Store credit card offers are so tempting, but should you really sign up?

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iVillage Member
Registered: 02-21-2003
Store credit card offers are so tempting, but should you really sign up?
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Wed, 02-16-2011 - 3:03pm

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iVillage Member
Registered: 02-08-2008

I only sign up for deals like 10%, 15% off, etc. if I am going to pay the entire bill.

iVillage Member
Registered: 07-17-2007

I say no to the store credit cards.

iVillage Member
Registered: 08-22-2009

Avatar for cmpat
iVillage Member
Registered: 02-21-2003
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iVillage Member
Registered: 04-22-2005

Because every time you open up a new card there is an inquiry into your credit reports, and multiple inquiries lowers your credit scores.





iVillage Member
Registered: 07-17-2007

Exactly, plus it is difficult to cancel them.

iVillage Member
Registered: 04-16-2010
Yep. While having a certain amount of available credit is good for your rating, there is a line, and too much, and every account beyond that, will lower your rating. It's also better to have one or two cards, with high limits, than it is to have a bunch of cards with lower limits.
Avatar for savcal2011
iVillage Member
Registered: 10-06-2010
I have a couple. I always pay the bill in full at then end of the month, so the discounts I get make it worth it. But I only do it for stores I frequent a lot or that have really good rewards program. I also only buy stuff on the card that I would have purchased even if I didn't have the card.

My Old Navy card is the best example. I use it quite a bit, pay off the balance each month, and end up with $10 and $20 "off" vouchers all the time. So I definitely make money using the card.

"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1

Avatar for savcal2011
iVillage Member
Registered: 10-06-2010
Having open credit can be good for your credit score. But open "store card" caredit isn't. Lenders like to see open credit because they know that if you can't pay your bill (mortgage or car loan for example), you've got enough open credit that you could pay that bill, if necessary, with a line of credit/credit card. Can't do that with a store card though, so lenders don't put much stock in open credit on store cards.

"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1

Avatar for cmpat
iVillage Member
Registered: 02-21-2003
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