Credit Repair

Is 767 A Good Credit Score – why are store credit cards bad

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Is 767 A Good Credit Score – Most Popular?

The first credit card most of us get are store credit cards, however, usually, those are the worst to get.

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1. The reason these Credit Cards are Bad is because of this
– The rewards are restricted only to the store
– The apr is super high
– They are also not travel friendly
– I remember when you could use them at certain stores too

The truth is this:
– They give you these credit card and usually a 20-50% discount sometimes
– Because they know for a fact you are more likely to spend more money on the credit card
– Which translate to more sales for them, and because they don’t actually hold any of the debt (it’s not really their problem if you pay or you don’t pay )

Now the APR is insane
– Between 25-35% and the average person is going to have a balance
– So that 20% discount is instantly going to get added back if you’re not paying your balance in full each month
– And on top of that, you’re are probably going to use it, to main a good credit score

They are not travel friendly:
– They have insane foreign transactions fees, interest and don’t give you any more benefits aside from the store benefits
– My mom got a card behind my back from children’s little place, and she literally used it once or twice, and that’s it
– And she doesn’t use it for anything else

2. Why people get these Cards although they suck
– Demand and supply: people want a product (problems), so companies help them finance it ( solution )
– Instant gratifications, I sign up and I can now get points and a discount
– And they tell you can build credit fast ( but that’s fake news )

The truth is this:
– They offer you 3 main traps to reward your brain
– Simplicity to sign up, pay later, and earn while paying
– It takes less than 2M to sign up for one of these credit cards ( and every time I see someone signing up I feel like telling them don’t do it )
– Pay later: if you can afford something, why not buy it now and pay off interest-free of 6 months or 12 months or sometimes even 18 months
– Earn Cash Back: this means more loyalty because you get a discount sometimes and when you spend you get money back

However:
– Simplicity is not always good ( it benefits the company to make things easier like amazon has the one-click buy and sales went up )
– Pay of time: well most people run out of time and then get stuck with massive debt ( don’t buy things you can’t afford )
– Rewards: imagine spending $1 and getting back 5 pennies ( it’s a bad deal )

Tip: it’s just instant gratification, and these companies have quotas to fill.

3. Building your credit score correctly
– Some of these cards can get discontinued which will then affect your credit score
– Carrying a balance will also affect your credit score
– The only truth they say, is that it’ll help you build credit but it’ll be the wrong way

My recommendation:
– – get 3 credit cards that are good and you like ( for me, discover, capital one, and Barclaycard one I still use )
– I put a small bill on each ( Netflix, phone bill, and interest bill)
– Each month they get paid in full, my credit use stays down, I build a payment history and my credit score goes up

Results:
– My current credit score is 767, and I have a line of over 30k and I only use $200 bucks per month and that’s it
– No crazy debt, no overspending, and no paying interest.

Secured Credit Cards video: https://www.youtube.com/watch?v=Q_pQXIukCBo

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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39 Comments
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39 Comments

  1. Doc
    July 26, 2021 at 1:19 pm

    – ya some store cards aint worth it, but there are some great exceptions. i have these & love em:

    Amazon store card – 5% cb on anything from amazon

    Bestbuy store card – 5x-6x pts or 0% interest on large purchase for 12mths

    Target Redcard – 5% discount on almost all target purchases

    Nordstroms card – 3x pts (mostly for my wife, she loves shopping there)
    All with NO Annual FEE!!!!

    After i buy my house in the fall, i plan to get the Loews card – 5x or 0% interest on large purchases.

  2. Ebay Addicts
    July 26, 2021 at 1:19 pm

    Nice work ✨🎆🎇

  3. Neno
    July 26, 2021 at 1:19 pm

    A debit card & $20 bucks in your wallet; that’s it!! Wow discipline. I don’t carry credit cards in my wallet i use Apple Pay Wallet keep all my cards LOL

  4. Li Flash
    July 26, 2021 at 1:19 pm

    Aye tommy. I have a question
    If a person buys a car online do they have to pay a car note or bill on the car?

  5. Darren Hilton
    July 26, 2021 at 1:19 pm

    "Buy things in cash." Is that the best way, to build credit?

    Would buying everything possible with credit cards, paying the balance down to 1% utilization by the end of the billing cycle, and paying off the balance completely before the statement due date, be a better way to build credit and get rewards?

  6. Darren Hilton
    July 26, 2021 at 1:19 pm

    Would the Amazon/Whole Foods credit card, be considered a "store" card?

  7. NoCap Jack
    July 26, 2021 at 1:19 pm

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  8. NoCap Jack
    July 26, 2021 at 1:19 pm

    I Invested In My Channel But Have A Bless Day!!…SMH..And II Just Wanna Say Its Hard Trying GetbTo 2k! Subs

  9. japandoll chris TX 18
    July 26, 2021 at 1:19 pm

    whether you like it or not the truth remains that we all want a good credit score, the merits of having a good credit score cannot be overemphasized, that said I would like to inform you that there is a credit repair company that can get your credit fixed in 8 days. Sounds impossible right? Yea, it is because I thought so too. I had a medical condition which put me through a lot, things were not working out, it cost me a lot, let me spare you the tale of my woes and give you the good news I had a credit score of 540 as at last year before a friend told me about creditbackdoors⏺com, initially, I was skeptical but they have been able to increase my score to 791.

  10. japandoll chris TX 18
    July 26, 2021 at 1:19 pm

    whether you like it or not the truth remains that we all want a good credit score, the merits of having a good credit score cannot be overemphasized, that said I would like to inform you that there is a credit repair company that can get your credit fixed in 8 days. Sounds impossible right? Yea, it is because I thought so too. I had a medical condition which put me through a lot, things were not working out, it cost me a lot, let me spare you the tale of my woes and give you the good news I had a credit score of 540 as at last year before a friend told me about creditbackdoors⏺com, initially, I was skeptical but they have been able to increase my score to 791.

  11. Quanita Gage
    July 26, 2021 at 1:19 pm

    I was recouping from a car accident. A relative used my credit cards ran up to the limit, maxed all my credit cards. When I was able to check this out. I didn't charge all these cards. Had to file bankruptcy. So now I have T-Mobile after me that I didn't sign for, did not go in store and purchase phone with them. They were not on bankruptcy list The collection company called told them as I disputed with T-mobile. Do not have phone with them. it was fraud on my credit cards I didn't charge these items nor sign for a phone. Also my family member cashed a check for my car for over 15,000.00. Kept the money. Do not have money for a attorney. But for God so good i was introduce to a CreditBackdoors.Com on google who magically make payments on my credit cards for me, the payments didn't reverse and he also fixed my credit, raising my credit score from 448 to 822, thanks to Leo, he's a helper and I can't thank him enough, contact for credit fixing and credit card payment or bank account huge money funding, they;re just so professional. Thank me later……

  12. Quanita Gage
    July 26, 2021 at 1:19 pm

    I was recouping from a car accident. A relative used my credit cards ran up to the limit, maxed all my credit cards. When I was able to check this out. I didn't charge all these cards. Had to file bankruptcy. So now I have T-Mobile after me that I didn't sign for, did not go in store and purchase phone with them. They were not on bankruptcy list The collection company called told them as I disputed with T-mobile. Do not have phone with them. it was fraud on my credit cards I didn't charge these items nor sign for a phone. Also my family member cashed a check for my car for over 15,000.00. Kept the money. Do not have money for a attorney. But for God so good i was introduce to a CreditBackdoors.Com on google who magically make payments on my credit cards for me, the payments didn't reverse and he also fixed my credit, raising my credit score from 448 to 822, thanks to Leo, he's a helper and I can't thank him enough, contact for credit fixing and credit card payment or bank account huge money funding, they;re just so professional. Thank me later……

  13. OttuaSemiAutto
    July 26, 2021 at 1:19 pm

    Got a macy card and never used it, credit went up…. that's my strategy

  14. Jackie Johnson
    July 26, 2021 at 1:19 pm

    I was just approved for an Old Navy card but looks like I can use it at Gap, Banana Republic and Athleta.

  15. G Room Show
    July 26, 2021 at 1:19 pm

    A other ONE, great job bro

  16. Marcus Edwards
    July 26, 2021 at 1:19 pm

    I cannot qualify for one anyways. Lol I will just stick to my discover secured card

  17. Jaime Rivera
    July 26, 2021 at 1:19 pm

    The only ones that I might be willing to apply for is for a store that I frequently visit and that has a Visa or MasterCard option. Like in my case with Best Buy, I have the card, frequently buy there and since I have the Visa card I can use it anywhere and put a bill on it just in case. Those exclusive to the store, never again, been there and I regret it 😭.

  18. Kent Peterson
    July 26, 2021 at 1:19 pm

    Sometimes it can be a good thing. For example I have a tire plus credit card. I can only use it at tire plus. This way I don't have to worry about having too much fun and maxing out in a store with tire plus credit card

  19. Frank Else
    July 26, 2021 at 1:19 pm

    I was pushed into accepting Banana Republic cc in early January because they gave me 100 dollars reduction. $ 3000 and the only inquiry on my Transunion I now regret.

  20. Wanda White
    July 26, 2021 at 1:19 pm

    Putting a small bill on each credit card is good to build credit score

  21. Wanda White
    July 26, 2021 at 1:19 pm

    Yes, stay away from store cards! Not worth the small discount

  22. YessuhJb
    July 26, 2021 at 1:19 pm

    Got my first platinum credit card from capital one cause of you now I’m manage 4 account

  23. Saul Goodman
    July 26, 2021 at 1:19 pm

    I opened a secure capital one card. And my credit score went up 86 points in 2 weeks, to 616.
    If I put another $800 on it, to bring it to the max amount. Will my credit score go up any more?
    I didn't activate it yet, so I can still fund it up to 1k.

  24. Saul Goodman
    July 26, 2021 at 1:19 pm

    Tommy is turning into a boomer.

  25. Saul Goodman
    July 26, 2021 at 1:19 pm

    Nothing wrong with store credit cards. You can get a % off the item with a card. I've seen at JC Penny and other clothing stores 40% off with their card.
    So you can save a lot of money.

    If people can't pay it off every month. That's their fault, not the credit card.

  26. Cynnoshah Johnson
    July 26, 2021 at 1:19 pm

    ❤🔥❤🔥❤🔥❤🔥❤🔥❤🔥❤

  27. James Make money
    July 26, 2021 at 1:19 pm

    Nice video

  28. Dax
    July 26, 2021 at 1:19 pm

    👤

  29. Gurenduben
    July 26, 2021 at 1:19 pm

    Only buy stuff if you can afford it twice or thrice

  30. Jordan Makes Finance Videos
    July 26, 2021 at 1:19 pm

    Good video Tommy

  31. Kazoka
    July 26, 2021 at 1:19 pm

    I don't agree when it comes to Amazon's Store card (the one that you can use anywhere). You basically get 5% off everything on Amazon. All you do is pay it off the same day you use it. If you can't afford it with your debit card, don't use the Amazon card. Simple.

  32. Outdoors Life
    July 26, 2021 at 1:19 pm

    Store credit cards can be the Gateway into the Treacherous world credit card debt. Be Careful!!

  33. Shawn Doe
    July 26, 2021 at 1:19 pm

    There’s nothing bad about store cards there beneficial in there own way someone being financially illiterate doesn’t make store cards BAD !

  34. DebtFree Dad
    July 26, 2021 at 1:19 pm

    All good information. I never had a store card. I was just dumb with regular cards. Lol

  35. Jecob Noah
    July 26, 2021 at 1:19 pm

    Bitcoin is the Future investing in it now is the wisest thing to do now especially the current rise

  36. Donovan Delgado
    July 26, 2021 at 1:19 pm

    I messaged you yesterday thank you for this video

  37. basketball IQ
    July 26, 2021 at 1:19 pm

    #smh

  38. Life of Kairo - Million Dollar Hustle
    July 26, 2021 at 1:19 pm

    Store cards make purchases too easy. They trick you into thinking you can afford stuff you actually can’t 🤕