I’m not talking about store cards being a hard inquiry.
I’m talking about people who feel obligated to shop ALOT because they have a card for their designated store and then they don’t pay it on time or just straight up don’t have the funds to pay it off
Then they blame it on the card????
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They make it so easy to get the card though. And a lot of the times you’re talked into getting it. Some people aren’t ready for that financial responsibility and they get fucked.
If they provided financial education before being approved for a credit card I’d be 100% on you side.
drug dealers dont cause addictions, drugs do!
peer pressure doesn’t cause bad descidions, people do!
etc etc
Like just because something doesn’t directly cause something else doesn’t mean you can’t say it causes something else. Its very useful to tell a person that store cards will ruin your credit, especially if you know that person to already be an overshopper.
Easiest way to get credit if you pay your bill on time. And responsible
The cards don’t create the spending habits, but they’re designed to prey upon people who will have bad spending habits. they give credit at insane rates to people who are willing to take out that credit on a whim.
While that is technically correct, it certainly sets people up for failure. The card companies know that and do take advantage of it. Its absolutely predatory
how much weight is on the length of line of credit for your credit score?
The only store card I have is a Best Buy card because of their very generous no interest periods for large purchases, which I used a handful of times and just kept the purchase amount in my HYSA until it was paid off before interest kicked in.
It’s been sitting at a 0 balance aside from those couple purchases and a small thing now and then to keep it open. Willpower and the ability to know when you don’t need “things” helps.
*a lot
Yes, you’re right. And that’s literally by design
Store cards are extremely predatory and I personally will say it’s the store’s fault. The companies make their employees push these cards aggressively, and you have weekly or monthly quotas to reach. You get reprimanded if you don’t have enough sign-ups (in my experience, and from what I’m told). And who in their right mind is going to get a credit card for a retail store??? Yeah… exactly. They know what they’re doing. At least the banks will refuse some people for cards.