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Retail Card Necessary?

Kinglord
Regular Contributor

Retail Card Necessary?

hi all,

Ive dont a good job, or at least I think at the rebound of Credit Cards.  I recently paid off my car loan.  Are Store Retail cards really necesarry for an improved profile?








18 REPLIES 18
FireMedic1
Super Contributor

Re: Retail Card Necesarry?

Its up to the user. If you'll benefit with more perks than any of your other cards would offer and you shop there often. No harm. But insurance scores dont care for them its been said. Personally store cards are for new rebuilders. Nice rack of cards BTW.






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 2 of 19
Kinglord
Regular Contributor

Re: Retail Card Necesarry?


@FireMedic1 wrote:

Its up to the user. If you'll benefit with more perks than any of your other cards would offer and you shop there often. No harm. But insurance scores dont care for them its been said. Personally store cards are for new rebuilders. Nice rack of cards BTW.


I really appreciate that!  You probably dont know but have responded to many of my older posts in my rebuiding days.  I have followed your posts and advice for many people  I am sure I speak for many of the community, "Thank you!"








Message 3 of 19
Rudy1
Frequent Contributor

Re: Retail Card Necesarry?

You certainly have done a good job in your rebound! Those cards are some good ones. It really depends on how they would help you. For example I have an Amazon Prime Store Card because it earn 5% back at Amazon which I shop at regularly. I also have a Target RedCard though it is a Mastercard I only use it at Target because it earns 5% back. The other store card I have that I think is really valuable for a lot of people is the Lowes Card 5% back for everything and Sync will give out large limits though don't poke them.


Goal Cards:
Message 4 of 19
ChargedUp
Senior Contributor

Re: Retail Card Necesarry?


@Kinglord wrote:

hi all,

Ive dont a good job, or at least I think at the rebound of Credit Cards.  I recently paid off my car loan.  Are Store Retail cards really necesarry for an improved profile?


You have a nice array of cards from prime lenders. I don't think store cards are going to help your scores if that's what you are asking. Unless you're going to reap some large benefits from a retailer that you frequent, I'd stay with the majors as you've done so far. 😎👍

AODFCU 3% Visa ($10K), Amex Gold (NPSL), Amex BCP ($27K), Amex Simply Cash+ ($4K), Amex Business Cash ($22.5K), Discover ($29.7K), Cap 1 Union Plus MC ($2750), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), Elan Everyday Rewards+ Visa Sig($15K), BOC/Elan Max Cash MC ($25K), Buckle ($1.3K), BofA AAA Rewards ($84.5K), Paypal credit ($10K), PNC Points Visa Sig ($7.5K), Cap 1 Savor ($13K), PenFed PCR ($5K), Bank of the West CB MC ($3.6K), PNC Cash Rewards Visa Sig ($14K), NASAFCU Rewards Visa ($20K), BoA Business Customized Cash Rewards MC ($8k), Chase Amazon Visa Sig ($35K)
Message 5 of 19
805orbust
Established Contributor

Re: Retail Card Necesarry?

You are in great shape. I dumped all that I had years ago from my rebuild Save for the Lowe's card. If it's not a co-brand I'm not interested.

FICO 8:    EQ  752  |  TU  762  |  EX  752
Message 6 of 19
Kinglord
Regular Contributor

Re: Retail Card Necesarry?


@805orbust wrote:

You are in great shape. I dumped all that I had years ago from my rebuild Save for the Lowe's card. If it's not a co-brand I'm not interested.


Thank you!  Impressive collection yourself, any advice on where to go from here?  Ive been getting the PenFed invites in the mail but was unfamilair.








Message 7 of 19
FireMedic1
Super Contributor

Re: Retail Card Necesarry?


@Kinglord wrote:

@FireMedic1 wrote:

Its up to the user. If you'll benefit with more perks than any of your other cards would offer and you shop there often. No harm. But insurance scores dont care for them its been said. Personally store cards are for new rebuilders. Nice rack of cards BTW.


I really appreciate that!  You probably dont know but have responded to many of my older posts in my rebuiding days.  I have followed your posts and advice for many people  I am sure I speak for many of the community, "Thank you!"


Cool! Thanks @Kinglord and just passing it on like others did for me in my rebuild days. Not to jump on another poster. Nothing wrong with PENFED. Being a credit union they'll hand out lower APR cards and higher limits. Especially with the the herd you got. I'd go for that over store cards anyday and twice on Sunday. Good Luck and let us know how it goes. Happy Bird Day!






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 8 of 19
805orbust
Established Contributor

Re: Retail Card Necesarry?

I absolutely second @FireMedic1 on Penfed. I am very happy with them. They gave me my first 5 digit limit and great rate on my Pandemic induced car loan 😉  They also have the best customer service. 

 

Back when I rebuilt, I was a bit impatient. And I LOVED the thrill of approval. I still do, however, in hindsight it's clear to me that it was unnecessary. All of my co-branded cards are on the chopping block now. I got them early when I didn't qualify for high limits. In hindsight I'd go for quality and growth.  You have a great list, and great limits. Imho Penfed would be a great addition, and I'd work on growing your cards. (Easier to do with NFCU and Amex of course)

FICO 8:    EQ  752  |  TU  762  |  EX  752
Message 9 of 19
SouthJamaica
Super Contributor

Re: Retail Card Necesarry?


@Kinglord wrote:

hi all,

Ive dont a good job, or at least I think at the rebound of Credit Cards.  I recently paid off my car loan.  Are Store Retail cards really necesarry for an improved profile?


No, retail cards are not necessary for an improved profile.


Total revolving limits 698000 (605000 reporting) FICO 8: EQ 721 TU 742 EX 715

Message 10 of 19
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