5 fantasy baseball tips to improve credit
If someone is looking to trade his or her best player to you, you'll think about why it might be too good to be true. Likewise, saving 15 percent off on a day's purchase just for applying for a retail credit card has its own set of caveats.
Winning strategy: Just as you might sleep on a trade offer before you hand off a player, think twice before signing up for new credit accounts. "Don't apply for other credit in the three- to six-month period before you're going to apply for a car loan or a mortgage," says Sweet. That's because if your recent credit history includes opening or applying for new lines of credit, it can cause your score to take a hit. And the lower the score, the higher the interest rate will be on that loan you're seeking, she says.
"As a general statement, opening up multiple new accounts ... is interpreted as increasing risk, and the score might be impacted," says Barrett Burns, president and CEO of VantageScore Solutions.