Stage Stores credit card: How does it affect your score?

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mrjupiter
 
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Stage Stores credit card: How does it affect your score?

Postby mrjupiter » Sun Jul 07, 2013 11:14 pm

Is it bad or good to have a store card? My wife and I have one from Stage stores that we opened up through Bealls. It does not have Visa or Mastercard on the front of it and I am pretty confident it can only be used with them.

We are thinking of getting a new place and might be applying for a mortgage. What do bankers think when they see a credit card from Stage stores on our report? Thanks


mdl28
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Postby mdl28 » Mon Jul 08, 2013 12:46 am

Does not matter where the card is from as much as how much of the credit line is currently used. If you are planning on applying for a mortgage, pay down all you cards. Let the 0 balance come up on your credit and it will not do any harm but will help raise your score and help yoi witb that mortgage.
MDL

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mrjupiter
 
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Postby mrjupiter » Mon Jul 08, 2013 12:46 pm

Ok to confirm you are saying that at the end of the day it doesn't matter where the card is from, only how you use it. Stage stores credit card is no better or worse than a status type like American Express for instance. Am I understanding you correctly?

THANK YOU!

takeshi
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Postby takeshi » Mon Jul 08, 2013 2:38 pm

Yup. As always, it's the usual suspects at play: payment history, utilization, AAoA, number of accounts, derogs, etc. Nowhere in that does "name of lender" fit in.



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