How many store cards can i get?

[folks19]

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.

[K-in-Boston]

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.

[folks19]

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@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.

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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!

[Anonymous]

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@folks19 wrote:

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@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.

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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!

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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. 

[NoMoreE46]

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...

[K-in-Boston]

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.

[folks19]

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!

[Anonymous]

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. 

[UpperNwGuy]

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.

[SouthJamaica]

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@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!

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I think you should avoid them.