Holiday shopping is fun (and stressful) at best but if planned well, it will not affect your credit score.
Below are some important reminders when spending during the holiday season:
Tip #1
Don't sign up for new credit unless the savings is substantial. Many stores promote 0% interest on a purchase if you sign up for their credit card. This application will result in a credit inquiry which can affect your score negatively – do not add new credit unless the savings is substantial.
Tip #2
Do not put all your purchases on one credit card – Unless you plan to pay off the balance when the payment is due, charging more than 35% of the total credit allowed, can lower your credit score significantly.
