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londonoh2

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"sign up for our credit card and receive 15% off your purchase today". Is this a good idea?
Even if you don't carry a balance on your credit cards, will having several credit cards lower your credit score?

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It can be a good idea

Helpful to 1 out of 1 people

"sign up for our credit card and receive 15% off your purchase today". Is this a good idea?

Even if you don't carry a balance on your credit cards, will having several credit cards lower your credit score?

Having several cards, no does not lower your score. Having your credit run to open a card temporarily leaves bad points though. You don't want to apply frequently even if you are approved/

I have learned that more cards can help IF:

A) you can pay on time and not revolve a balance

B) because a higher total of available credit to debt ratio is helpful on your score

C) If the card goes inactive it no longer helps

IF you open a card for the one time saving, make sure you can pay it before interest is charged to your purchase - why spend more - you were trying to save?

If there is interest and you dont care about paying it once or whatever check what the APR% is - it could be above 15% meaning the money you saved on the purchase for opening the card just got reapplied as interest and you didn't save at all.

Overall there are cards that will benefit you better but lets say you're at JCP buying some new bedding -  you want to save that money & will pay it off enxt month maybe use the card once a year after that to keep it open - go ahead after the credit run from applying drops away you will see it helps as long as temptation doesn't lead you to abuse it and get into a costly mess.

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Yes and no...
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Things to look for in a credit card is the APR/interest rate (most store cards have a gawdawful high one, like in the low 20s), any annual fees (ditto), and similar. Most store cards are more trouble than they're worth, unless you faithfully pay down the balance every month to $0 before they charge interest on it, and you happen to shop there quite literally all the time.

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Now, these cards do bump your available credit, which is a benefit to your credit score, but honestly? It's better to have a couple of high-limit cards than it is to have a dozen low-limit ones. You can always ask for a higher limit on your existing cards... if you've paid faithfully/on-time and don't have a huge balance on them, most are totally okay with bumping up your limit.

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I would add; store cards are great from comenity bank and a few others if your preapproved (aka shopping cart trick - Google it) because these are a soft pull on your credit and do not leave a 2 year hard inquiry. That being said they are normally low starting limits 250-500 but you can get them raised rather quickly, if not instantly. Upside gives you some spred on your credit utilization. Downside brings down your average age of accounts. Like the last response said if you get them use it as a charge card, pay you bill in full because the interest rates are worse than your local bookie.

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