Mae is sitting with Lynnette Khalfani-Cox aka The Money Coach to talk about keeping your credit score in tact during the summer.
These are four summertime risks to your credit score.
Overspending – It’s only natural to want to indulge a bit in the summer -- vacations, summer camp, special nights out with loved ones. But when you spend a lot on your credit cards, your credit score can take a hit over the summer months while you’re enjoying the warmer weather.
Moving – The majority of Americans move/relocate between May and September when kids are out of school and it’s most convenient for families. But moving in the summer also means there’s an increased risk of thieves stealing your mail after you move. If crooks get your financial data, like bank account information, that could lead to identity theft and a lowered credit score.
Traveling – With beautiful weather and the carefree attitude of summer comes the desire to get up and travel while you don’t have to worry about getting snowed in. But being away from home for summer vacation or business travel means you might accidentally miss a loan payment, which drops your credit score.
Doing home improvements – People like to do home improvements in the summer to prepare for hosting July 4th bashes, back-yard barbecues or Labor Day parties. If you finance things like patio furniture and mega grills or you open a credit card account at a home improvement store, applying for credit generates an inquiry on your credit report, which drops your credit score.