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Monday, March 15, 2004
Too many retail credit cards can hurt your credit report Many department stores offer 10% off the day's purchase when you open a credit account with them. Is it a good deal?
Be careful! These credit cards often carry a higher interest rate than your standard Mastercard or Visa. Even if you pay off the retail credit cards right away, your credit score can suffer if you have more than one or two retail accounts, because of the possibility that you might quickly charge more than your ability to repay.
If you have a lot of retail credit cards, it may be wise to keep the oldest retail credit accounts, and close out some of the newer ones.
4:25:09 PM 
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