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Too many store cards?

Valued Contributor

Re: Too many store cards?

If I won't use it, I will axe it.

 

I used to have a JCPenney card, but since JCP now operates like Walmart (keeping price low, no more discount from using the store card), it makes no sense for me to keep the card. So I closed the card, one less thing to worry about.

Message 11 of 23
Established Contributor

Re: Too many store cards?

I just closed amazon, Firestone, JCPENNYS,chevron and a few more, I just asked for a CLI on my Walmart and it went from 2400 to 5 k, I think closing the cards was the best thing for me, I now only have 4 cards pep boys , Walmart,care credit, and lowes.
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Message 12 of 23
Valued Contributor

Re: Too many store cards?

I closed my store cards with the exceptions of:

 

1. Target Visa

2. Nordstrom Siggy Visa (not really a store card)

3. Walmart Discover


As others have posted, really no need for the others. Just too many to manage!  Smiley Happy

 

There, life is so easy now!  Smiley Tongue

Ray

** Every Card has a Job, and Every Card does its Job **
Message 13 of 23
Senior Contributor

Re: Too many store cards?

I think that you're over thinking this one, LS.

 

I keep my store cards open (and empty) to take advantage of discounts for using the card...then PIF, or over time for zero percent deals...

 

So long as you're NOT carrying a balance on all of them, I don't think your prime lenders will care.

 

JMHO.



Zero percent financing is where the devil lives...

10/01/17 Fico8 scores: EX 660, EQ 647, TU 663
Message 14 of 23
Highlighted
Valued Contributor

Re: Too many store cards?


score_building wrote:

Too late to worry about it now but 8 is a lot of store cards IMO, if they have some utility, hopefully a lot -then so be it.

Otherwise, they could be taking the place of a mc, discover, amex, visa card.

 

Close those that will not get used and/or are low limits IF planning to close any to make more room for majors. No rush but the big league cards may ultimately have staying power down the road.

 

At this point, would at least consider adding no more store cards, if those currently have work for you than it's all good. The idea is not to have useless store card taking up too much space in the roster. IMHO, with store cards in general, moderation can be key. YMMV.


as LS mentioned  6 of the 8 store cards are GE backed which equates to CLI's every 4 months and is always a SP, and if you contact an underwriter epic CLI's are possible and also there may be possibility to upgrade them... 

 

They also help with the dreaded "thin file" denial reason, and "percent of cards with a balance" and given LS's tendancy to hang out here daily I bet he checks every card online at least once a week if not daily  (yes i am guilty of this one). 

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 15 of 23
Senior Contributor

Re: Too many store cards?


jamesdwi wrote:

score_building wrote:

Too late to worry about it now but 8 is a lot of store cards IMO, if they have some utility, hopefully a lot -then so be it.

Otherwise, they could be taking the place of a mc, discover, amex, visa card.

 

Close those that will not get used and/or are low limits IF planning to close any to make more room for majors. No rush but the big league cards may ultimately have staying power down the road.

 

At this point, would at least consider adding no more store cards, if those currently have work for you than it's all good. The idea is not to have useless store card taking up too much space in the roster. IMHO, with store cards in general, moderation can be key. YMMV.


as LS mentioned  6 of the 8 store cards are GE backed which equates to CLI's every 4 months and is always a SP, and if you contact an underwriter epic CLI's are possible and also there may be possibility to upgrade them... 

 

They also help with the dreaded "thin file" denial reason, and "percent of cards with a balance" and given LS's tendancy to hang out here daily I bet he checks every card online at least once a week if not daily  (yes i am guilty of this one). 

 


Agreed- some nice growth potential, while a handful of upgrade invites are reported, are not guaranteed w/o a new app. Often those who receive upgrade offers have had the store card for several years before getting an offer.

 

With one notable exception- Nordstrom (tiered APRs which can be reduced if not approved at Tier 1) often come with astronomical APRs so PIF (or using interest free promos) are the only cost effective way to manage store cards. Care credit is one that does not offer four month CLI with SP.

 

So too generally offer quite a bit less flexibility than majors, since can be used at a limited range of retailers and if exposure limits become an issue can sometimes get in the way of higher limit/ approvals for major cc products, enter the dreaded: 'sufficient available credit (from current lenders)' response.

 

Invariably, 6 out of 8 cards from one issuer beckons the quesstion: too many eggs in one basket? DIversity is typically a key consideration with respect to bulding a roster. Ideally, thin files are expanded primarily with major credit cards. Again, as with most things credit related: YMMV...not necessarily a show stopper, however worth considering limiting to a few, if that can work for a card holder.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 16 of 23
Established Contributor

Re: Too many store cards?


jamesdwi wrote:

score_building wrote:

Too late to worry about it now but 8 is a lot of store cards IMO, if they have some utility, hopefully a lot -then so be it.

Otherwise, they could be taking the place of a mc, discover, amex, visa card.

 

Close those that will not get used and/or are low limits IF planning to close any to make more room for majors. No rush but the big league cards may ultimately have staying power down the road.

 

At this point, would at least consider adding no more store cards, if those currently have work for you than it's all good. The idea is not to have useless store card taking up too much space in the roster. IMHO, with store cards in general, moderation can be key. YMMV.


as LS mentioned  6 of the 8 store cards are GE backed which equates to CLI's every 4 months and is always a SP, and if you contact an underwriter epic CLI's are possible and also there may be possibility to upgrade them... 

 

They also help with the dreaded "thin file" denial reason, and "percent of cards with a balance" and given LS's tendancy to hang out here daily I bet he checks every card online at least once a week if not daily  (yes i am guilty of this one). 

 

 


On another forum GEMB froze all of a persons cards due to him asking for too many CLIs....so be careful
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Message 17 of 23
Mega Contributor

Re: Too many store cards?

If it's not going to incur AA from other creditors i'll keep them open. I have a balance on 1 of the 8 cards (Amazon) taking advantage of the 0% interest.




EQ FICO 548 3/3/16
Message 18 of 23
Established Member

Re: Too many store cards?

I just opened an Amazon store card account and I think that is the only store card I will use, along with my NFCU Cash Rewards and Cap 1. You do have a ton of store cards that I  personally think is too much but I don't see a reason to close them unless you replace them w/ prime credit cards Smiley Happy 

Capital One QS $1,100 | Capital One QS ONE $1,200 | NFCU Cash Back $3,000 | USAA Platinum $1,000 | Discover IT $2,100 | Barclaycard - Apple $2,000

As of 11/23:657 EX FICO
Message 19 of 23
Valued Contributor

Re: Too many store cards?

I think the amount of open accounts is a non-issue, but how you manage them...  My grandparents had a BOOK of open CCs, and all top-tier issuers.  I wish I had kept it, just to have something to stare at in awe - haha

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 20 of 23