Do I have too many retail/store credit cards?

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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3lite
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Do I have too many retail/store credit cards?

Postby 3lite » Mon Apr 30, 2012 8:49 pm

I have a Macys, JC Penney, Old Navy, Newegg, etc. Am I screwed for having so many of these types of credit cards? They're not really active.


ps2cho
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Postby ps2cho » Tue May 01, 2012 1:37 am

Depends entirely on your debt to income levels and other tradelines. If you have a ton of revolving credit on other lines such as HELOC's and you have a high income, then no. If you are carrying balances on them then its a different story too.

Ditch the old navy card -- its garbage...(used to work for old navy) Kill the balance and close it (assuming its not your oldest or an older trade line). The 5 or 10% off your purchases you get off the already discounted items is nothing. Saving $1 of a $10 tee is just a waste of time.

Money card
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Postby Money card » Tue May 01, 2012 9:23 pm

Well do you work for any of these stores? Do you have other credit cards from banks like Key Bank, TD bank or M&T bank? Do you have better bank cards more of an executive line like Chase, Capital One, Citibank, Bank of America, HSBC or PNC?

Are you a student? Do you have any student credit cards?

andy1088
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Postby andy1088 » Thu May 03, 2012 9:48 am

You sound like my girlfriend's mom. She has Kohl's, Macy's, JC penney, the gap and some others I'm sure I'm missing. She is in over her head in debt, but unfortunately doesn't listen to others' advice.
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PlatinumAMEX94
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Postby PlatinumAMEX94 » Thu May 03, 2012 3:36 pm

When I was in my 20's I went to every department store asking if they had "INSTANT CREDIT", which of course they did. Most of them have closed themselves after inactivity. I bet I had over 20 different store cards at one time.
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agp
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Postby agp » Wed May 30, 2012 6:14 am

I opened a Macy's credit card a few years ago and as soon as I got it I closed it after realizing I do not shop there enough for the benefits to outweigh the cost (high APR, extra card, heavy wallet, straining on my hip and back).

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MemberSince99
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Postby MemberSince99 » Wed May 30, 2012 8:17 am

3lite wrote:I have a Macys, JC Penney, Old Navy, Newegg, etc. Am I screwed for having so many of these types of credit cards? They're not really active.


Well I would say probably not. The only way you'd be screwed is if you can't pay what you owe, or you have lates or other derogs on them.

The old saying is that it doesn't hurt you to have credit, it hurts you to have bad credit. So as long as you don't owe more than you can pay and aren't carrying huge utilization and have no baddies as a result of the cards, I would say no, and they could open up the prime territory for you as well.

namvet
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Postby namvet » Wed May 30, 2012 8:25 am

NO you can't have too many or too much credit as long as you can manage the cards. Too much debt can hurt you. Just use them a few times a year.

FutureBillionaire
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Postby FutureBillionaire » Wed May 30, 2012 4:07 pm

I'm loling at agp's response. I only have one store card, Express. Store cards only make sense if you pay them off every month to avoid interest. I shop there so much that it is excellent for me.
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benacostian
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Postby benacostian » Sun Jul 08, 2012 3:29 pm

My dad has one cc for every store. 3-6k is the usual cl tho..



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