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Too many store cards?

Mega Contributor

Too many store cards?

I currently have 8 store card accounts, I do not want to axe any GE accounts which occupy 6 of the 8 accounts. Best Buy and Firestone are the other 2. With the new prime lenders i've aquired in the past 6 months i'm a little worried they will not like all of these other accounts opened.

 

Is this something i'm just overthinking or could it be an issue?




EQ FICO 548 3/3/16
Message 1 of 23
22 REPLIES
Valued Contributor

Re: Too many store cards?

You have been doing great!  Smiley Happy

 

I would not worry about this at all.... They won't cancel you out for getting better cards. You might end up cancelling some of "them" out...

Ray

** Every Card has a Job, and Every Card does its Job **
Message 2 of 23
Mega Contributor

Re: Too many store cards?


RockinRay wrote:

You have been doing great!  Smiley Happy

 

I would not worry about this at all.... They won't cancel you out for getting better cards. You might end up cancelling some of "them" out...


I'm considering axing BB if they do not grant a CLI this month, 1K CL there is low and is not useful for what I want it for (3D TV next year)

 




EQ FICO 548 3/3/16
Message 3 of 23
Frequent Contributor

Re: Too many store cards?

Most creditors are really not concerned about the number of cards you have, their main concerned is

how you are using (THEIR) cards.

 

Unless you are in the market for a mortgage, I would not let it bother you.

Message 4 of 23
Senior Contributor

Re: Too many store cards?

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.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 5 of 23
Valued Contributor

Re: Too many store cards?

I have 10 store cards, 8 reporting, no issues so far, I don't think they major credit card company care about store cards for the most part there is limited danger to over using them. You can't get  $1000 in cash  off a jcpenny card.  You can't use it at the local cashino or pay a lawyer bill with it. For the most part they are low limit cards. Just don't max your your major cards  MC/Visa.DISC/AMEX and they are fine. They hope there rewards structures keep you using there cards instead of the store cards. 

 

 

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 32.5k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 12.5k, Paypal Extras MC 8.5k, 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 6 of 23
Valued Contributor

Re: Too many store cards?


LS2982 wrote:

I currently have 8 store card accounts, I do not want to axe any GE accounts which occupy 6 of the 8 accounts. Best Buy and Firestone are the other 2. With the new prime lenders i've aquired in the past 6 months i'm a little worried they will not like all of these other accounts opened.

 

Is this something i'm just overthinking or could it be an issue?


You are definately overthinking this LS.  However, I'd get rid of ALL of the store cards except for one.  I'm pretty sure you can use Visa, MC, AMEX or Discover at any of those stores.  Is there a good reason for keeping them?    

EQ Fico 8 - 846
TU Fico 8 - 848
EX Fico 8 - 836
Message 7 of 23
Contributor

Re: Too many store cards?

ithink you can close out cards which are not in use. 

Walmart TU-724 on 12-2012
EX-707 on 08-2012
EQ-668on 08-2012
_________________________________
Wallet - Discover 1500 | Chase Freedom 1500 | OldNavy Visa 2750 | Walmart 2000 | Amex BCE 6000 | BoA Visa Sig 5000 | Chase Marriott 5000 | Amex Hhonor 2000 | CSP 5000
__________________________________________
Message 8 of 23
Moderator Emeritus

Re: Too many store cards?

You can SD with no issues, if they close later, no biggie, I would set myself up a timeline on how many store cards I want by such and such date... Then, evaluate all of the cards at a defined interval and axe the ones that you can't see EVER fitting your needs again

You're doing awesome!

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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Message 9 of 23
Senior Contributor

Re: Too many store cards?

I like store cards assuming you shop there.    They offer a lot of discounts and you often get deffered interest deals for larger puchases.  They also are easiest to qualify for.  It is easier to keep for many years even if you don't them much.   Over time they offer a great base for account age, oldest and AAoA.    Co branded store cards are even better. I would keep them all.

Message 10 of 23