Store Credit Cards

"10% off now if you sign up for our credit card..." Ten percent! What a great idea...Sign me up!

I've had credit cards from Bloomingdales, Macy's, Lord & Taylor, The Gap, Banana Republic, Old Navy, Bergdorf Goodman, Neiman Marcus, Annie Sez, Mexx...and who knows how many others. Not only did I get 10% off my first purchase, but it gave me access to coupons, catalogs, special sales...and...a BLACK MARK ON MY CREDIT.

Ladies (and those in touch with their feminine sides): Signing up for too many store credit cards can result in this message on your credit report: "Your report shows that the available credit across your open, recently reported revolving accounts, such as a credit card, it too low. Having low available credit amounts on revolving accounts has a negative impact on your credit score."

After seeing this, I cancelled most of my store credit cards with the exception of 2 or 3 that I actually benefit from. I didn't even know that most of my store credit cards had low limits of $400-$500. Who knew? Why bother?

I implore you to follow my lead on this one as it's much more empowering to (eventually) own a home than 17 pairs of jeans.

Until next time, enjoy the bucolic scenery.