More on Credit Scores: Be Careful Where You Shop
My blog post this morning offered tips on how to raise your credit score at a time when card companies are cutting limits and raising the bar for new customers.
I just came across a related story on CreditCards.com. The author writes about how credit card issuers are increasingly studying people’s purchasing patterns for signs of risk. For instance, if you use your credit card at merchants specializing in secondhand items or marriage counseling, your card company could assume you are experiencing financial distress and increase your rate or reduce your limit. That would then lower your score.
Other purchases might be considered signs that you are financially stable and raise your credit score, the author writes.
The article includes a really cool interactive graphic that helps you figure out how certain purchases would affect your score. Click here to check it out.
Posted by: rubytuesday | June 15, 2009 1:24 PM | Report abuse
The comments to this entry are closed.