collection removed with questions

[llecs]

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Macchamps75 wrote:

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?

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Try browsing around the CC forum. Popular store cards as mentioned include Sears, Macys Bloomies, Target, Kohls, Best Buy, JCP, and many others, not to mention the gas cards.

Store cards tend to be easier to get, however, I would work at edging your scores up. Your strongest score is EX. It may be worth pulling your scores again before you begin. Use sites like whogavemecredit.com as a guide as to who pulls what. In general, you'd need your scores in the 600s for a store card. There are exceptions to the rules (DW got Target with a score of about 575. I got denied for target with a TU at 640).

IMO, if you were to get a store card, go for one that has the prospensity to convert to a Visa (Macys, Bloomingdales, WalMart, Target, etc.)

[Anonymous]

I have a Neiman Marcus card that is done through HSBC.  Does that count as a store card? 

[Macchamps75]

I pulled my reports and they are:

EX:611

TU:618

EQ:635

Should i wait untill i have that collection fall off and pull again? I would love to be above 650. Any guesses on what it will do to the score when i have this collection removed? ( It has been on there for a year, no other bads on my CR's I also paid off a 4k personal loan at 21% that was only a month old so i dunno how that will play in to effect either)

[haulingthescoreup]

If you're looking at a card with a store name, and wondering if it counts as a score card, look to see if there is a Visa, MC, AmEx, or Discover logo on it anywhere. If there's no logo other than that of the store, it's purely a store card.

As an example, go to the Home Depot web site and click on the personal credit card option. The lurid orange card (go Vols!) is the store card, without an MC logo. The HD Mastercard used to be white with lots of little tools floating across it, but now they seem to have different card design options now. Whichever design you look at, they all have the MC logo. That means it counts as a bank card, not a store card.

All credit cards are issued by a bank of some variety, even if it's an in-house bank (as with Nordstrom or Target.) The simplest way to find out for sure ahead of time who issues a card is to pretend to apply on line. Scroll to the bottom of the intro page, and you might see a bank name listed. Failing that, click on the application page (DON'T fill anything in!), and start looking around there. Your browser window might have suddenly changed to a Citi or Chase address, or the first paragraph might say "WFNNB issues J.Crew Credit Card Accounts" (shudder), or it might be in fine print at the bottom of the page again.

Knowing which bank doesn't automatically mean that you will reject the card, but reading around here will tell you things like GEMB is stingy with CLI's, Citi is conservative and you need a clean-ish record, and so forth. Just as with bank cards, it's good to know ahead of time who you're dealing with, and it isn't the cutie at the cosmetics counter or the hunk in plumbing supplies.

[Macchamps75]

Hauling,

Thanks for all of the info. I am going to try a few diffrant stores. I do not shop that many diffrant places.

Wal-Mart

Northerntool

Lowes

A few clothing stores

BP gas

Any of those a good bet?