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Some say yes, some say no. Any ideas?
So, I decided to go ahead and take the plunge to apply for a store charge card. I like the clothes at Kohl's and figure I could use it there a decent amount.
I was approved instantly online which was a good feeling. I haven't applied for anything since June of last year. Hopefully this should help my scores out.
rbbyrbsn wrote:
my understanding is store cards have will bad effect on the mix, not to say their worthless they are a revoving trade line, but if a bank card . you don't need it
NavyLifter wrote:
So, I decided to go ahead and take the plunge to apply for a store charge card. I like the clothes at Kohl's and figure I could use it there a decent amount.
I was approved instantly online which was a good feeling. I haven't applied for anything since June of last year. Hopefully this should help my scores out.
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In my case, after adding the Nordstrom retail card (my first and only store card -- I have five bank cards) all my three scores increased by 7 points in average, not much but it was an increase after all. So there was no "bad effect", however, it may vary from one person to another, in my case adding it was a positive one.
Zar
I personally do not believe that store cards help your credit, except to build credit when you cannot obtain other types, such as Visa, MC, etc. These cards are less useful, usually get you to spend more on items you don't need and are higher interest rates.
If you have established credit, I would not go out of my way for a store card unless there is a reason: Lowes or Home Depot because you do a lot of home repair and they offer certain incentives, or from a store that you actually shop and get other incentives that you deem worthy.