article to read

Yeah, I agree. Thanks, Mom. If only more people knew that the 100 word statement is useless in our credit score driven society.

 

Never, Never Ever

add 100 word statement. Even when you get a mortgage you can just right a explanation letter to the mortgage co and it wont go on your report.I learned the hard way that telling a cb too much information, will work against you.

roni

 

Who u talking to?

lizard. me?

 

Re: Who u talking to?

Lizard, a dept-store card is an ASSET to your credit.

A dept store is a totally different category from all other retail credit ("furniture store").

When you pull from QSpace, for instance, you'd actually SEE the difference in the way each credit line is coded.


Saar

 

Re: Who u talking to?

lizardking wrote:
"However, do you see value in having 4 or 5 of them?"


No. An excessive number of revolving tradelines would lower your score, regardless of their type.


Saar

 

Dept/Gas Cards

I have 2 department store cards (Macy's, Bloomingdale's). I only have them because they are my oldest trades and also I like advance notice of sales, special discounts, etc. I also have the Chevron credit builders card. I got this card solely for the trade line on my reports. It reports to all 3 and the only difference between that and a regular card is that this one you have to pay more of a minimum payment and an annual fee of $35. Limit is $300 but isn't reported on Experian (not sure about TU or Equifax).

I had Target and Wards cards but they charged off. I don't owe Target anymore (paid chargeoff) but still owe Wards. On my reports it says *Transfered* and then it says "...scheduled to continue on record until 10-2001).

 

Ok....lizard

Lizard,
I have spiegel(which I forgot about earlier which takes me to 11 open accounts...sorry), Target(new), Victoria Secrets(new) and a MBNA line of credit from Ethan Allen Interiors.

AND

of course now Macys.....hahaha!

I have 1 car loan and NO mortgages(yet)..

roni

 

Re: Ok....lizard

Operative word being yet Soon come mon.

Mom, How did you find that article, justinterested if you stumbled upon it or read sunspot often? Great article though loads of info. Thanks -Dave