Forum Thread

Why is it so hard to get a store credit card?


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    I can walk into any car dealership right now and finance pretty much any car of my choosing. That doesn't mean the payments will be reasonable on the most expensive cars, of course. But the point is is that I know for sure I could finance any car and drive away with it. But there's a super slim chance I could go up to Best Buy right now and get approved for a store card and use it to buy a $500 dollar TV. What's going on with that? I don't understand the logic there at all.
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    Have big box stores changed their lending practices since I was in my early 20's? Heck - Best Buy offered me a credit line of $10,000 when I was making less than $30,000/year in the early 2000's. Needless to say I got in wayyyy over my head and it took me years to pay off. A $1,500 TV probably wound up costing me almost three times as that. I stopped counting after awhile.

    I only have a couple store credit cards - Best Buy (which I now pay off in full whenever I use) and Kohls (which I also pay off in full). I didn't have any issues getting either, but I've also had them for a long time. Maybe these stores have changed who they are willing to lend to?

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    Depends on your credit history. Do you have any history of outstanding debts with dept store cards in the past? That could be why.
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    WyattTown Wrote: Depends on your credit history. Do you have any history of outstanding debts with dept store cards in the past? That could be why.
    Nope. None whatsoever. Actually, maybe that's the issue? I've never had a store credit card at all.
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    TheBiggerBoat Wrote:
    WyattTown Wrote: Depends on your credit history. Do you have any history of outstanding debts with dept store cards in the past? That could be why.
    Nope. None whatsoever. Actually, maybe that's the issue? I've never had a store credit card at all.
    So you've applied and been denied? They should send you a letter after every credit check and denial, detailing exactly why they didn't approve you. In that letter you'll also see your credit score and even negative accounts and reasons for denial. I got one of those years ago and it was actually helpful to read.
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    It could be perhaps your credit history and your credit usage vs how much you have available in total across your card or cards. I don't think not ever having a store credit card would make a difference. From my understanding, credit cards are credit cards, store or not.