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Are credit card shops worth it?

June 15, 2024 10:58PM
I see shop applying for credit cards that can pay over $80. Are they worth it? I already have 2 credit cards, don't really need any more. My credit score is 742. Would it hurt my score much? Once you get the card, do you put it in a drawer and never actually use it?
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June 15, 2024 11:49PM
That wouldn't work for me.... I don't open new credit cards unless I can net at least $800 in benefits - whether those be travel points or cash. I wouldn't do them as a shop because they are worth much more to me to open them when not shopping.

Life was passing like a hand waving from a train I wanted to be on
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June 16, 2024 02:37AM
Are credit card shops worth it?
No, not if your FICO score is important to you.
No, not unless you are already wanting to get a new credit card.
Credit card inquiries generally stayed on my credit report for 2 years, after which I gained 3 points my score.
I have always lost from 3 - 6 points on my score each time I applied for a new credit card.
I would only apply for a new card if I was confident of approval, and the card gave me at least $200, no interest for at least 12 months, and at least 2% cash back on purchase.
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June 16, 2024 02:44AM
I do credit card application shops when I can apply for a credit card that offers a good bonus (such as $200 back for spending $1000 in the first 3 months). Then I get the fee for the shop and additional points for using the card. The impact on my credit score seems to vary, and sometimes it goes up since I am using a smaller percentage of my current approved credit amount. For instance, suppose I charge $1000 a month on credit cards and I have 2 credit cars with a total credit limit of $10,000. Then I am using 10% of my available credit. I apply for a third card, and they give me a $10,000 credit limit. I still charge $1000 each month, but $1000 is now only 5% of my available credit. My credit score is likely to go up.

Shopping South Jersey, Southeast Pennsylvania, and Delaware above the canal since 2008
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June 16, 2024 02:53AM
I want to know how your credit score is over 700 and you have SEVERAL judgements against you for not paying credit card balances...
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June 16, 2024 03:44AM
@viv0412 wrote:

I want to know how your credit score is over 700 and you have SEVERAL judgements against you for not paying credit card balances...
That could happen quite easily and in a short time (a couple years after bk) if you have a settled bankruptcy on your record and have actively and smartly worked to rebuild your credit. I went through this myself. It's not difficult; You just have to no longer be in the condition that caused your bankrupty, and then plan and execute.
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June 16, 2024 03:48AM
@viv0412 wrote:

I want to know how your credit score is over 700 and you have SEVERAL judgements against you for not paying credit card balances...

I have just one judgement against me. That was from 9 years ago. Since judgments no longer appear on your credit report, they do not directly impact your credit score.
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June 16, 2024 10:21AM
You have posted previously that it was more than one.. but whatever

Seriously what's wrong with our world where you can not pay your bills and then have little to no consequences.




@johnb974 wrote:

@viv0412 wrote:

I want to know how your credit score is over 700 and you have SEVERAL judgements against you for not paying credit card balances...

I have just one judgement against me. That was from 9 years ago. Since judgments no longer appear on your credit report, they do not directly impact your credit score.
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June 16, 2024 03:30PM
Absolutely not. I value my credit score which would go down.
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June 16, 2024 03:55PM
I have no credit cards and will not do shops that would initiate any kind of credit check, even a "soft" one. I know myself well enough to stay away from those. Plus I have a lock on my accounts with the credit reporting companies and would have to unlock them to allow for a check. Those kinds of shops are just not worth it to me.

.

Edited 1 time(s). Last edit at 06/16/2024 03:58PM by shopnyc.
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June 16, 2024 04:44PM
As others have stated, there are bonuses that will usually be worth much more than the shop pay. I tend to seek out a return of 10% or more of the required spend. But, if you can stack a signup bonus with a job, why not take advantage? The major caveat being, make sure you are not carrying a balance or paying interest. If you can't be responsible with credit, definitely don't do it. It's a bit of a misunderstanding that your credit score will go down. You will likely see a hit of a few points in the short term, but your score will increase in the long term if used responsibly, in part due to the fact that your overall credit utilization will go down as you have more credit available to you that you are not using.
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June 16, 2024 05:20PM
My accepted my first and only credit card shop for $90. I went to the bank website to get some information, and found I could get $100 just for opening an account (with no report.) The shop had to be done in person, the other offer had to be done online, so I could not do them both. So, the credit card opening shops should be avoided, unless you can double dip, but that is unlikely.
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June 16, 2024 08:16PM
I read somewhere, I don't remember where, that a few points more or less on a credit score doesn't make any difference at all.
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June 26, 2024 10:49PM
Once you hit a certain level, usually stated as a score of 720, you're likely getting the best rates for any loans, so having a 747 or an 813 isn't going to make a difference.


@sestrahelena wrote:

I read somewhere, I don't remember where, that a few points more or less on a credit score doesn't make any difference at all.
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