Page 34 - increase your credit score

The Holidays Lead to Overspending

Between the barrage of Black Friday ads, the allure of Amazon’s Cyber Monday and
the countless store-credit offers you’ll get when you’re out shopping at your favorite

department stores, you’re going to be tempted to spend more than you want.

More spending leads to higher utilization, which leads to lower credit scores.

Counter this by creating a budget with four columns: the recipient, the gift, the price and
the store/website. This will control most of your spending and it will make the holidays far

less stressful.

The Holidays Lead to Risky Shopping

Experian told us that 44% of shoppers would risk going to a shady website in order to get a
good deal on a Christmas gift.

Shopping on shady websites could lead to identity theft, which puts you in jeopardy of

having unauthorized and/or delinquent accounts on your credit history.

If you think the site you’re shopping on is a little off, trust your instinct. Fake or scam
websites usually have fake social sharing buttons, an “As Seen On” section touting major

news networks and a weird web address.

The Holidays Lead to Store Credit Cards

If you’ve ever shopped at a major department store like Macy’s, Kohl’s or Best Buy, then
you know that cashiers love pitching store credit cards to you. They reel you in with

promises of instant approval and instant savings.

The cards have high interest rates and benefits that only help you when you shop at their

www.highya.com Page 34