Credit Issue with Store Card
 

Hi all,

I have been in USA for a couple of years and have built up some credit, my credit allowance has shot up, so I think I have good rating. I have one Credit Card

My question is that if I open a store card (macy's) will that go against my Credit?.

Thanks

PM

Re: Credit Issue with Store Card
 

Only if you are declined for it. Otherwise it will help your credit score, but probably not very much.

Re: Credit Issue with Store Card
 

Just don't get a Sears card...biggest mistake we ever made, within 6 months of buying almost a full house worth of appliances, bedding etc the interest rate went up to over 23%:eek::frown:

Re: Credit Issue with Store Card
 

The credit check will go on the record because it will be a hard hit. Not horrible but too many in a short span of time is a bad thing.

Re: Credit Issue with Store Card
 

I have a Macys card along with just about every other lol...If you pay your bill on time it will be fine, beware all store cards have crazy interest rates.
I have them for the discounts and Macys has amazing sales and big %%% off every week, I normally use my card and then get what ever discount is available, then when I get home I go online and pay it ;)

Re: Credit Issue with Store Card
 

Yep, that's the best way to use a store card, we were able to transfer the debt on our Sears card and paid it off pretty quickly, but I would never get another one. Hubby has a lowes card, but he rarely uses it and if he does, he pays it in full before he gets a bill.

Talking of credit checks hurting your score though, we recently got a new car, the dealership financial guy got the loan for us, but yesterday, I got a letter from one of our credit card companies, they said they had reduced our limit because we have had too many credit enquiries!

Re: Credit Issue with Store Card
 

Since you have only one credit card, it's not a bad idea to get another one (Not neccessarily a Macy's card). If you pay your bills on time, your credit rating will remain good. However, each additional credit card is considered another potential debt (For example, if card A has a limit of $10,000 and Card B has a limit of $10,000, then your potential debt is $20,000 even if you use only a few dollars on each). I don't think it'll be a big deal for your case because you only have one other card. Most people have at least 2-3 cards nowdays (In case one is lost, you have the other one. Different cards also have different ways of accumulating points. I have one that gives me 3X points for Gas, Grocery. Another one gives me 3X for Amazon.com purchases)

Re: Credit Issue with Store Card
 

thank you guys, that was very helpful indeed.

ok so I may go for it as discounts are good, thing is I am about to upgrade my BOA card also and thinking of buying a car.

I hope the credit check hits don't ruin my credit rating..

Thank you

P.M :thumbsup:

Re: Credit Issue with Store Card
 

It will be whats called a soft pull not a hard one which is when you buy a house car etc.
It won't harm you or make a difference...my credit score is 780 and I have 6 cards :lol:

Re: Credit Issue with Store Card
 

It will depend on how high your credit score is, the higher the score, the least amount of credit hits on your credit rating will be, mainly because if you have a high score it should be pretty easy to get a loan.

Saying that, I thought ours was pretty good (high 700's) but we still got letters from about 4 different banks to tell us they had turned us down for the auto loan:huh: Not sure if they are the only ones the dealership called, but as previously mentioned, those credit enquiries are the reason our credit card company reduced our spending limit :rolleyes:

Re: Credit Issue with Store Card
 

An update to their BoA card will be soft but the application for the store credit card will be hard.

Re: Credit Issue with Store Card
 

I used a link that someone posted on BE a while back about where you can contact to stop junk mail coming in the mail, and also companys pulling info about your credit history without your permission (soft pull) but if you get to many it does affect you.
Once I mailed all my details off, within a month the credit snooping stopped I pay to check my credit report every month and get alerts if someone is sniffing lol.

Anyone know the link, Ray do you have it!!

Re: Credit Issue with Store Card
 

optoutprescreen.com

Re: Credit Issue with Store Card
 

Thank you Duncan it may well of been you who posted this before its great. :thumbsup:

Re: Credit Issue with Store Card
 

I need to keep that website handy, unfortunately I can't do the opt-out thing until after we move, we are having our credit checked by rental agencies whenever we apply for a house.

We do the monthly pay site thing too, I think it is definitely worth the money.