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Shopper's Market: Double-Edged Discount
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Description
Will applying for store cards hurt your credit score?
- Duration 1:51
- Date Dec 9, 2011
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Transcript
This transcript is automatically generated
Four years of hard times of left consumers' hard wired for discounts.
Even during the holiday.
And retailers are obliging by promoting coupons.
Free shipping and one -- sale.
They're also offering discounts for signing up for store credit card.
That this might not be the best present to your credit score John old -- the president of consumer education.
For Smart credit dot com fifteen to 20% is the standard discount if you open a credit card the problem as it looks at unsophisticated way of applying for credit.
And applied for credit cards is one of the fastest ways to lower your credit score and that's something you don't wanna enter 2012 well.
Alzheimer's as -- act of applying for a store credit card alone can hurt your credit for.
And then if the account is a prelude.
The new account going on the credit reports can also lower the score so really you're you're really healing herself twice in a lot a lot of people have the strategy while just open it take a discount and -- closing never use it again the problem is is that the damage has already been done you cannot -- -- -- it.
Simply by closing the card another reason alzheimer's as to avoid store cards.
It if you plan on taking a loan out any time again when you apply for -- new store credit card that's holiday season.
-- And so if you think you're gonna apply for anything at all during 2012.
It's in your best interest to forego any sort of discount you're gonna get because you've opened -- card.
And just leave it alone alzheimer's says if you do you choose to charge something used a credit card that's already in your wallet.
And picked the one with the lowest interest rate in New York Brenda Buttner Fox News.
