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Holiday Shopping And Your Credit Score



Credit scores can take a hit over the holidays if you put your purchases on your credit cards.  Credit utilization composes 30% of your FICO scores, which comes only 2nd to your payment history (35% of your score).

If you carry high balances on your credit cards each month, your scores are lowered because of this.  It’s best to carry no more than 10% of your credit limit on your credit cards each month for a good credit score.  You can literally experience a 50-100 point score drop if you max out your credit cards, or even worse go over the credit limit.

If you find yourself in a position where you’ve maxed out your credit cards and can only make the minimum monthly payments, it would be a good idea to investigate a new “balance transfer” credit card.

These types of credit cards will offer you O% interest for 12, 18, or 21 months.  This will allow you to pay down the debt much faster as all of your payment goes towards reducing the balance.  If you stick with your current credit card that charges high interest, you can see only a small percent of your monthly payment going to the balance and the rest goes to interest.

For more credit, financial, or mortgage tips feel free to contact me direct Jason@RapidRescoreCredit.com


Jason Hall

President and Certified Credit Expert

Direct- 949.505.9971

Mobile- 808.633.5023

Fax- 866.567.8054




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