Fico Experts - Help on 4 store card's and Fico 8 Scoring

[M_Smart007]

Trying to keep this simple.

I understand some about Fico 8 Scoring (definately no expert) , but I am unsure on this?

I Have a Mix of about 18-20 Major CC's

I also Have (4) Store Cards

Amazon Prime Store (Synchrony)

Chevron Gas - Non Visa (Synchrony)

Target Store (TD Bank)

Home Depot (Citi)

Question, do you think i am taking a penalty for (4) Store cards in Fico 8 Scoring Model.

I can probably due without all (4) store cards, but Amazon Store has about a $6500 Limit

and its from like 2015, The Chevron is $1200 Limit and about the same age.

Home Depot is $1k and Target $500 (Fairly New Cards)

would I Gain anything by closing 2 or 3?

I do understand The Utilization,

and that they probably would continue to report for 10 years.

any thoughts are greatly appreciated?

Thank you All, for your great knowledge.

[SouthJamaica]

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@M_Smart007 wrote:

Trying to keep this simple.

I understand some about Fico 8 Scoring (definately no expert) , but I am unsure on this?

I Have a Mix of about 18-20 Major CC's

I also Have (4) Store Cards

Amazon Prime Store (Synchrony)

Chevron Gas - Non Visa (Synchrony)

Target Store (TD Bank)

Home Depot (Citi)

Question, do you think i am taking a penalty for (4) Store cards in Fico 8 Scoring Model.

I can probably due without all (4) store cards, but Amazon Store has about a $6500 Limit

and its from like 2015, The Chevron is $1200 Limit and about the same age.

Home Depot is $1k and Target $500 (Fairly New Cards)

would I Gain anything by closing 2 or 3?

I do understand The Utilization,

and that they probably would continue to report for 10 years.

any thoughts are greatly appreciated?

Thank you All, for your great knowledge.

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Nothing to be gained by closing cards.

[M_Smart007]

@SouthJamaica

Thank you!

[Anonymous]

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Question, do you think i am taking a penalty for (4) Store cards in Fico 8 Scoring Model.

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No, you aren't taking any penalty.  Store cards while less favorable than major bank cards do not hurt your FICO 8 scores.

[M_Smart007]

@BrutalBodyShots

Been Trying to Learn More about Fico8 Model.

Read Many of your posts.

Thank's Again You For your reply.

[Anonymous]

Yeah they will hurt you under insurance models CBIS, but not FICO 8.

[Anonymous]

As Birdman says, credit based insurance scores (CBIS) do penalize you for having store cards.  The CBIS scoring models are not made by FICO, but they can affect how much you pay on your premium.  CBIS models also penalize you for simply having too many cards (store cards, major cards, etc.).  Thus (for both reasons) closing all your store cards would be a step in the right direction if you were thinking chiefly about CBIS.

FICO models, like CBIS models, also penalize you for having too many cards (though not for the mere presence of store cards).  The penalty is likely small.  MyFICO contributor Revelate has done some thinking about where he thinks that might begin, based on when he has seen that negative reason code pop up.  I think that he guessed it happened around 16 cards or so -- though I can't remember for sure.  It may also be dependent on the FICO model.

[Anonymous]

Awesome information as always CGID! Do you know where that number/thresholds is for CBIS?

[M_Smart007]

@CreditGuyInDixie

Thank You, I was only concerened about FICO8 Scoring Models (basically for Credit Cards)

My Car Insurance does not seem to care about My Credit, and far as housing,

I live in a Family owned guest House on 23 Acres, Insurance is covered By Family.

I'm not seeking a car Loan or Mortgage anytime in the future. Just working on Getting My Fico8 a little higher.

will just let things age, use, pay on time and try to stay away from app'ing.  only have a few cards on my Radar,

but that can wait.

Thanks for everyones reply, I greatly value the wisdom here!

Best to All

[Anonymous]

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@Anonymous wrote:
Awesome information as always CGID! Do you know where that number/thresholds is for CBIS?

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The threshhold is much lower.  I believe it begins at maybe 6 accounts or so.  After that there are tiers of increasing penalties for having more accounts.