Are Store Credit Cards Worth It?

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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nismoZtuner
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Are Store Credit Cards Worth It?

Postby nismoZtuner » Sat Jul 20, 2013 2:10 pm

I have absolutely no store credit cards.

My current cards I have are:
8/2012 Bank of America Cash Rewards CL $600
5/27/2013 Amex Blue Cash CL $2k
5/30/2013 Discover IT CL $1500
6/24/2013 Amex Premier Gold Rewards...

My credit score at the moment is 775(on 7/18/2013). Will opening a new store card account really improve my credit score?

I dont really see a point on doing so but if it itll help with my credit score i may try..
What do you guys think, I was thinking on the Macys card?
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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Terry
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Postby Terry » Sat Jul 20, 2013 4:28 pm

Credit grantors seem to give more weight to major credit cards, mortgages and installment loans such as auto or line of credit. Having a good mix of credit certainly does have a positive effect on the FICO scoring model; however, store credit cards seem to have very little impact.
AMEX Green Card - NPSL [Member Since 1995] ;)
AMEX Everyday Card ($25,000) 6/14 Backdated to 1995 - For 20% Extra Points Benefit
Chase Freedom Visa Signature ($17,000) - For 5% rotating categories
Citi ThankYou Preferred Visa Signature ($16,000) - 2% dining
Discover IT Humane Society Design ($16,500) - For 5% rotating categories
Firestone ($2,600) - For 0% financing
Home Depot ($10,000) - For 0% financing
JCPenney Credit Card ($7,000) - For special discounts
Sam's Club MasterCard - ($20,000) - 5% off gas at any fuel pump
Wells Fargo Personal Line of Credit - ($15,000)

FICO's - 767 EX, 778 EQ, 790 TU [02/2015]

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nismoZtuner
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Postby nismoZtuner » Sat Jul 20, 2013 5:37 pm

Terry wrote:store credit cards seem to have very little impact.


so then im good with what i have then..

Thanks...
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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Terry
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Joined: Fri Sep 28, 2012 9:22 pm
Location: Texas

Postby Terry » Sat Jul 20, 2013 10:16 pm

nismoZtuner wrote:so then im good with what i have then..

Thanks...



The following should help you understand how FICO is calculated:

35% payment history
30% credit utilization
15% credit age
10% recent applications
10% mix of credit
AMEX Green Card - NPSL [Member Since 1995] ;)
AMEX Everyday Card ($25,000) 6/14 Backdated to 1995 - For 20% Extra Points Benefit
Chase Freedom Visa Signature ($17,000) - For 5% rotating categories
Citi ThankYou Preferred Visa Signature ($16,000) - 2% dining
Discover IT Humane Society Design ($16,500) - For 5% rotating categories
Firestone ($2,600) - For 0% financing
Home Depot ($10,000) - For 0% financing
JCPenney Credit Card ($7,000) - For special discounts
Sam's Club MasterCard - ($20,000) - 5% off gas at any fuel pump
Wells Fargo Personal Line of Credit - ($15,000)

FICO's - 767 EX, 778 EQ, 790 TU [02/2015]

mbraceit
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Location: Westwood

Postby mbraceit » Sat Jul 20, 2013 11:29 pm

Can you please reply to my post here that is related. I am desperately trying to find the answer. Thank you so much: creditcardforum.com/general-credit-card-talk/7875-comenity-bank-store-credit-cards-hurting-you.html

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nismoZtuner
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Postby nismoZtuner » Thu Jul 25, 2013 1:31 pm

Terry wrote:The following should help you understand how FICO is calculated:

35% payment history
30% credit utilization
15% credit age
10% recent applications
10% mix of credit


I will keep that in mind- I wont be applying for any more cards for now.

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



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