Your Credit Score could affect your Christmas. - By: Mike Clover, Posted on: 2007-12-02

Your Credit Score is what retailers look at when you want that special financing to purchase something. During the holidays, a lot of department stores will offer low or 0% interest rate loans to entice the holiday shoppers. The department stores are hoping that this will increase there sales, but there is something you should know. They don't just give you the low interest rates; it's based on your credit score, and credit history. There is nothing more embarrassing when the creditor says "NO".

No one wants to hear the answer NO when it comes to Holiday Savings. If you can get 0% on any thing you purchase, that is like having money loaned to you at no cost. So you can keep that extra money in the account earning you some extra interest, instead of paying it to someone else. Remember you have so long to pay it off, usually on small purchases the bank gives you 6 months. If you don't pay of the loan in 6 months, the interest usually jumps to some ridiculous high rate. The cool thing is, if you play your cards right, and get your holiday shopping done on 0% interest loans for six months, and you currently have your money in a high interest account you will save money.

All of this comes with a credit check, and the best way to be prepared is to get a copy of your current credit report with all 3 scores. That way you are aware of your credit status. Who wants to wait in line for an extension of credit, and find out you don't have the credit score to do so. I have talked in many articles about how your credit scores can affect your life; this has been another good example. I personally don't like throwing money away on high interest to anyone, nor do I like being told NO. Be an educated consumer, and start saving today for your future. I know currently the average American has no idea what there credit score is. This is amazing to me, especially when your score is so important these days. Having bad credit is like a dark cloud hanging over your head. The good news is, you can fix it.

The conclusion to all of this is being informed. Make sure you know the status of your credit, so for now on all you hear is YES. Go out there and help the economy and start shopping with confidence. But most importantly start saving because of your good credit.

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