Does anybody have PROOF that Many tradelines and Store cards are bad?

[Anonymous]

So we've been dancing around the subject for awhile.

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Shopping-Cart-Trick/td-p/3694352/page/2

http://ficoforums.myfico.com/t5/Credit-Cards/Store-Cards-Still-Necessary/td-p/3987613

http://ficoforums.myfico.com/t5/Credit-Cards/To-close-or-not-to-close-store-cards/td-p/4015186/page/...

But the topic is closed because we are dancing around the bush.  

So let's just say it and discuss it here so it doesn't get closed for going off topic.

I have posed a pointed question and let's get some discussion

I disagree with:

1) Store cards are bad for your FICO score

2) Lots of mature credit/store card tradelines hurt your FICO score

3) You can have a 800 FICO score with only 2 credit cards <10 years of credit

Does ANYBODY actually have proof (ie. Links or screenshots) that any of the above is true?

[pizza1]

I will sit this one out, as my profile is such a mess that I can't make heads or tails from it when looking at it...LOL!!!

[ksantangelo23]

I wouldnt say they are bad with FICO scoring, I dont believe that. But under manual review, I would understand a human opinion seeing store cards as easier to get, and more likly to be used by someone who's unable to be approved for other types credit.

Though, thats not always true.

[Anonymous]

Is having a zillion store cards bad? Probably not. Is it necessary to quickly build a nice Fico score? Nope, as was clearly demonstrated by Callandra in that other thread.

[FromThereToHere]

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@Anonymous wrote:

So we've been dancing around the subject for awhile. [...] But the topic is closed because we are dancing around the bush. [...]

I've been following these threads. You've done a great job articulating your position, and I am a convert. I think your strategy of snagging up a lot of score cards early on for a young file makes good sense.

if I had one tiny little critique (and please don't take it personally), perhaps you could be a little less abrasive to your opponents when driving hope your points. Your logic and reasoning are sound -- let them speak for themselves under a veneer of friendliness and politeness. (Note that I'm not saying that you're always abrasive -- you're usually quite friendly-sounding -- just that sometimes you might tweak others' tails a little).

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@Anonymous wrote:

I disagree with:

1) Store cards are bad for your FICO score

2) Lots of mature credit/store card tradelines hurt your FICO score

3) You can have a 800 FICO score with only 2 credit cards <10 years of credit

I haven't seen any evidence for (1). However, I will note that some credit-monitoring services (such as CreditSecure) can distinguish between store/retail cards, charge cards, and revolvers. So theoretically, FICO could take it into account. Although it appears that FICO 8 probably does not, FICO 9 could be different. For now, there appears to be overwhelming evidence that store cards DO contribute normally to your AAoA. Since that is the basis of your strategy (i.e., the chief reason to load up early on store cards), it would seem that, in the long-term view, having a lot of lengthy store card history can only be good for your FICO, both in terms of absolute score and in score resiliency to changes such as new accounts.

Under currently available FICO versions, I have seen no evidence for (2) (although your FICO score and what an underwriter might think are admittedly two different things).

As to (3), I have no information, but I tend to think that the proposition might actually be true. My suspicion is that it is possible to exceed 800 if there are installment loan tradelines along with at least one revolver, but I have no evidence to offer.

[Anonymous]

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@Anonymous wrote:

Is having a zillion store cards bad? Probably not. Is it necessary to quickly build a nice Fico score? Nope, as was clearly demonstrated by Callandra in that other thread.

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I really do hope Callandra does get around to posting a screenshot of her account summary and perhaps AAoA.  She seems very nice and genuine; 

She does not know her AAoA and probably doesn't know she has alot of old accounts sitting on her CR.

That would be the first piece of concrete evidence that you can actually hit a 780 with only 6 accounts in 2 years.

If I am wrong about it, I'd be the first to admit it.  

[Revelate]

Are you a troll?

[Anonymous]

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@Revelate wrote:

Are you a troll?

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This is not a particularly helpful or respectful comment.

Please stay on topic.  Thankyou

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Is having a zillion store cards bad? Probably not. Is it necessary to quickly build a nice Fico score? Nope, as was clearly demonstrated by Callandra in that other thread.

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I really do hope Callandra does get around to posting a screenshot of her account summary and perhaps AAoA.

She does not know her AAoA and probably doesn't know she has alot of old accounts sitting on her CR.

That would be the first piece of concrete evidence that you can actually hit a 780 with only 6 accounts in 2 years.

If I am wrong about it, I'd be the first to admit it.  

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I don't need a screen shot. I believe her. Just like I believed you before you posted your screen shots.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Is having a zillion store cards bad? Probably not. Is it necessary to quickly build a nice Fico score? Nope, as was clearly demonstrated by Callandra in that other thread.

---

I really do hope Callandra does get around to posting a screenshot of her account summary and perhaps AAoA.

She does not know her AAoA and probably doesn't know she has alot of old accounts sitting on her CR.

That would be the first piece of concrete evidence that you can actually hit a 780 with only 6 accounts in 2 years.

If I am wrong about it, I'd be the first to admit it.  

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I don't need a screen shot. I believe her. Just like I believed you before you posted your screen shots.

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I believe her too.  She's very nice and genuine.  Her score is impressive and I truly would like to know if that method works as well.

She is the one that stated that she doesn't know her AAoA; that is why I'm trying to find more info.