Thoughts On Store Cards?

[Anonymous]

I'm just curious on everyone's thoughts on store cards. How do they work for you? I'm thinking about possibly getting one but i'm not sure if i should based on my scores or just in general.

[BmoreBull]

Before I found this forum, I got two store cards using the sct. I thought at the time that it would be good to build my credit and pad utilization. I kind of wish now that I hadn't got them. They are both low limit cards($250) and the stores are not really places that I shop on a regular basis. I would say only get a store card if it's somewhere that you shop regularly and would be spending money there any way. 

[Anonymous]

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@Anonymous wrote:

I'm just curious on everyone's thoughts on store cards. How do they work for you? I'm thinking about possibly getting one but i'm not sure if i should based on my scores or just in general.

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Store cards to boost your scores or store cards in general?

Some store cards can have a place in someone's wallet that gets use out of that cards rewards-if any. Overall, store cards aren't very useful these days. 

Opening a few store cards may net you some additional available credit for a better debt-to-credit ratio (if you even allow balances to report on your two cards).

Based on your signature, it seems that you are getting very close to accomplishing better cards. 717 TU? 658 EX? Those are not bad scores.

Have you tried for an unsecured Discover yet? I would stick to the majors and Discover would be my first stop, provided you have not burned them in the past. 

[longtimelurker]

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@BmoreBull wrote:

 I would say only get a store card if it's somewhere that you shop regularly and would be spending money there any way. 

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Basically this.   But also, don't shy away from a store card if it offers valuable benefits at a place you do frequently shop.   There are a number of good value store cards, that either pay good rewards or have some useful bonus feature.

But really, the same is true of a bank credit card as well, don't go for a card that offers rewards in categories that aren't reasonable spend categories for you

[TSlop]

I like store cards, since I enjoy the extra cashback/points, but only if I shop there consistently. I have a Best Buy card (graduated from a store card to a Visa) and a Target RedCard debit (so it wouldn't hit my credit). I personally don't see a point to opening a store card for a single visit or rare visit, especially since it might hit your credit score. However, even though I didn't shop there much, I opened up Wolf Furniture and Google cards to get 0% financing. The Wolf card only got 1 purchase, but the Google is now on its second phone purchase.

[GApeachy]

Also, if you try the SCT you may get the language that you're pre-approved for a major (cc) store card.  I've had a few major's through Comenity and knew it before I filled out the app (sp which is awesome- note: not always becuz some have gotten burned with the hp anyway) .....the language will indicate pre-approved for their cc store card, ie. Ulta and GoodSam Camping world do.  I believe dh's Williams Sonoma & Sportsmans Guide did too. iirc.  BUT, it's NOT a guarantee on the major vs minor store card but an indicator imo.

So anyway, a store card can net you a major or can be a handy dandy if you shop and need some deferred interest promos.

I believe it affects your Auto Insurance scores but Idk by how much or anything....just read it here on myFico.  Good Luck!

[Anonymous]

I've tried discover and they want me to do a secured card unfortunately. But the main thing I was looking for specifically was the best but citi card just cause I shop there a lot. 

[Anonymous]

My understanding is that store cards negatively affect insurance scores.

[K-in-Boston]

Store cards can have an effect on auto insurance industry scores, except for CA, HI, and MA where credit scores can not be a factor in determining rates.

I agree that store cards are great as long as they offer you something in return and you will continue to use them.  I get a ton of value from mine.  For building credit alone, there are often better options if you would not otherwise use them.

[longtimelurker]

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@K-in-Boston wrote:

Store cards can have an effect on auto insurance industry scores, except for CA, HI, and MA where credit scores can not be a factor in determining rates.

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Or to be a little more precise, the scores are impacted even in those states, just it has no effect on rates!