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Store Cards do I need them for scoring?

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odd_dog
Valued Contributor

Store Cards do I need them for scoring?

Hello, so downsizing time again and am thinking of closing store cards, non- visa Mastercard etc.  I only have 3. Lowes, Kohl's and a shell gas card.  I get better rewards staying with my bank cards, most stores like kohl's give free shipping now after a certain amount spent anyway so out with the store cards I am thinking.  Question to those in the know, will it hurt my score not having store cards in my credit mix? Currently my scores hover in low 800's. I still have a mortgage but no car loans.   Thanks in advance for your expertise! 

Message 1 of 6
5 REPLIES 5
K-in-Boston
Credit Mentor

Re: Store Cards do I need them for scoring?

Not at all as long as you have other revolving credit accounts.

Message 2 of 6
odd_dog
Valued Contributor

Re: Store Cards do I need them for scoring?

Thanks!! Sorry did not know where to post that!!


 

Message 3 of 6
SouthJamaica
Mega Contributor

Re: Store Cards do I need them for scoring?


@odd_dog wrote:

Hello, so downsizing time again and am thinking of closing store cards, non- visa Mastercard etc.  I only have 3. Lowes, Kohl's and a shell gas card.  I get better rewards staying with my bank cards, most stores like kohl's give free shipping now after a certain amount spent anyway so out with the store cards I am thinking.  Question to those in the know, will it hurt my score not having store cards in my credit mix? Currently my scores hover in low 800's. I still have a mortgage but no car loans.   Thanks in advance for your expertise! 


Your credit mix includes both open and closed accounts, so closing an account won't affect your credit mix. So that's not an issue.

I'm assuming your aggregate revolving utilization is low, and will continue to be low. So that's not an issue.

Having less zero balance - reporting cards could possibly cause a slight dent in your scores.  That's an issue, but not a big one.

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 4 of 6
odd_dog
Valued Contributor

Re: Store Cards do I need them for scoring?


@SouthJamaica wrote:

@odd_dog wrote:

Hello, so downsizing time again and am thinking of closing store cards, non- visa Mastercard etc.  I only have 3. Lowes, Kohl's and a shell gas card.  I get better rewards staying with my bank cards, most stores like kohl's give free shipping now after a certain amount spent anyway so out with the store cards I am thinking.  Question to those in the know, will it hurt my score not having store cards in my credit mix? Currently my scores hover in low 800's. I still have a mortgage but no car loans.   Thanks in advance for your expertise! 


Your credit mix includes both open and closed accounts, so closing an account won't affect your credit mix. So that's not an issue.

I'm assuming your aggregate revolving utilization is low, and will continue to be low. So that's not an issue.

Having less zero balance - reporting cards could possibly cause a slight dent in your scores.  That's an issue, but not a big one.

 


Thanks South! Yeah my utilization is 1% and rarely goes up.  I was just thinking of long term detractors to my overall score. 

Message 5 of 6
Lou-natic
Established Contributor

Re: Store Cards do I need them for scoring?

Pretty sure you'll be fine closing a few store cards. In fact I think you'd be more likely to see an increase in scores rather than a decrease.




3/4/23



Message 6 of 6
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