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Judy Hudek's Blog

By Judy Hudek | Agent in Scottsdale, AZ

Credit Score Secrets

Did you know that the very tempting offer at the checkout counter could be detrimental to your credit score?  You’ve gotten those offers, “Open an account at our store and save 25% on your purchase today.”  You think, and the cashier will often say, “Why would you pass that up?”

Well – here’s the reason.  That new inquiry into your credit report may yield you a new card that will probably be close to maxed out on your very first charge.  Both of those things will be a ‘hit’ to your FICO credit score.  So pass on the deal and maintain your credit worthiness.  That will more than pay off when you obtain a lower mortgage interest on your next home purchase!

Another important point is not carry an abundance of store cards.  Often their interest rates are high and the FICO model does not favor these types of credit cards.

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