Store Credit Cards

This message was edited 1 time. Last update was at 12/10/2009

Most every store will offer an immediate discount on a purchase if you sign up for their credit card. I know it's bad to have multiple cards. How does it affect your credit score if you sign up to get the discount, then cancel the cards a week later?testtest

If you sign up for the account, you've already done the damage so it doesn't make sense to cancel it. It'll still show up in your reports and the inquiry and new balance on the card will impact your scores. And just because you close the account doesn't mean that it won't be reported in your credit reports. Even closed accounts that were in good standing remain in your reports for up to 10 years.

The decision is yours but that 10 or 20% discount isn't really worth it in the long run.

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Skyrider, I just now registered on this site. Have been reading posts several months. Deanna gave you the straight dope on store credit cards. Don't cave to the small purchase discount, not worth it. Build your credit in better ways with a card that can be used most everywhere and affords a decent credit limit. You most likely can find a comparable item at another store with a lower price tag or wait for sales. With a store card you will see that immediate discount, maybe a promise of rewards points but be ready to commit to that store and spend, spend, spend. Those stores love to sell your information to third parties and here comes the junk mail. Beware! testtest

Viewed the latest expert video of 3 on your side with Adam. He stated store credit cards are not a good thing as we know. For your readers Credit.com needs to expand on to what the consumer experts advised in the video. They stated if opening an account, pay it off in January, close it and have it reported as "consumer closed account". We have learned that the impact on a credit score is when application is made to open the account. Closing the account immediately and noting closed at the request of the customer is irrelevant to credit reporting agencies.

Please clear this up for your readers so they have a better understanding of the potential damage it could cause.

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Thanks Edie for weighing in. You are correct that the best advice is not to open the account in the first place. By doing so you create an inquiry and and a new account on your report, both of which affects your scores.

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