Approved for Best Buy Credit Card

[buffetbuster]

Just wanted to give an update. I already have an Orchard Bank CC with a $300 dollar limit, which I've had for 2 months now and paid in full every month so far. I decided to apply for a Best Buy Credit Card today and was very surprised when I was approved for their "Type B" credit card, with $800 limit. Again, I'm not going to carry balances, just maybe make a purchase here or there that I would buy with cash anyway. I'm using it to help continue my credit building.

I was curious though if they report to all 3 bureaus every month.

[df04527]

Congrats! And yes i do believe they report to all three.

[ValleYum]

Good job! Congrats!

May sound like a silly question - but what is a Type B Best Buy card?

[buffetbuster]

I wondered the same thing, so I hit the Google and here's what I found.

Type B Best Buy Cards don't get automatic credit line increases. I'd basically have to reapply.
There is a higher APR and there is a 23 day grace period as opposed to a lower APR and 25 day grace period on a Type A.

That's basically it. I don't plan on carrying much of a balance, if any, so the APR and grace period don't really bother me. Just another step to help rebuild my credit.

[ValleYum]

Thank you for the info. In a blundering moment of blondeness, I must have forgotten about google... LOL

Doesn't sound like much difference if you don't plan to carry a balance - just make sure to time your purchases with your paydays so you don't miss the grace period.

[soccerguy]

I wondered the same thing, so I hit the Google and here's what I found.

Type B Best Buy Cards don't get automatic credit line increases. I'd basically have to reapply.
There is a higher APR and there is a 23 day grace period as opposed to a lower APR and 25 day grace period on a Type A.

That's basically it. I don't plan on carrying much of a balance, if any, so the APR and grace period don't really bother me. Just another step to help rebuild my credit.

store credit card or master card?

[buffetbuster]

It's the store credit card. They said I should have it in 7-10 days.

[mountanddo]

Do store cards help you build credit as much as regular credit cards? I find things at Best Buy are so over priced and the interest rate is high. Doesn't matter I suppose if you don't carry a balance but hey stuff happens.

[ValleYum]

Do store cards help you build credit as much as regular credit cards? I find things at Best Buy are so over priced and the interest rate is high. Doesn't matter I suppose if you don't carry a balance but hey stuff happens.

From reading on some of the credit boards, it's the mix of cards (store, credit and charge) and types of credit (revolving, installment, mortgage and consumer credit) you have as well as how you use it.

[buffetbuster]

From a previous post, I understand that Best Buy does report to all 3 Credit Bureaus so that has to help build/establish credit. Best Buy does seem to be pricey on some items, but they do have some decently priced items as well. I'll keep you all posted on how they report once I get my card.

[TBA]

i believe its 10% of your score that comes from types of credit. This covers both revolving/installment, etc as well as if your creditors are A paper lenders or more subprime - do you have amex or HSBC?

So here is the deal - use it to build your credit - dont close it - and once you get some good history - get yourself a more "A paper" type credit card that you use.