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Here Is How To Save Your Credit Score Through The Holidays So You Can Buy A Home In The Spring
The holidays may seem far off, but when the possibility of securing a home in the spring is on the line, the time to plan is now.
There isn’t much time before the malls get flooded with busy holiday shoppers. And for the yearlong planners. The shopping season probably started a long time ago. The importance of making sure shoppers don’t destroy their credit score right before the busiest home-buying season.
Credit cards are the main area where consumers hurt their credit score during the holidays.
Here are some suggestions for consumers:
First and foremost, if you apply for a new credit card or higher spending limits on existing cards for the holiday season, the card issuers will probably request your credit score from one or more of the national credit reporting agencies. The same is true if a new car is on your shopping list or if you choose to open a store credit card. Just as they would at any other time of the year, those score inquiries from lenders can cause a dip in your credit score.
The shopping-season strategy here is twofold: You want to maximize your credit score before applying for this holiday-related credit, and you want to avoid having these holiday loans lower your score in advance of any major borrowing you may be planning in the early months of the year.
Steve Humphries, Broker & Co-Owner of EXIT Realty Champions, has been in the real estate business since 2004. Collaborating in business and life with his wife and fellow broker, Deirdre Lucey-Humphrie....
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