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ilovepizza wrote:
This statement gives me the creepies. -20 per store credit card?
QUOTE
Beware of store credit cards
"Some people go hog-wild at Christmas and open lots of store credit cards to get that 10% to 15% off their purchase," says Cate Williams, vice president of financial literacy at Money Management International. "Relatively speaking, that is a good idea if you pay off the balance and close the card right away. If you don't, then you will be costing yourself more money in the long run when your credit score isn't up to par."
Steve Rhode, president of Myvesta, a nonprofit consumer-education organization, agrees, saying that each time you open a store credit card, 20 points are taken off of your credit score because, he says, "Historically, store credit cards are issued to anyone with a pulse. They issue credit cards to people who otherwise can't get credit."
Source
First of all they make it sound like your score will drop 20, 40, 60, 80.... points if you have a handful of store cards and it won't if you apply for Visa, MC, Dis, Amex.
Second, they don't say if it is for new apps only, or if the card always counts against you. Very misleading article. Or is it?
Were they talking about FICO?
I don't own any store cards yet. I'm still scared to apply.
Boswd wrote:
I hate store cards. Biggest ripoff's out there.
@Anonymous wrote:
Steve Rhode, president of Myvesta, a nonprofit consumer-education organization, agrees, saying that each time you open a store credit card, 20 points are taken off of your credit score because, he says, "Historically, store credit cards are issued to anyone with a pulse. They issue credit cards to people who otherwise can't get credit."
MidnightVoice wrote:Boswd wrote:
I hate store cards. Biggest ripoff's out there.I have one from a local store. 0 % APR if paid off in 12 months.10 years old, never late, great TL for TU and EQ.