Credit Mix Question...

[myjourney]

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@Swapmeet wrote:

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@myjourney wrote:

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@Anonymous wrote:

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@myjourney wrote:

No upside no downside some in this thread seem to think that store cards are different than CC's when it come to Fico scoring and for those that follow along I posted this so newbies will know 

A) what goes into the scoring process

B) education 

Lol

Your choices in your case are simple you can do whatever you wish with the cards you listed be it upgrade close or leave as is but it will be scored the same....

FYI about the Walmart upgrade tho which is why I never took it ....It will result in a new TL and I don't beleive its worth it in my case.....IMHO

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OK, now I am more confused as to your point!

Perhaps the confusion is as to what "difference" means.   So I agree that for FICO score, the important parts of a card, e.g. utilization, payment history, age etc, are treated the same whether it is a store card or a bank card

But... when aggregated, you do have a slight score boost if you have credit cards of both types, and (from the second quote I posted), if you have just one type, it's a little better if they are bank cards than store cards.

So, scorewise, there IS a difference, just not on an individual card basis.

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Don't get lost here Ltl

I agree and no where is it stated by Fico themselves but I also think a person with all bank card vs a person with all store cards profile is stronger.....but still doesn't change the fact there both scored as revolving 

You follow me?

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Ltl is disagreeing with you. He seems to be saying that a mix of store/major cc will give my score a boost, when compared with all of one or the the other.

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I agree to that to an extent 

Store card ....Credit card....agreed good mix

All credit cards....due to being major banks probably seen as a better mix.....missing installments but will look better.....agreed

All store cards........still revolving account but I too don't see this as a strong profile .............w/o installments.....agreed 

[Anonymous]

Again, the quote from Barry Paperno, a FICO product support manager:

But then within credit cards, it breaks it down into whether you have bank cards or department-store cards. If you close off all your bank cards and they get deleted from your report in a few years, and all you're left with is department-store cards, that can hurt your score a little bit. Down the road that can hurt you, but that's a very minimally weighted part of the scoring. 

So, unless this has changed, there IS an score decrease for having just one. 

[Swapmeet]

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@Anonymous wrote:

Again, the quote from Barry Paperno, a FICO product support manager:

But then within credit cards, it breaks it down into whether you have bank cards or department-store cards. If you close off all your bank cards and they get deleted from your report in a few years, and all you're left with is department-store cards, that can hurt your score a little bit. Down the road that can hurt you, but that's a very minimally weighted part of the scoring. 

So, unless this has changed, there IS an score decrease for having just one. 

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Bottom line: I'm keeping it as a Wal Mart Store-only card until it seems worth-it to convert it (which, at this point, seems like never...lol.).

[myjourney]

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@Anonymous wrote:

Again, the quote from Barry Paperno, a FICO product support manager:

But then within credit cards, it breaks it down into whether you have bank cards or department-store cards. If you close off all your bank cards and they get deleted from your report in a few years, and all you're left with is department-store cards, that can hurt your score a little bit. Down the road that can hurt you, but that's a very minimally weighted part of the scoring. 

So, unless this has changed, there IS an score decrease for having just one. 

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The discussion I elaborated to and have constantly tried to stress has never had anything to do with closing cards but how they're scored in Fico eyes...

So what's your point?

Due to some of the things I saw in this thread I didn't want anyone/newbies to read this and not have the correct info.....

I answered how they're scored 

They won't show as retail on CR's ......They show as an charge accounts 

The 10% consist on revolving and installment 

They are scored under the title of revolving and scored the same way be it CC or Store card 

I have not said one thing about them being closed or elaborated about the effects of closing cards.......but I am well aware/educated on the plus and minuses of closing cards and can respond ....But that's not the topic I addressed in this thread which was my choice.

So whats the issue LTL?

[Anonymous]

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@myjourney wrote:

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@Anonymous wrote:

Again, the quote from Barry Paperno, a FICO product support manager:

But then within credit cards, it breaks it down into whether you have bank cards or department-store cards. If you close off all your bank cards and they get deleted from your report in a few years, and all you're left with is department-store cards, that can hurt your score a little bit. Down the road that can hurt you, but that's a very minimally weighted part of the scoring. 

So, unless this has changed, there IS an score decrease for having just one. 

---

The discussion I elaborated to and have constantly tried to stress has never had anything to do with closing cards but how they're scored in Fico eyes...

So what's your point?

Due to some of the things I saw in this thread I didn't want anyone/newbies to read this and not have the correct info.....

I answered how they're scored 

They won't show as retail on CR's ......They show as an charge accounts 

The 10% consist on revolving and installment 

They are scored under the title of revolving and scored the same way be it CC or Store card 

I have not said one thing about them being closed or elaborated about the effects of closing cards.......but I am well aware/educated on the plus and minuses of closing cards and can respond ....But that's not the topic I addressed in this thread which was my choice.

So whats the issue LTL?

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Oh, I see.   My point is NOTHING to do with closing cards.  I was just pasting from an interview when that was the topic.   The point is this: [if] all you're left with is department-store cards, that can hurt your score a little bit.   So whether you get there from closing or because you never had them in the first place, that is my evidence for a score-based component on mixture.  

And the second quote should have made it ever clearer:

That would hurt you less, potentially, because the bank cards count for more than the department-store cards, all things being equal. If you have to be without one, you're better off being without the department-store cards.

So there is a difference even if you just have one: i.e. for scoring bank and store are not quite equal.

[myjourney]

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@Anonymous wrote:

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@myjourney wrote:

---

@Anonymous wrote:

Again, the quote from Barry Paperno, a FICO product support manager:

But then within credit cards, it breaks it down into whether you have bank cards or department-store cards. If you close off all your bank cards and they get deleted from your report in a few years, and all you're left with is department-store cards, that can hurt your score a little bit. Down the road that can hurt you, but that's a very minimally weighted part of the scoring. 

So, unless this has changed, there IS an score decrease for having just one. 

---

The discussion I elaborated to and have constantly tried to stress has never had anything to do with closing cards but how they're scored in Fico eyes...

So what's your point?

Due to some of the things I saw in this thread I didn't want anyone/newbies to read this and not have the correct info.....

I answered how they're scored 

They won't show as retail on CR's ......They show as an charge accounts 

The 10% consist on revolving and installment 

They are scored under the title of revolving and scored the same way be it CC or Store card 

I have not said one thing about them being closed or elaborated about the effects of closing cards.......but I am well aware/educated on the plus and minuses of closing cards and can respond ....But that's not the topic I addressed in this thread which was my choice.

So whats the issue LTL?

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Oh, I see.   My point is NOTHING to do with closing cards.  I was just pasting from an interview when that was the topic.   The point is this: [if] all you're left with is department-store cards, that can hurt your score a little bit.   So whether you get there from closing or because you never had them in the first place, that is my evidence for a score-based component on mixture.  

And the second quote should have made it ever clearer:

That would hurt you less, potentially, because the bank cards count for more than the department-store cards, all things being equal. If you have to be without one, you're better off being without the department-store cards.

So there is a difference even if you just have one: i.e. for scoring bank and store are not quite equal.

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Down the road that can hurt you, but that's a very minimally weighted part of the scoring. ROFLOL

[Anonymous]

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@myjourney wrote:

---

@Anonymous wrote:

---

@myjourney wrote:

---

@Anonymous wrote:

Again, the quote from Barry Paperno, a FICO product support manager:

But then within credit cards, it breaks it down into whether you have bank cards or department-store cards. If you close off all your bank cards and they get deleted from your report in a few years, and all you're left with is department-store cards, that can hurt your score a little bit. Down the road that can hurt you, but that's a very minimally weighted part of the scoring. 

So, unless this has changed, there IS an score decrease for having just one. 

---

The discussion I elaborated to and have constantly tried to stress has never had anything to do with closing cards but how they're scored in Fico eyes...

So what's your point?

Due to some of the things I saw in this thread I didn't want anyone/newbies to read this and not have the correct info.....

I answered how they're scored 

They won't show as retail on CR's ......They show as an charge accounts 

The 10% consist on revolving and installment 

They are scored under the title of revolving and scored the same way be it CC or Store card 

I have not said one thing about them being closed or elaborated about the effects of closing cards.......but I am well aware/educated on the plus and minuses of closing cards and can respond ....But that's not the topic I addressed in this thread which was my choice.

So whats the issue LTL?

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Oh, I see.   My point is NOTHING to do with closing cards.  I was just pasting from an interview when that was the topic.   The point is this: [if] all you're left with is department-store cards, that can hurt your score a little bit.   So whether you get there from closing or because you never had them in the first place, that is my evidence for a score-based component on mixture.  

And the second quote should have made it ever clearer:

That would hurt you less, potentially, because the bank cards count for more than the department-store cards, all things being equal. If you have to be without one, you're better off being without the department-store cards.

So there is a difference even if you just have one: i.e. for scoring bank and store are not quite equal.

---

Down the road that can hurt you, but that's a very minimally weighted part of the scoring. ROFLOL

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Or you can just say "OK, I was wrong".

[myjourney]

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@Anonymous wrote:

---

@myjourney wrote:

---

@Anonymous wrote:

---

@myjourney wrote:

---

@Anonymous wrote:

Again, the quote from Barry Paperno, a FICO product support manager:

But then within credit cards, it breaks it down into whether you have bank cards or department-store cards. If you close off all your bank cards and they get deleted from your report in a few years, and all you're left with is department-store cards, that can hurt your score a little bit. Down the road that can hurt you, but that's a very minimally weighted part of the scoring. 

So, unless this has changed, there IS an score decrease for having just one. 

---

The discussion I elaborated to and have constantly tried to stress has never had anything to do with closing cards but how they're scored in Fico eyes...

So what's your point?

Due to some of the things I saw in this thread I didn't want anyone/newbies to read this and not have the correct info.....

I answered how they're scored 

They won't show as retail on CR's ......They show as an charge accounts 

The 10% consist on revolving and installment 

They are scored under the title of revolving and scored the same way be it CC or Store card 

I have not said one thing about them being closed or elaborated about the effects of closing cards.......but I am well aware/educated on the plus and minuses of closing cards and can respond ....But that's not the topic I addressed in this thread which was my choice.

So whats the issue LTL?

---

Oh, I see.   My point is NOTHING to do with closing cards.  I was just pasting from an interview when that was the topic.   The point is this: [if] all you're left with is department-store cards, that can hurt your score a little bit.   So whether you get there from closing or because you never had them in the first place, that is my evidence for a score-based component on mixture.  

And the second quote should have made it ever clearer:

That would hurt you less, potentially, because the bank cards count for more than the department-store cards, all things being equal. If you have to be without one, you're better off being without the department-store cards.

So there is a difference even if you just have one: i.e. for scoring bank and store are not quite equal.

---

Down the road that can hurt you, but that's a very minimally weighted part of the scoring. ROFLOL

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Or you can just say "OK, I was wrong".

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Let it go pal 

Apples and Oranges are different unless you read into it what you want to read into it ...

Agree to disagree

[Anonymous]

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@myjourney wrote:

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@Anonymous wrote:

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@myjourney wrote:

---

@Anonymous wrote:

---

@myjourney wrote:

---

@Anonymous wrote:

Again, the quote from Barry Paperno, a FICO product support manager:

But then within credit cards, it breaks it down into whether you have bank cards or department-store cards. If you close off all your bank cards and they get deleted from your report in a few years, and all you're left with is department-store cards, that can hurt your score a little bit. Down the road that can hurt you, but that's a very minimally weighted part of the scoring. 

So, unless this has changed, there IS an score decrease for having just one. 

---

The discussion I elaborated to and have constantly tried to stress has never had anything to do with closing cards but how they're scored in Fico eyes...

So what's your point?

Due to some of the things I saw in this thread I didn't want anyone/newbies to read this and not have the correct info.....

I answered how they're scored 

They won't show as retail on CR's ......They show as an charge accounts 

The 10% consist on revolving and installment 

They are scored under the title of revolving and scored the same way be it CC or Store card 

I have not said one thing about them being closed or elaborated about the effects of closing cards.......but I am well aware/educated on the plus and minuses of closing cards and can respond ....But that's not the topic I addressed in this thread which was my choice.

So whats the issue LTL?

---

Oh, I see.   My point is NOTHING to do with closing cards.  I was just pasting from an interview when that was the topic.   The point is this: [if] all you're left with is department-store cards, that can hurt your score a little bit.   So whether you get there from closing or because you never had them in the first place, that is my evidence for a score-based component on mixture.  

And the second quote should have made it ever clearer:

That would hurt you less, potentially, because the bank cards count for more than the department-store cards, all things being equal. If you have to be without one, you're better off being without the department-store cards.

So there is a difference even if you just have one: i.e. for scoring bank and store are not quite equal.

---

Down the road that can hurt you, but that's a very minimally weighted part of the scoring. ROFLOL

---

Or you can just say "OK, I was wrong".

---

Let it go pal 

Apples and Oranges are different unless you read into it what you want to read into it ...

Agree to disagree

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Sorry, no.   You were the one who posted for education of newbies.  

 Some in this thread seem to think that store cards are different than CC's when it come to Fico scoring and for those that follow along I posted this so newbies will know 

A) what goes into the scoring process

B) education 

I think the above shows that, for the purposes of credit mixture scoring, store cards and bank cards are (very slightly) different.  Saying that there is no FICO impact on score is simply not true, unless you have evidence to the contrary. Nothing apples and oranges to my mind.

[Swapmeet]

There is no sense in arguing further. My question has been answered satisfactorily, and I thank you both for your input. Anything past this is just personal.