store and online cards?

[Anonymous]

hi all,

Can to many store cards have a negative affect on my overall credit report ? My current scores are equ-604,exp 621,trans 630.I have been getting alot of sct pop ups. $500 victoria secret, $300 wayfair and so fourth. Are these sp only or will they become a hard pull? i currently have 2 cap ones, one secured and one unsecured. A first bank card. old navy, overstock, amazon, walmart, discover, macys and khols and recently a car care credit card. I think the extra cards can help my utilization but not sure if it hurts my credit overall. Any advice is appreciated.

[Anonymous]

If all of those accounts are under 2 years old yes some lenders will not like that. as all of them become older that it is just a strong thick file. If you close ones that you don't think you're going to use it still looks like exactly the same on your report, both the inq and the new accounts. You're kinda screwed.

The popups people get for stronger profiles and higher scores are not $300 you have work to do

[Anonymous]

OP, do yourself a favor and don't get any more of those store cards for the purpose of increasing your utilization.

I started rebuilding 6 months ago and acquired 6 store cards. I started regretting my decision a few months after. They are great for the rebuild, but once you start getting higher limits, some of the really low limit store cards seem like absolute crap. I'm actually going to close 3 or 4 of my 6 store cards because the their limits are low and I never shop there. Hell, one of them is Overstock who had the audacity to hard pull my EX when I hit the CLI button (been SP for the last 6 months).

So yeah, you have enough store cards as well as your secured and unsecured, leave the new store cards alone. Do yourself a favor and sign up with NFCU as they are very generous with their CC's.

Good luck

[Anonymous]

Doesn't necessarily hurt except the age of all those new accounts... but you will regret having them later on when your score is good and you are getting 10k Visas and MCs. They become a PITA to use and most major cards have better incentives.

There are a few store cards that are actually worth having IMO-Amazon, Kohl's.... maybe some stores you shop at TONS-just to get the extra coupons.

But stick with what you have (if you want advice) .... let them age... don't apply for more. Wait till you are in the 650-675 range at a min...do some research on here, and then consider a new card here and there.

Trust me-I was there. So many of us did what you did. It's common and I didn't necessarily believe it when I was going it-but it turned out to be true. I regretted them. Why would I use a $200 Exxon card when I can use my Discover card for 5% cash back? See the logic? Plus putting $50 on a $200 limit card I am already 25% utilized versus $50 on a $5k card and it is a blip on my utilization.

Anyway. Keep plugging away and you will get there soon enough. It's Amazing how fast you can improve your scores if you come on here or other boards daily and read read read and read some more.

Congrats on your success so far....

Ps. Also Check all the Preapprocal sites. Another thing is get a Discover secured. It's $200 but in 7 months most likely you will be graduated and you will have an unsecured major card that will give you rewards and CLI'S regularly.

[Anonymous]

Thank you so much for the advice. I will def avoid any other cards for the time being.

[Anonymous]

If one has all store cards that are all in toy limit hell it will be very difficult to obtain a Visa/Mastercard with a SL of 10k.

[Pway]

Rule of Advice:  Obtaining those store cards may be easy, but later on down the line you may regret getting those accounts through the SCT. I have learned the hard way obtaining all those store cards in a short period of time.  OP, you may be different.  I have learned to only obtain cards I am going to use.  

I understand we all like to see approved with a credit application, but having so many cards in a short period of time can negatively affect you.  Just move with caution.  

One last thing, Comenity cards only report when you use them and allow the balance to report to the cb's.  

[Dalmus]

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@Pway wrote:

Rule of Advice:  Obtaining those store cards may be easy, but later on down the line you may regret getting those accounts through the SCT. I have learned the hard way obtaining all those store cards in a short period of time.  OP, you may be different.  I have learned to only obtain cards I am going to use.  

I understand we all like to see approved with a credit application, but having so many cards in a short period of time can negatively affect you.  Just move with caution.  

One last thing, Comenity cards only report when you use them and allow the balance to report to the cb's.  

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 Once or twice a year I buy a pair of boxers from JCrew and let it report to the CB for that very reason.  It kills me to let that $13 sit there without paying it, but its a necessity.

 What's worse with Comenity if when you have a store account they continue to keep open, but there's no way to USE the card.   Like my Fashion Bug card (it was the first card I got post BK...  I keep it for sentinmental reasons and AAOA until they shut it down for inactivity!).

 I have a hard time jusitfying ever buying anything on Overstock...  Most of what they had is discounted off the MSRP and is more expensive than the same item on Amazon or even sometimes locally in stores!  HSN is the same way...

 I know now I should never have opened them, but I keep closing store cards as I get better and better majors.

[Anonymous]

I found this forum after I had way to many store cards from SCT. I have closed most now and those I do have I use and have increased the CL. Some here say store cards are worthless while others say have only one you use often. I agree with the use group, it's tempting to get that extra % off if you open a new card with them, but you really have to ask, will I really use this card, is it really worth having, IMO thee answer is usually no. One final thought, which is better 5% off with Discover for a quarter or 6 cents off every gallon? I think the answer is both. At self service stations with card readers on the pumps, I like to use an oil company card. If there is a skimmer inside, all they get is the oil company card information and a small credit limit with limited use. I know that there is usually no liability, but having to change info and settings is a pain. I'll use the oil company card at pumps. 

[KSK1912]

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@Anonymous wrote:
Doesn't necessarily hurt except the age of all those new accounts... but you will regret having them later on when your score is good and you are getting 10k Visas and MCs. They become a PITA to use and most major cards have better incentives.

There are a few store cards that are actually worth having IMO-Amazon, Kohl's.... maybe some stores you shop at TONS-just to get the extra coupons.

But stick with what you have (if you want advice) .... let them age... don't apply for more. Wait till you are in the 650-675 range at a min...do some research on here, and then consider a new card here and there.

Trust me-I was there. So many of us did what you did. It's common and I didn't necessarily believe it when I was going it-but it turned out to be true. I regretted them. Why would I use a $200 Exxon card when I can use my Discover card for 5% cash back? See the logic? Plus putting $50 on a $200 limit card I am already 25% utilized versus $50 on a $5k card and it is a blip on my utilization.

Anyway. Keep plugging away and you will get there soon enough. It's Amazing how fast you can improve your scores if you come on here or other boards daily and read read read and read some more.

Congrats on your success so far....

Ps. Also Check all the Preapprocal sites. Another thing is get a Discover secured. It's $200 but in 7 months most likely you will be graduated and you will have an unsecured major card that will give you rewards and CLI'S regularly.

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DJ you're right, but one thing that people with better credit don't always understand is, it is those small $300 accounts and the history they build that carry some people  to the $10K visa/MC cards, and a thicker file. Sometimes we get what we can rather than what we want, just so that we can get to where we want to be a year later.