But the reality is you may be impulsively signing up for a low-limit card that could hurt your credit.
Credit expert John Ulzheimer warns that opening a new store card could hurt your credit score by: Having an outsize impact on your credit usage, which is a big factor in credit scores.
Causing an inquiry on your
Do store credit cards help your credit?
Retail credit cards generally report your payment history to the three major credit bureaus, just like regular credit cards. If you make your payments on time, using a store credit card can help you establish or rebuild credit. Provide cardholder perks.
Does canceling a store card hurt credit?
Closing unused credit card accounts may sound like a good idea, but it could hurt your credit score because of increased utilization and, eventually, shorter credit history.
Is it bad to have multiple store credit cards?
However, if that is not possible and you have multiple credit card balances, you can start with the store cards, since it’s likely they carry higher interest rates than other cards. Don’t use your credit cards for purchases until they are all paid off.
What credit score do you need to get a store credit card?
There is no defined range for a fair credit score, but typically a FICO score between 580 and 669 are considered fair. For a Walmart credit card, a score of 660 or higher is recommended, but those with scores as low as 550 have reported success when applying for the card.