How many store cards should one have.

[Anonymous]

How many store cards should one have.

Right now i have 3.

[Anonymous]

However many you will use, pay in full to avoid interest, and enjoy the rewards on.

You only need one for credit mix purposes. Just be sure not to apply for a slew of new ones and tank your average age and load up on inquiries and new accounts that will ding your score.

If your average age is good and you want a new score card then that is fine as well. You don't need anymore for scoring purposes though.

[preci0uz]

I would be interested in knowing the answer to this.

I have the following:

Macys
Bloomingdales
Target
Victoria Secrets
Kay

It's just hard not to say NO with all the discounts they give

[Anonymous]

You only gain credit mix points for the first store/gas card you obtain. As such, you other store cards are good if you use them responsibly and gain sufficient rewards or discounts to keep them active on your credit report.

Store cards give you slightly less points for good payment history than bank cards, but if you have multiple banks cards all with spotless history, you are maxing out this number of points anyway.

[Anonymous]

0 banks don't like them , but they aren't deal breakers like consumer finance

Message Edited by rbbyrbsn on 08-23-2008 01:06 PM

[Anonymous]

A bank is not going to care if you have a store card. A bank would be hard pressed to find consumers who didn't have any. If you had 15 they might be concerned.

[Anonymous]

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mjbfan79 wrote:

How many store cards should one have.

Right now i have 3.

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The mods here will tell you that one store card will improve your credit mix.  I got my first store card (Home Depot) earlier this year and did not really see a difference in my FICO scores.

[haulingthescoreup]

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@Scout1965 wrote:

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@Anonymous wrote:

How many store cards should one have.

Right now i have 3.

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The mods here will tell you that one store card will improve your credit mix. I got my first store card (Home Depot) earlier this year and did not really see a difference in my FICO scores.

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I'm thinking that the store card help is bucket-related. It's probably more useful to those with shorter histories and/or scores under 760+.

[fused]

...all you need is one...na na na na...all you need is one...

[haulingthescoreup]

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@fused wrote:

...all you need is one...na na na na...all you need is one...

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lol, someone is listening to old Beatles songs again...