You know those 'deals' that stores such as Express, Best Buy, and Victoria's Secret have where you can get whatever amount off of your first purchase, or special financing if you sign up for and are approved for their brand of credit card? Don't fall for it.

These cards have such low requirements (they give them away to just about everybody) that it can actually hurt your credit score if you have too many of them. One or two might be alright, but as a general rule I tell everyone to just avoid them. It's not worth any potential hassle in order to save an extra five dollars.

Now, just to elaborate on this, I am not talking bout co-branded credit cards such as the Amazon Visa card or the Costco American Express card. These cards are backed by a well-known bank and have almost the same application criteria as the rest of the credit cards. As a general rule most of the 'bad' store credit cards can only be used at the store that they are branded with.

Oh, and while you're at it, stay away from 401K debit cards, cards with any kind of maintenance fee, and that payment protection program that every card issuer tries to get you to sign up for.