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Is it true that a department store credit card will help your improve a lot?
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DimeDeeva
1 year ago
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No, a general purpose card like Mastercard or American Express is better. Too many store cards can actually hurt your score.
If your file is 'thin' or the store is one you shop at frequently, consider getting the card anyway. I love my Kohl's card. As a wife and mom of 3, I shop there frequently enough to qualify for their VIP awards. And since I pay in full each month, I don't have to pay their outrageous interest rate.
Daphne88 1 year ago
Actually from my understanding, unless your credit report is manually reviewed, your available credit reports as just that, regardless of whether it is from store cards or "general purpose" cards; therefore a store card with a large credit limit will improve your score in the same way a general purpose card will. A manual review of an account that has only store cards might raise some concerns, but manual reviews - done in rare cases - do not have an impact on your overall score. As long as you don't abuse your new cards, having a store card - especially one with a high limit - can go along way toward improving your score. Good luck!
jorasparents 1 year ago