Store card question?

[RyGuy4690]

Say if I were to open up a Kohl's or JC Penny card for the discount they offer when you check out, pay it off and then close it.. would that be terrible? 

[happypill]

You'd get an inquiry and AAoA would drop because of it.  Those would be the impacts to your credit, so not sure if you'd consider that terrible.  Also not sure if you're asking if that makes you a terrible person...I'd say no go for it if your credit can handle it!

[FocusedAndDetermined]

It would be terrible, but why would you do it?

If you shop a store regularly, then its CC can be good to have for additional discounts not offered to the general public.  If you're taking the card for the one time discount, I don't see it as worth it unless it is a substantial purchase.

[CenturyChild]

Do you shop alot at JC Penny?

Because they have a decent rewards program. The more you shop, the more coupons you get (like $10 off etc)

I know I bought my Son $200 worth of stuff last year and after I turned in rewards cost me like $80.

Same thing with a pair of shoes I ended up paying $2 for.

Just saying, that Pennys card isn't bad at all if you shop there a lot. Its gives constant discounts.

If you rarely shop there, or dont see yourself doing so its not worth it for a 1 time discount.

The interest rate stinks, but if you PIF its a non issue.

[RyGuy4690]

Will be shopping there more because they have some better product offerings now and I have lost quite a bit of weight so I can buy the products right at the store etc.

Just didnt know if store cards were a hassle or not for your credit file? 

[FocusedAndDetermined]

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@RyGuy4690 wrote:

Will be shopping there more because they have some better product offerings now and I have lost quite a bit of weight so I can buy the products right at the store etc.

Just didnt know if store cards were a hassle or not for your credit file? 

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Not a hassle or really any different than any other CCC.  Store cards tend to (but not always) start with smallish limits, but some increase quite nicely rather fast. I don't know much about either of the stores/cards you mentioned.

Some here will state to stay away from store cards.  I feel as long as they are useful to you and you financial management  they have their place.  It's a matter of personal preference.

[Anonymous]

Store cards themselves aren't the problem, it's having them be the majority of your credit portfolio is when it becomes an issue.  

I personally wouldn't mind one or two useful ones (including the Walmart I have now, maybe!) at places I shop at often and can provide decent (if not good) rewards.