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Retail Card Question

Discussion in 'Credit Talk' started by Desdemona, Mar 26, 2003.

  1. Mar 26, 2003 #1
    Desdemona

    Desdemona Well-Known Member

    Hi All

    I need some advice. I had a FCNB Spiegel/Eddie/Newport News card, which we all know is closed, report as of today closed at consumer request on my EQ and still showing open/current on EXP. My scores did not take a hit remain exactly were it was from March 17th. Thank God for little things.

    This FCNB was my only retail card on my report. Should I replace it with a new retail? Hold off and wait a few months and see if anyone buys my old FCNB card? Or just forgo the retail card?

    I used to have a RNB Target/Hudson card but I C/O them back in '96. (Paid) They are due to fall off my report in 12/03. Trust me I have disputed up the wad-zoo, they either came back deleted from TU with new DOLA on EQ or changed to Open/Current on EXP. Go figure.

    I guess what I'm asking is do I really need a retail card on my report?
     
  3. Mar 26, 2003 #2
    zyzy1688

    zyzy1688 Well-Known Member

    Do you have any other CC?
    If so, you really dont need another retail card.
     
  4. Mar 26, 2003 #3
    Eric2OO2

    Eric2OO2 Well-Known Member

    FICO Scores do take retail cards into the equation, and its reccomended to have at least one retail card in your credit mix... FYI :eek:)
     
  5. Mar 27, 2003 #4
    Desdemona

    Desdemona Well-Known Member

    Thanks for the replies, I am temporary computerless, spend the weekend turning my office into the baby's room (7 more weeks and counting) and haven't had the energy to set up the computer again.

    To answer the questions, I do have other cc's, too many in fact, but the Spiegel's card was my only retail. My score did not take a hit due to closing of the card, but the card did have a $4100 CL on it so in the next few weeks I am sure I take a hit for my overall available credit ratio.

    I know that you should have a retail card for a "overall credit mix", but the more I think about it, applying right away might hurt me in the end.

    (UN)? Logical thinking:

    A 40-month-old account with perfect history, low utilization ratio, high credit limit card closed. POSSIABLE POINT LOST.

    I apply for a new retail card, causing an inquiry. POINT LOST.

    New account hits report(s). POINT LOST.

    Only receive a small CL, anywhere from $200 to $500. NO POINT LOST BUT NO MAKE UP IN THE OVERALL UTITLIZATION RATIO.

    Takes up to 24 months for the new card to be concerned not new anymore. LITTLE OR NO POINT INCREASE, IF INCREASED NOT FOR 24 MONTHS.

    Really, how do I win here? How could this help my overall credit mix? Right now. I think that I hold off on getting a new card. I don't need it to purchase anything, yet. My overall credit repair focus right now is debt reduction. Reduction not addition, (my hubby is so proud.)

    Does this make sense?
     

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