Which credit cards are best for credit scores? All the same?

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nismoZtuner
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Which credit cards are best for credit scores? All the same?

Postby nismoZtuner » Sat Jul 20, 2013 1:41 pm

Okay, so my coworker a bit arrogant I can say-was telling me that some companies can improve credit scores more compared to other companies.

On 7/18/2013 my credit score went from 737 to 775 after Discover added my account to Transunion. well after that update my credit score beat my friend since he has a 753 (he kept showing it off since his score was higher/ he is taking this as a competition against me)

- I have noticed that he has been applying for the same cards i have been approved for.
Amex blue
Discover it
Amex PRG

So yeah, he was telling me that the Home Depot approved him for a credit card and that it can help more into raising his credit score compared to other Credit Card companies- which i highly doubt possible.

BUT, Can anyone clarify this just to make sure?
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22


RewardHop
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Postby RewardHop » Sat Jul 20, 2013 2:33 pm

nismoZtuner wrote:Okay, so my coworker a bit arrogant I can say-was telling me that some companies can improve credit scores more compared to other companies


Glad you saw through his bull sh**

A particular company/brand will not help you more than another company/brand. Of course, not all companies are equal. Some will give you lower limits on your cards which could affect your overall credit utilization. But generally what your arrogant coworker said is just plain false.
[size=60]
Amex BCE: 3% grocery, 2% gas
Bank of America Better Balance Rewards MC: $25/quarter bonus
Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities
Capital One Quicksilver Visa Signature: 1.5% everything
Chase Freedom Visa Signature: 5% rotating
Citi Forward Visa: 5% restaurants/fastfood, movie theaters, amazon.com
Discover It: 5% rotating
SallieMae MC: 5% Groceries, Gas, Amazon
US Bank Cash+ Visa Signature: 5% electronic stores, restaurants
Sock Drawered: Chase Sapphire, Chase Amazon[/size]

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nismoZtuner
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Postby nismoZtuner » Sat Jul 20, 2013 3:12 pm

RewardHop wrote: But generally what your arrogant coworker said is just plain false.


i thought the same. it is based on one credit limit that was given to us not by the brand..
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

takeshi
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Postby takeshi » Sun Jul 21, 2013 8:40 pm

nismoZtuner wrote:Which credit cards are best for credit scores?

No such thing. Credit is rated on payment history, utilization, AAoA, number of accounts, inquiries, derogs, etc. Name of lender or brand of card is not one of the criteria.

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Postby nismoZtuner » Thu Jul 25, 2013 1:33 pm

takeshi wrote:No such thing. Credit is rated on payment history, utilization, AAoA, number of accounts, inquiries, derogs, etc. Name of lender or brand of card is not one of the criteria.


Alright, Will keep that in mind.

Thank you!
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

Daniel
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Postby Daniel » Thu Jul 25, 2013 2:35 pm

Just a reminder, there are some "credit cards" that are negative marks on ones credit record. Typically they are referred to as financing companies and they impact the bottom portion of the credit spectrum. From my understanding of scoring, they do not impact one's score negatively though the existence of one of these credit tradelines can be and are used as a hard exclusion criteria during underwriting for different products.

But to the OP's point, no, none of the cards you are looking at are considered financing companies. In fact, you will most likely never even consider them in your options as you will never have a score that low. For you to be looking at them you would need a much lower score and or lots of charge offs with major banks preventing you from obtaining any tradelines with them.

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Postby nismoZtuner » Thu Jul 25, 2013 3:01 pm

Daniel wrote: For you to be looking at them you would need a much lower score and or lots of charge offs with major banks preventing you from obtaining any tradelines with them.


I see, basically im good with the cards I already do have-

I have the PRG a card I have always wanted to have with me and the other ones that are really good credit cards..
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22



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