Tip for Holiday Shopping & Your Credit Score
As you shop during the holiday season you are likely bombarded with opportunities to save 10% or more on purchases by opening credit-card accounts offered by retailers. While these deals can be enticing you might want to think twice about taking advantage of them. Why? From The Wall Street Journal:
Opening several credit lines in quick succession can lower one's credit scores, the all-important numbers used by everyone from car dealers to mortgage lenders to decide how likely you are to repay your debts.
Lower scores mean you may be charged higher interest rates on mortgages, credit cards and other kinds of borrowing. They can also affect consumers in less obvious ways. Many auto insurers, for example, use credit scores to set premium prices, and a growing number of employers factor them into hiring decisions.
Full article here (WSJ sub req).
Comments