You would have had enough encounters with the people at store counters trying to talk you into getting a store credit card. I always avoided them like plague since many of them dont have a good online payment system. Recently, I succumbed to the temptation after asking them about an online payment system being in place and also because I am a regular shopper at the store... and wanted to benefit from the coupons they send home. Guess what.. I've issue registering online coz of a mismatch in the records related to my phone number and SSN. So, I mail in my first payment...that doesnt get deposited by the company for some reason and on top of it, they report a 30 day late payment to the credit bureau. Result.. a drop in my credit score :(. Finally, got through their customer service, paid off and closed the account.. no more store credit cards. Google tells me that a 30 day late payment should cause only a temporary drop in credit score and I should regain my lost points soon.... keeping my fingers crossed.
Apparently, you can drop your credit score by 20 points just by adding a store credit card to your wallet.
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