Will a store card increase my credit worthiness? I have never had a store card.

[Anonymous]

I have never had a store card and I hear mixed responses on if and when its necessary. Does it really shake up your credit mix that much? I know there are a lot of factors involved but in general. What does having a store card do for your score? Thanks and take care!

[Anonymous]

Absolutely nothing, it doesn't add anything to credit mix, it's looked at just like a credit card.

[Anonymous]

Thank you! I appreciate the response.

[Anonymous]

No problem GardenHeart, take care.

[marty56]

Many store cards are backed by larger banks so it could be the in road to getting an account with them.  For examplke Best Buy is backed by Citi.  Also store cards can come with some perks that aren't avaiable otherwise so if there is eomthing you really want to buy and the store card offers a good deal on it you should consider it.

[Anonymous]

OP, store cards do not favorably impact your profile/score and too many store cards arguably can adversely impact your profile when it comes to manual reviews... although they won't adversely impact score.

[Anonymous]

The presence of store cards harm your score in some non-FICO models, such as the models used by the insurance industry.  These scores are used in part to determine how much you pay.

[Thomas_Thumb]

The credit based insurance score (CBIS) models also look at average credit card limit as a scoring based attribute. Depending on the retailer, store card limits may have low credit limit ceilings. 

I have a seasoned Best Buy store card (CL = $12.5k) but, it does not appear to be hurting my CBIS score at this time. Bottom line - getting a store card won't help credit worthiness but, if there is one that you really want for other reasons I'd get it. However, as others have mentioned, new credit often adversely affects Fico credit scores (VantageScore & CBIS as well) for a year.