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1.  Resist the urge to open a new credit card

Many consumers open a new credit card account at the retail checkout stand to take advantage of various introductory discount(s). Tempted by such discounts these consumers add additional credit lines that cause their credit scores to plummet. Unfortunately, until these consumers can prove over time that they can manage their new credit card properly, their credit scores take a nose dive! Both the - "credit inquiry" and the - "new account" damages their credit score for the next six months! Many consumer find they cannot buy a house, finance a car or rent an apartment. At the time their credit report application is rejected, they are told that their new credit card devastated their credit scores.


2. Avoid racking up Credit Card debt.

Avoid racking up credit card debt and pay with your ATM card or cash instead. Otherwise, bear in mind that credit card balances will adversely impact your credit score. Consumers should keep in mind as they shop this holiday season. Keep those balances under half of the limit to preserve and protect your credit scores! Additionally, consumers can avoid the ramifications of multiple maxed-out credit cards by employing their larger-limit card. Credit scores are more adversely affected by the amount of maxed out cards that appear on one's credit report vs one single maxed-out card regardless of the amount. Moreover, consumers must keep their credit card balances low to qualify for a home loan, auto loan or business loan. Avoid the headaches of excessive debt to credit limit ratios and keep those credit card balances low. 

Contact us immediately to use our "Rapid Rescore Service" to update your credit report with your new credit card balances in just 5-7 days. 

3. Watch out for Identity Theft

With all the purchasing activity during the holiday season, it's easier to fall victim to Identity Theft. It's a good idea to have a credit monitoring service and watch out for strange inquiries that are unfamiliar. If you do see strange and unfamiliar activity, call your local police department and make a report. If you need help clearing up Identity Theft issues on your credit report, give us a call. 

One Strategy that can HELP your credit scores this Christmas

1. Use your old Inactive accounts to boost your credit scores

You might not be getting any value from your old rarely used "inactive" credit card accounts. If you have an old charge card or credit card that hasn't been used in a year or more, break them out this holiday season. Using an old account can reactive and refresh the account. You will get full value of the account as if it was being used the whole time.

Did you apply for any charge cards during the the Holiday Season over the last couple of years? You may have made an application for a store chard card just to get an enticing discount on your holiday shopping. This account could still be on your credit report as an "inactive" account. All it takes is one new purchase using that old account to get full value added into your scores. not sure if you have any old inactive accounts like that? Get a copy of your credit report and check for any recently reported accounts that you know haven't been used in a year or so. 

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Copyright ©​ My Better Credit Club.

Avoid hurting your credit scores this holiday season. 

​4 tips from your credit expert

​by Jack Olson

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