How to Start Store Credit

Store credit cards are usually either revolving accounts or charge cards that, when used, offer discounts on store products. These cards are also usually affiliated with top-name credit agencies, such as Visa and MasterCard. If you want to open a store credit card, you first need to make sure that you'll qualify. Submitting applications for credit and getting denied could possible harm your credit score.

Instructions

1

Pull a copy of your updated credit report first. Visit the Annual Credit Report website. While this website was created by the three main credit bureaus--TransUnion, Equifax and Experian--it exists as a result of the updated Fair Credit Reporting Act. It gives all American consumers access to a free copy of a credit report. Pay for a copy of your FICO score, too. This three-digit number between 300 and 850 represents your overall creditworthiness. Scores above 720 are excellent; scores below 600 are poor.

2

Work on improving your credit score if it is below 600. While this may not automatically disqualify you from a store credit account, it is considered poor. Look for any of the following negative items: delinquent accounts, collection accounts, over-limit credit cards, judgments and liens. To clean up your credit, these accounts need to be paid off or brought under control.

3

Apply for store credit when you are purchasing a big-ticket item. The appeal of store credit is often store discounts. You'll be able to maximize this discount if you open your account to purchase a large item, such as an appliance or piece of furniture.

4

Fill out the application with a co-borrower, if you have a significant other. Two sources of income and credit may help get the application approved. You'll need your names, income, Social Security numbers, phone number and email addresses.

5

Ask for a specific credit line, if approved. Most store credit accounts are revolving. This means that a credit limit is set at a certain amount. If you want to reuse the account for more purchases, make sure the credit line will be high enough.