topic Re: How many store cards can i get? in Credit Cards

How many store cards can i get?

folks19 — Wed, 17 Jun 2020 02:20:55 GMT

Am i limited on the amount of store cards that i can hold at once. For example, is there a limit to the amount of Synchrony issued cards that i can have? Also, is there a limit to the amout of store cards i can get from the same issueing bank during a timeframe?

I'm asking because i know that other credit card issuers have restrictions on the amount of cards you can hold and the amount of cards you can be approved for in a timeframe.

Re: How many store cards can i get?

K-in-Boston — Wed, 17 Jun 2020 02:31:24 GMT

I am not aware of any limits. Usually people who get a lot of store cards later regret it. Sometimes that regret is caused by Synchrony randomly deciding you have too many of their cards and closing all of them.

Re: How many store cards can i get?

folks19 — Wed, 17 Jun 2020 02:47:13 GMT

@K-in-Boston wrote:
I am not aware of any limits. Usually people who get a lot of store cards later regret it. Sometimes that regret is caused by Synchrony randomly deciding you have too many of their cards and closing all of them.

I also heard about people regretting getting store cards, but why is that really? Especially after 2 yaers when the hard pulls are gone, there is no negative affect on their credit score. But i guess if sync closes all their accounts that's a reason to regret it!

Re: How many store cards can i get?

Anonymous — Wed, 17 Jun 2020 03:36:01 GMT

@folks19 wrote:
@K-in-Boston wrote:
I am not aware of any limits. Usually people who get a lot of store cards later regret it. Sometimes that regret is caused by Synchrony randomly deciding you have too many of their cards and closing all of them.
I also heard about people regretting getting store cards, but why is that really? Especially after 2 yaers when the hard pulls are gone, there is no negative affect on their credit score. But i guess if sync closes all their accounts that's a reason to regret it!

People don't factor in the damage each account does to their AAoA and what can happen when you end up with a bunch of low limit cards that won't grow.

If you go on a spree for store cards, it's almost guaranteed to hold you back from major credit cards you may want later. It's also difficult to keep many store cards alive. Where a regular credit card you can just make buy a pack of gum or some other small purchase, store cards may not have many low cost options available so keeping them alive can cost you more money than their rewards give.

There is also the regret when people get a bunch of store cards and charge them up, only to get hit with the 29% APR and end up unable to catch up.

Re: How many store cards can i get?

NoMoreE46 — Wed, 17 Jun 2020 03:45:35 GMT

Having three, four or whatever number of store only cards tends to be a regret when one realizes that those apps may have not been worth the HPs and drag on AAOA for 10% off a $34 purchase.

Heck, I regretted getting my Sportsman Guide Visa (by Comenity- an equivalent issuer of Synchrony).

I believe Sync does have an internal max limit of $50,000 and a $10,000 max on one card.

Don't know the max Number of cards but @Anonymous may...

Re: How many store cards can i get?

K-in-Boston — Wed, 17 Jun 2020 04:19:34 GMT

Synchrony max combined limit is more like $100k, even if your income is $20k. Individual cards vary on the max. My Lowe's is $35k.

Re: How many store cards can i get?

folks19 — Wed, 17 Jun 2020 05:22:49 GMT

Thanks everyone for the information!

@NoMoreE46, I'm pretty new to credit, and my average age is less then a year. I agree with what your saying, and I think it's true for most people, but in my case, opening a few store cards now will actually help my AAOA because it would give me more old accounts and therefore opening new accounts in the future will affect my AAOA less. And I don't plan to apply for a mortgage or auto loan in the next 2 years, and don't think I would be desperate for any sort of credit for a good while. What ever accounts I open now are for the purpose of building credit and getting rewards! What do you guys think @K-in-Boston , @NoMoreE46 , and @Anonymous ?

Thanks again for the help!

Re: How many store cards can i get?

Anonymous — Wed, 17 Jun 2020 06:56:39 GMT

Honestly you're setting yourself up for a world of hurt. You're going to be stuck in low limit hell and struggle to get approved for good cards. I have been reading your posts and it's not going to turn out well for you if you hedge your bets on store cards. Do it the right way with 2-3 majors and an installment loan is the best advice I can give you.

Re: How many store cards can i get?

UpperNwGuy — Wed, 17 Jun 2020 12:17:31 GMT

Synchrony will approve you for lots of cards, one at a time, but then they'll come through later with a sledge hammer and shut down all those cards at once because they think you have become a credit risk to them due your large number of cards. So what you're suggesting is a bad strategy (apart from the fact that those store cards usually have low credit limits, high APRs, and odd reward schemes).

Also, a person's credit profile simply looks weak if it consists of mostly store cards. To build a solid credit profile, you need good general purpose cards from issuers like Chase, American Express, Bank of America, Wells Fargo, PenFed, and Navy Federal.

Re: How many store cards can i get?

SouthJamaica — Wed, 17 Jun 2020 13:14:21 GMT

@folks19 wrote:
Thanks everyone for the information!
@NoMoreE46, I'm pretty new to credit, and my average age is less then a year. I agree with what your saying, and I think it's true for most people, but in my case, opening a few store cards now will actually help my AAOA because it would give me more old accounts and therefore opening new accounts in the future will affect my AAOA less. And I don't plan to apply for a mortgage or auto loan in the next 2 years, and don't think I would be desperate for any sort of credit for a good while. What ever accounts I open now are for the purpose of building credit and getting rewards! What do you guys think @K-in-Boston , @NoMoreE46 , and @Anonymous ?
Thanks again for the help!

I think you should avoid them.

Re: How many store cards can i get?

GApeachy — Wed, 17 Jun 2020 13:52:48 GMT

@folks19 wrote:
Am i limited on the amount of store cards that i can hold at once.

Yes or No, ymmv. I think we all may be during certain conditions/economic conditions........after reading a lot of posts of recent closures with perfect pymt history; Economic downturn + pandemic I think it's wise to tread lightly. If I were to app today I wouldn't press my luck past one of each with each bank. That's still a lot of store cards! I'd certainly only app for a necessary card, one I'd use often, a store I'd shop with or without their store card. Of course some store cards can be Visa or Mastercard which is great. Those cards tend to grow pdq as well sometimes as the regular store cards and can benefit you.

There has been, on this forum, a saying about not mixing Majors with Minors with Comenity, that may be true but there's always that ymmv. I have one of each and will not pursue anymore just cause I don't want to have one more thing to worry about with Sensitive Comenity. Same for Synchrony...they'll snatch the rug right out from under you without you being able to figure out why. So there are some dp's I heed to with these banks and a general search can yield much.

If you do app for store cards, be protective of you profile, research the dp's then make a decision. Not having a lot of hp's, new accts is proactive...try not to look too "credit seeky" I guess is the best move other than avoiding them altogether.

Re: How many store cards can i get?

NoMoreE46 — Wed, 17 Jun 2020 17:25:12 GMT

OP:
If your timeframe is really 2 to 3 years then I would recommend getting the Target Red Card (credit version-Not the debit one.)

With this card issued by TD Bank, you can easily just buy something for a dollar whatever every month to keep it active at Target. This seems to be a good fit for what you’re trying accomplish as in 2 years, this card gets upgraded to the MasterCard version typically.

Re: How many store cards can i get?

tcbofade — Wed, 17 Jun 2020 20:01:51 GMT

@NoMoreE46 wrote:
OP:
If your timeframe is really 2 to 3 years then I would recommend getting the Target Red Card (credit version-Not the debit one.)

With this card issued by TD Bank, you can easily just buy something for a dollar whatever every month to keep it active at Target. This seems to be a good fit for what you’re trying accomplish as in 2 years, this card gets upgraded to the MasterCard version typically.

Hmmm. DW has had her red card for nearly seven years... it's still just a store card.

She does USE it tho, and we enjoy the 5% discount at the register and PIF.

Re: How many store cards can i get?

folks19 — Wed, 17 Jun 2020 20:04:03 GMT

@NoMoreE46 wrote:
OP:
If your timeframe is really 2 to 3 years then I would recommend getting the Target Red Card (credit version-Not the debit one.)

With this card issued by TD Bank, you can easily just buy something for a dollar whatever every month to keep it active at Target. This seems to be a good fit for what you’re trying accomplish as in 2 years, this card gets upgraded to the MasterCard version typically.

do you know what credit report target pulls?

Re: How many store cards can i get?

K-in-Boston — Wed, 17 Jun 2020 20:06:44 GMT

@tcbofade wrote:
@NoMoreE46 wrote:
OP:
If your timeframe is really 2 to 3 years then I would recommend getting the Target Red Card (credit version-Not the debit one.)

With this card issued by TD Bank, you can easily just buy something for a dollar whatever every month to keep it active at Target. This seems to be a good fit for what you’re trying accomplish as in 2 years, this card gets upgraded to the MasterCard version typically.
Hmmm. DW has had her red card for nearly seven years... it's still just a store card.

She does USE it tho, and we enjoy the 5% discount at the register and PIF.

There is seemingly no rhyme or reason for upgrades or CLIs on the Target cards. I wanted to cry when I read a post earlier that said "Target cards usually get to about $4000 and convert to MasterCard in 2 years." While mine just converted from Visa to MC when TD Bank took over from Target National Bank, it took *15* years for mine to make it up to $4000 with no derogs in my life. 😂

Re: How many store cards can i get?

tcbofade — Wed, 17 Jun 2020 20:08:14 GMT

I was a year off... she's had it for seven and a half years, it's still a store card with a $700 limit...

Re: How many store cards can i get?

K-in-Boston — Wed, 17 Jun 2020 20:29:24 GMT

@tcbofade wrote:
I was a year off... she's had it for seven and a half years, it's still a store card with a $700 limit...

Mine moved past $800 after 13.5 years - keep hope alive!

Re: How many store cards can i get?

Anonymous — Thu, 18 Jun 2020 00:46:20 GMT

I'm for store cards and getting as many as possible, especially gasoline cards with 20K limits.

JK.

Low limits, high APRs, minimal tech features like text alerts, etc are things you have to deal with in order to take advantage of their benefits. But if you are disciplined enough and you frequent the establishment enough and use the card, and PIF, they work in minimal numbers. Too many add risk to you in managing them and gunk up your CRs.

They don't look good on your CRs if you have too many. I don't understand the furniture card. Seems like a one-and-done card. 0% interest for two years, but if you don't pay in full after 2 years or miss a payment, you owe 29% interest from day one. Then when will you need furniture again and put yourself at interest risk? Cancel it, but that zit leaves a mark on your report for 10 years lol. Not a lot of benefit.

Don't get me wrong, 1 or 2 are good.

Lowe's is good, there are others, I'd take the best 2 for your spending habits and leave it at that.

Re: How many store cards can i get?

folks19 — Thu, 18 Jun 2020 01:26:40 GMT

i see that a lot of people wrote that having too many store cards can hurt your credit. that actually makes sence. but do they still have the negative affect after a few year. for example, if i have 10 new accounts opened in a 6 months timeframe 4 years ago, does that still look bad now?

Re: How many store cards can i get?

K-in-Boston — Thu, 18 Jun 2020 01:37:29 GMT

@Anonymous wrote:

...I don't understand the furniture card. Seems like a one-and-done card. 0% interest for two years, but if you don't pay in full after 2 years or miss a payment, you owe 29% interest from day one. Then when will you need furniture again and put yourself at interest risk? Cancel it, but that zit leaves a mark on your report for 10 years lol. Not a lot of benefit....

The one I have is issued by TD Bank and does not do "0% if paid in XX months," so there is not retroactive interest if unpaid in a certain time. I was making a large purchase and had my Delta card out to make payment, but their offer was 0% APR for 7 years with equal payments - so why not?! The offer on the card varies, and right now is 0% for 60 months with no minimum purchase.