Credit Mix/Store Cards

[smallfry]

Just for giggles I closed my Walmart card. This was my only store card all that's left are 5 credit cards 3 major banks and 2 CU's. No change to Equifax at all. Just 6 open accounts left one an installment (car).

[Anonymous]

According to my understanding, you shouldnt get a score change if walmart was your only store card..

EDIT: I had two store cards (Wally and chevron), so when I closed my Chevron card I gained atleast 5 points...

[vanillabean]

That's interesting. I thought store cards, open or closed, would add to your credit mix and increase your score. Otherwise it would appear it's time to get an installment loan. TV commercials sometimes offer the purchase of a number of CDs featuring the greatest hits of some band from about fitity years ago divided into four installments each of something like $19.95. Does that count as an installment loan? If so, the interest may be well worth it.

[smallfry]

So the bottom line is you do NOT need a store card so far as scoring goes. 

[Anonymous]

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smallfry wrote:  So the bottom line is you do NOT need a store card so far as scoring goes. 

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+1. 

There's a few interesting threads on that subject: 

Do Store Credit Cards Really Help?

Guinea Pig Results  

[Anonymous]

I've never had a store card and doubt it will help any at this point.

If you only have store cards though then from what I've read you definitely need a bank card.

[marty56]

Stores cards, like Sams club are great as long as you don't revolve a balance.  You get a discount on gas and the usually offer 1 to 2 years intrest free finance for major item puchases like a new TV.  When was the last time chase or BofA offered you a 0% puchase deal other than the first time you got the card?

[Anonymous]

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Jeff321 wrote:  If you only have store cards though then from what I've read you definitely need a bank card.

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That's true.  FICO lets you in on their criteria when they publish the FICO Reason Codes.

They'll reward you for having a bank/national cc.  They ding you when you don't have one.

About 20 points worth in DH's case, and for me as well.