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Question about Store Cards

Regular Contributor

Question about Store Cards

Hi I have a question about store cards. I have a Amazon Store Card, a Banana Republic Store Card, and Macy's Store Card. I was wondering if these affect your credit score like a credit card does. I also have a CapOne Credit card that I've had for over a year. I've had these 3 store cards for less than a year, and I have been thinking about paying them off and closing them. Is that a good idea? or should i leave them open to build a longer credit history? Should I close these Store Cards and apply for another Credit Card, say like BoA credit card. Would it help to apply for a secured BoA card? Any suggestions or advice is appreciated. Thanks!
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3 REPLIES
Valued Contributor

Re: Question about Store Cards

Pay them off...put them in a drawer and don't use them, but definitely do not close them....If there is one that you will never use again and just took it for the discount at the register then I would close it, but that would be it....Not enough history that the points wouldn't be recovered quickly.
Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09
Message 2 of 4
Valued Contributor

Re: Question about Store Cards

Definitely don't close the store cards. Use one of them each month, in rotation (so each is used at least once a quarter). And when I say "use," I mean for small stuff. $10 is plenty.

You see, one key element of FICO scoring is paying bills on time. To oversimplify a tad, the more bills you have to pay on time, the better your score gets.
- - - -
in a credit-scoring postnuclear Stone Age...
Message 3 of 4
Valued Contributor

Re: Question about Store Cards

Damet..........yes, these store cards affect your credit score just like a regular cc does. I would not close any of them. Generally, it is not a good idea to close cards, unless keeping it is costing you $$. 
 
Of the ones you note, I only have experience with Macys. Use it - and pay the bill. They are good with cli's.
 
 
New York Yankees - 2009 World Series Champions. 27... and counting.....
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