collection removed with questions

[Macchamps75]

Well guys and gals thanks for the help! I have had my last collection removed completly. I was wonder how big of an impact this will have on my score.  I have around 650 on each of them now.  I have no other bads on my report.  Anything else i can do to help my score now that all the bads are gone? Not sure where to go from here. I have no credit cards just a home loan, equity, and a car loan. I do hav ea ton of enquires but i am not sure if they are what is holding my score down or not. Thanks again. ~NICK~

[llecs]

The lack of CCs is holding your score down. I bet if you were to add 3 CCs (1 store charge) you would see at least a 50 point bump. Removing the CA might bring anywhere from 50-60 points (so I guess).

[Macchamps75]

I have one capital one card that has a 0 ballance. What store card would be good to get? Thanks again for your help.

[Anonymous]

Macy's

Sears

[haulingthescoreup]

Wait until all your reports update with all the junk gone. You'll get a good score jump just from that. Then you'll get better deals.

When you look for a store or gas card, think through these things first:

- do you actually shop there?
- what kind of deals do they offer cardholders (discounts, 0% for 6 months, earlybird sales)
- who is the bank behind them? There are some dreadful banks backing many store cards.

Also, make sure that you're getting a "pure" store or gas card, not one that has Visa, MC, etc. on it. These count as bank cards for scoring. Nothing wrong with a bank card in general, but if you're getting a store or gas card to diversify your credit, these won't help.

For a store card, I like Home Depot (handled by Citi.) They tend to have good-sized CL's, because they sell Expensive Stuff. Again, wait until your reports are clean, as Citi is a bit conservative.

[llecs]

Macys as mentioned and Bloomingdales. Both pull EX. Basically, forcus on any EX puller. I would get one, and let that report and then get the second after scores bump into the 600s. You don't need to get both CCs today, in other words.

[Macchamps75]

thanks for the advise. I have not pulled my scores in 2 or 3 months. I have been waiting on a lot to come off. My fakos from true credit say all the scores are in the 650 range. I wonder some times how much those things are off. I might try for a sears card. It is backed by a bank from what i can tell.

[haulingthescoreup]

Sears is issued by Citi. I have had some weird experiences with my Sears MC, but others are very happy. Citi's a good bank to work with.

They will try to issue you their Sears Mastercard (which is what I have.) Again, if you want a store card for the sake of your scoring mix, stick to your guns and only get the store card (no MC.)

With other cards, think long and hard if they are issued/ managed by GEMB or WFNNB. Some love 'em, others don't.

Macy's (and I think Bloomie's) are DSNB (Department Stores National Bank), which is also administered by Citi.

[Anonymous]

On the "what store card should I get?" question, let me put in a good word for Kohl's.

It's a store I actually shopped at before I got the card, because the prices are good and they have clothes that I like. But having the card is great -- I get coupons in the mail every month and in my email every week. The prices are already low, and you get an extra discount for using the store charge card.

[Macchamps75]

how do i tell if i am signing up for a store card that is backed by a bank before i get them to pull the credit and all of that? I would be doing this so that i can get a diffrant type on my credit report. I would shop as sears for tools and what not if i got it. I might try that. Are they pretty hard to get a store card and not a bank card? What kinda scores would i need?