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how much do store credit cards affect my credit? 0 BALANCES!!
Asked by
cakesntae531
1 year ago
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store credit cards do not affect your rating because they do not report your available balance to credit agencies. They only report balances so store credit cards never really help your rating.
Damir 1 year ago
What is 'Damir' talking about.. I have 'Old Navy' store card and 'Macys' store credit card; they report my credit line and amount use all the time. In fact its on my report from all 3 bureau. Don't give ppl work answer if you don't know itself. But one thing I don't is if it affects the rating thats all. Other then that store 'DO REPORT'.
geminibug 1 year ago
Actually many store credit cards DO report your available credit to the agencies. I've seen more stores report the credit limits than not and if they choose to report to the bureaus then they always report your payment history which could be a plus.
If they don't show your available credit it appears the bureau dings you as if you were at the credit limit so store credit cards definitely can affect your credit both positive and negatively.
Since the credit score formula is a proprietary there is no way to give you an exact amount they affect your credit as it depends upon what else is on your report. If they are the only things on your credit report then they affect you a lot. If you have 43 other active items on your report then they affect you only a litte.
Dogslurp 1 year ago
Thanx everyone. Old Navy is actually one of the cards that I do have and yes they do report. yay!!
cakesntae531 1 year ago