Adding a couple store cards worth it?

[Anonymous]

Got the app itch but there are no credit cards I really want/need at this time.

However the Target and Lowes store cards seem very appealing to me, both give 5% off at the register. APR doesn't matter since I would PIF on these cards.

A quick check on Credit Pulls Database shows Target and GEMB (Lowes) pull TU where I am, which happens to be my report with fewest inquiries (2).

Now I opened 3 new accounts recently and have 9 inquiries each on EX and EQ. My gut feeling to hold off and let those accounts mature/inquiries drop off even if the new pulls will be on TU.

What do you guys think? I definitely have enough credit for my needs but 5% back at these 2 stores sounds great.

[visorboy1974]

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@Anonymous wrote:

Got the app itch but there are no credit cards I really want/need at this time.

However the Target and Lowes store cards seem very appealing to me, both give 5% off at the register. APR doesn't matter since I would PIF on these cards.

A quick check on Credit Pulls Database shows Target and GEMB (Lowes) pull TU where I am, which happens to be my report with fewest inquiries (2).

Now I opened 3 new accounts recently and have 9 inquiries each on EX and EQ. My gut feeling to hold off and let those accounts mature/inquiries drop off even if the new pulls will be on TU.

What do you guys think? I definitely have enough credit for my needs but 5% back at these 2 stores sounds great.

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If you can get good use of the the discount, go for it.  

Me, 

I liked the Nordstrom Notes earned by my Nordstrom store card and the many coupons offered by Macy's with that store card.  So I got them...my Nordstrom store card has been upgraded to a Visa, but I still get those vouchers!   

[bichonmom]

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@Anonymous wrote:

Got the app itch but there are no credit cards I really want/need at this time.

However the Target and Lowes store cards seem very appealing to me, both give 5% off at the register. APR doesn't matter since I would PIF on these cards.

A quick check on Credit Pulls Database shows Target and GEMB (Lowes) pull TU where I am, which happens to be my report with fewest inquiries (2).

Now I opened 3 new accounts recently and have 9 inquiries each on EX and EQ. My gut feeling to hold off and let those accounts mature/inquiries drop off even if the new pulls will be on TU.

What do you guys think? I definitely have enough credit for my needs but 5% back at these 2 stores sounds great.

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I can totally relate! Now that I can be approved for cards, this apping is addictive! It's really cool to see all of the benefits and savings you can get from the different store cards. Does make it tempting!

How recent are the 3 new accts? I'd say if it's been 3 mos or more, you're fine. If they're more recent than that, you might want to hold off. One of the things I'm watching for is new CCs softing me and seeing too many new accts.

[boomhower]

I'd say go for it.  If you can make good use of the discount go for it.  The Lowes card is great for instant CLI's and very good with auto CLI's with use.  At approval getting them to double the CL should be pretty easy.  It's a good card to get out of low limit hell if your stuck there.

[Anonymous]

The Lowe's card is really good with CLIs and the 5% discount makes it even better. They also have promotional financing for larger projects. I'd recommend the Lowe's card.

I also have a Target Red Card but when I opened it last year they only gave me a $200 limit. This usually works for the sort of things I buy at Target but seems embarrassingly low and hasn't budged in the 8-10 months I've had the card. However, if I have a transaction that's more than my limit I can split it between two cards and still get the 5% off the entire bill. Odd, I know, but I use it like this on occasion. I was hoping that the christmas shopping I did where I put $200 on the target card and $750ish on my Amex would trigger a CLI but I had no such luck.

Semi-off-topic but there was an interesting article in the NYT about Target and marketing to customers through shopping habits.... http://www.nytimes.com/2012/02/19/magazine/shopping-habits.html

Anyway, both the Lowe's and Target cards are beneficial for the 5% and additional credit mix. My only problem is remembering to bring them with me when I go out shopping.

[Open123]

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@Anonymous wrote:

Got the app itch but there are no credit cards I really want/need at this time.

However the Target and Lowes store cards seem very appealing to me, both give 5% off at the register. APR doesn't matter since I would PIF on these cards.

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If you buy things from Target and Lowes frequently, I would absolutely get the card.  5% return is definitely worth an inquiry and new account, in my view.

I firmly believe that credit should be used.  What benefit is having a good credit score if not to reap some benefit for the user?  I'd say go for it, if you shop there frequently.

[Anonymous]

"Got the app itch but there are no credit cards I really want/need at this time."

Answered your own question.

Why apply for a new card you dont need?

Ive got 8 credit cards and thats after closing 2 or 3 of them.

The wife has almost as many as I do and has closed 2 or 3 herself.

If you dont want or need any new ones for some specific reason, I personally wouldnt bother applying. It can be habit forming.

But then, a discount could make it worth it.

[bostonte]

You could always go for the Target Debit Card instead. It's basically like writing a check at Target every time you use it (i.e. ACH debit from your checking account), but you get the 5% discount and there is no hard inquiry or new account to mess with your reports.

[Anonymous]

Thank you everyone for your input! I shop enough at both places where I would make good use of the 5%. And glad to hear about the ease of CLI with the Lowes card. I will be moving in a couple years so a decent CL may come in handy.

@MrGoat - I meant there are no traditional credit cards I want right now (Visa, MC, Amex, Discover). I currently have 4 credit cards open and no store cards. I used to have more accounts but closed them down b/c they were starter cards I used to build credit and don't use anymore. I've been fairly conservative in applying for new credit since discovering this forum so I want to make sure I got some input before applying again - 2 apps is still a lot!

@bostonte - thanks for the idea about the debit card version, I'll definitely think about it.

[jeffery581]

I say go for it. Make your credit work for YOU instead of the other way around.