Store credit cards and credit score?

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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jambone43068
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Store credit cards and credit score?

Postby jambone43068 » Thu Nov 25, 2010 9:35 pm

What is the TRUTH about store credit cards and credit score effect/impact? The finance articles I have read like one on MSN Money says to stay away from them. Then I go on and see forums that say store credit cards are just as good as a regular credit card.

Who's right?

Like if one person were to have 5 store cards on their credit report and another were to have 5 major cards, all having the same rates and opened during the same times, balances and credit limits the same, would both people have the same credit score?


CHIP
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Postby CHIP » Sun Feb 13, 2011 12:55 am

I would like to know the answer to this too. The way I understand things is that store credit cards by themselves are neither bad nor good and are treated the same as a bank card for the credit score. I think where store cards might run into problems is because there interest rates are a lot of times higher and that's why people don't like them.

VApennypincher
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Postby VApennypincher » Tue Feb 15, 2011 3:36 pm

I am considering getting one or two store credit cards to improve my credit score. It will work as good as any other credit card.

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Elliot Castro
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Postby Elliot Castro » Tue Feb 15, 2011 8:11 pm

The finance articles I have read like one on MSN Money says to stay away from them.


Could you post a link to this, so we can read it from the horses's mouth?

An inexperienced person may THINK a Lemonaid-Stand CC is not as good as a Royal Bank CC. But that's because he may not be aware that it is the Royal Bank that also issues the Lemonaid-Stand CC as well. CC's are like books, you can't judge them by the cover.



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