How Shopping Until You Drop Can Destroy Your Credit Score

NEW YORK (MainStreet) -- Holiday shopping can wreak havoc on the credit scores of consumers, even the highly disciplined ones who budget for their purchases.

During the next month, it is easy for consumers to go over their limit, spend over their credit line or miss one payment, which can all lower your credit score and impact it severely.

One mistake shoppers make is giving into the retailer’s ploy of getting a consumer to open a new credit card so they can save 10% on their purchases that day. Instead of reaping the rewards, future lenders see another inquiry on your credit report, said Gail Cunningham, spokesperson for the National Foundation for Credit Counseling, the Washington, D.C.-based non-profit.

Continue Reading on MainStreet

More from Personal Finance

Are Starter Homes Still Worth It?

Are Starter Homes Still Worth It?

How to Wire Money Safely, Affordably and Quickly

How to Wire Money Safely, Affordably and Quickly

Should You Take a Mini-Retirement?

Should You Take a Mini-Retirement?

The Most Expensive Places for Families to live in the U.S.

The Most Expensive Places for Families to live in the U.S.

Best Ways to Save for Retirement - Even When You're Living Paycheck to Paycheck

Best Ways to Save for Retirement - Even When You're Living Paycheck to Paycheck