Mortgage and Lending with FHA, VA, Jumbo, Downpayment Assistance, Conv. NMLS #276329

5 Actions that can hurt your credit score during the Holiday Season!

With the holiday season comes lots of spending on gifts, decorating, entertaining, and vacationing.  Overspending can also hurt your credit and your ability to get a mortgage. Are you hoping to buy a home in the New Year?

Don’t let your holiday habits put you in a position that might hinder your goals of “Home Ownership”.  Here are five things you will want to avoid this Christmas season:

1.   Opening new credit cards

When you check out, the cashier suggest that you open a store credit card to save 10%.  If you are looking to purchase a home, forget that 10% for now.  It is more important for you to keep your credit score high than it is to receive the that 10%.

2.  Maxing your current cards out

Putting a lot of charges on your credit cards during the Holiday could change your credit score.  Lenders tend to look at your debt to income ratio.  The higher the ratio – result in a lower credit score.  Pay for your Christmas purchases in cash or consider layaway options prior to the Christmas Season.

3.  Failing (or forgetting) to make payments

Forgeting to make a payment is not an option.  Spending money on gifts doesn’t mean you can skip a bill to cover the payment. Making late payments – or forgetting to make payments at all – result in a lower credit score.

4.  Transfer Balances

During this time of year, credit card companies want you to transfer a balance from one credit card to another.  This is done in an effort to gain a zero interest or low interest rate for a specific period of time.  Do not be lured into this.  To many inquires on your credit – result in a lower credit score.

5.  Know your limit on Holiday Spending

Be careful with your holiday spending this Season – especially if you would like to purchase a home in the next year. Leave a reserve of funds for after the Holiday Season.




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Arunanithi Arul
Carries Hughes specializes in AZ Mortgage Loan

This is really helpful information to retain Our Credit Score. 


Mortgage Lender in Peoria, Arizona

Dec 11, 2017 03:24 AM #1
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