Limit on my Bloomingdales credit card not good

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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5off
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Limit on my Bloomingdales credit card not good

Postby 5off » Sat Jun 21, 2008 9:49 pm

Have a $300 Credit Limit on my Bloomingdales store credit card while I have a Visa card with a $11,000 limit and a Mastercard with $7300. Why did they give me such a junk limit? According to what I read on here you're supposed to never use more than 30% of your limit or it will hurt your credit score. 30% of $300 = $80. What is that going to buy me at Bloomingdales one shirt maybe.


magyar1045
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Postby magyar1045 » Sun Jun 22, 2008 9:22 am

Store issued cards notoriously start you out with s chicken doo limit, and are real slow in increasing limits. Received a Gottschalks card in 2000 with a starting limit of $300, and now eight years later the limit is only $500.
Also depends on who their credit processors are - inhouse or farmed out. Many stores farm credit card processing out to the "big" boys (Citi, Chase).

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Mogul of Pineapples
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Postby Mogul of Pineapples » Sun Jun 22, 2008 3:13 pm

True most of those store card outfits just farm out their credit services to the big boys and take their cut. Best to use these types of cards to either build up new credit or repair old credit. Once you've done that just stick to major credit cards - lower APR, higher limits, more buying flexibility.

If you still want a store credit card it's best to get the ones that are co-branded with Visa or Mastercard. I know the Target card and Nordstrom card is. Ones like those that still give you rewards for the stores but are still major credit cards.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred


Floppster
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Postby Floppster » Mon Sep 29, 2008 9:41 pm

5off wrote:Have a $300 Credit Limit on my Bloomingdales store credit card while I have a Visa card with a $11,000 limit and a Mastercard with $7300. Why did they give me such a junk limit? According to what I read on here you're supposed to never use more than 30% of your limit or it will hurt your credit score. 30% of $300 = $80. What is that going to buy me at Bloomingdales one shirt maybe.


$11k + $7.3k == $18.3k

Do you really need a bloomingdales store card ? Cant you just use your Visa or Master ? I know may be a stupid question however I just don't "get it" with store cards.
Intellectuals solve problems. Geniuses prevent them.
- Albert Einstein 1879-1955

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Mogul of Pineapples
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Postby Mogul of Pineapples » Tue Sep 30, 2008 4:28 pm

The only reasons I can see justifying bothering having a store credit card at all are:

  1. You are using them to build up or repair bad credit.
  2. The rewards on the store card are much, much better than any other normal rewards card. If your store card only gives you 1% or 2% in points to use at their store it's not worth it. If they give you 5% or 10% it may be worth a look
  3. If the store card gives you other discounts/incentives/perks that are truly worth something.
  4. You have to shop at that store religiously.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred



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