Thread: Store credit cards and credit score?

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?

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.

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.

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.