how to maintain good credit in holiday season

5 Tips Help You Maintain Good Credit in Holiday Season

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To help consumers manage their credit and spending during a season of heavy spending, TransUnion suggests five strategies shoppers can follow to help maintain good credit standing in holiday season:

  • Know your rate and what you owe. With Black Friday and Cyber Monday rapidly approaching, you may be looking for a way to stretch your buying power. But overspending may hurt your credit. So before you start shopping, know the interest rates on your credit cards, as well as what you already own.
  • Monitor your credit reports regularly. Maintain good credit in holiday season is tough because you are too lazy to monitor it. Inaccuracies can lower your credit score as well as indicate identity fraud, so watch for anything you know is incorrect or unfamiliar even in holiday season. Consider a credit monitoring service like TransUnion’s, which can you track any fluctuations in your score.
  • Understand the impact of new accounts. If you’re going to open new retail accounts to get a discount on shopping, be aware that this may cause your credit score to suffer a short-term dip.
  • Pay Highest Rates First. Pay off balances with the highest interest rates first. Don’t pay more in interest than you have to.
  • Minimize interest. If you can, pay more than the minimum each month, otherwise, interest will grow on the remainder of your credit card balance. Try to negotiate your interest rate. In this economic climate, card issuers are anxious to retain consumers who use credit responsibly.


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