be weighed in the same criteria as traditional 'bankcards' depending on how it's coded and the specific lender. 

[babygirl1256]

@Anonymous Gosh, another thing that I didn't know (Until you have at least 3 bankcards, you are penalized for having too few bankcards) . . . great information, so I guess I'm covered with NFCU, Chase Slate and Disco. My EX file used to reflect that I didn't have a finance company but I haven't taken out any recent loans. I have a mortgage (reflects 10 years positive, never late) and vehicle (reflects 4 years positive, never late). I guess I don't have to be concerned about adding another bank card . . . unless it just drops in my hands!!!

[Anonymous]

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@FinStar wrote:

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@Anonymous wrote:

Everyone says they don't carry more weight, but I beg to differ. Until you have at least 3 bankcards, you are penalized for having too few bankcards. Store cards, PLCCs, will not remove this code.

furthermore number of bankcards is a scoring factor and retail cards are not included in that. So you make your own judgment about whether they carry more weight knowing those facts.

and a store card that has Visa MasterCard American Express or Discover network on it is a bankcard.

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Has it been thoroughly established that PLCCs (universally) will not remove the code?  Is this a fact or opinion?  Certainly, there are quite a few PLCCs (V/MC/D/AX) branded CCs that do weigh in the same bankcard metrics criteria.  And, I can assure you that the Scoring Primer (if we're using that as a baseline for those metrics) do not have all PLCCs captured universally for a variety of the different scenarios and scoring versions.

So, some PLCCs can be weighed in the same criteria as traditional 'bankcards' depending on how it's coded and the specific lender. 

@FinStar you're right, I probably should've stated that A little more precisely. That was a little ambiguous. that's why I put in the last paragraph stating if it had 1 of the 4 networks it was a bankcard. 

When I said "store cards, PLCCs," I was meaning store cards that are non-bankcard PLCCs. Once it's upgraded or if it has one of the four networks on it, I've not considered it a PLCC, but a bankcard. but I guess you're right, it's still a PLCC, even tho its a bankcard. So really I should leave PLCC out of the equation. I should just say retail and bankcard.

absolutely we have established that bankcards and non- bankcards (straight retail cards) are treated differently by the algorithm. Everywhere fico literature refers to bankcards, it does not appear to include non-bankcard retail cards. (edited to make language more precise.)

but in saying that, to define my terms: a non-bankcard retail card lacks one of the four networks and a bankcard has one of the four networks.

that's why I'm hoping to get upgraded to the Macy's bankcard version of my retail non-bankcard version.