Think twice before you open that store card
Store card deals can cost you.
During holiday sales, at almost every register someone will ask: "Want to save 20% today with our store card?"
If you're planning to buy a home soon, think twice. Opening new credit can lower your score for a while, and a new monthly payment can change how much a lender is willing to lend you. If you're already in the middle of buying a home, a new card can cause problems right before closing.
The same goes for closing old cards. Your oldest accounts help show a long credit history, so closing them isn't always the help it seems.
Before you open or close any credit this holiday season, ask yourself, "Will this help or hurt my home plans?" When in doubt, call your lender first.
General education only, not legal, tax or lending advice. Program rules vary; ask your lender, attorney or program office about your situation.
Next tip: Your rent history still counts