Understanding The Difference Between A Soft And Hard Credit PullThere are five parts that the Fair Isaac Corporation uses to comprise of your FICO credit score.

If you want the best credit score possible, you concentrate on these five components: your credit history, the length of your credit history, the amount of debt you have, the different types of credit you have borrowed, and finally how many inquiries into your credit report have been made recently. 90% of top lenders use FICO® Scores.

There are two types of inquiries or pulls into your credit report, either a soft credit pull or a hard credit pull.

What Is A Hard Credit Pull?

 

A hard credit pull or hard credit inquiry is when a bank or lender pulls your credit report and credit score to determine whether or not you meet the requirements for them to lend you money.

A hard credit pull will reduce your credit score slightly. According to the Fair Isaac Corporation which runs and manages the FICO Credit Score, the one true credit score that over 90% of lenders use and rely on, new credit accounts for approximately 10% of the calculation of your total FICO credit score. Monitor your FICO Score

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Why You Need to Start a Holiday Gift Savings Fund Right NowLast year, Americans racked up an average of $986 on their credit cards during the holiday season according to a poll conducted by MagnifyMoney. There are better ways of giving a holiday gift than charging it on a credit card that you will be paying off well into the spring.

It’s only September, but the holiday season will be here quicker than you think. Rather than racking up as much as $986 in debt on holiday spending, you can be proactive by starting to save now for the holiday gift giving season. It typically takes people up to five months to pay off credit card debt that they’ve racked up during the holiday gift giving season.

According to a @magnify_money poll, Americans with added an average of $986 holiday debt last year.Click To Tweet

Here are a few tips to help you grow a holiday gift savings fund now!

How to Start a Holiday Gift Savings Fund

Make a List Like Santa

Just like Santa Claus, you should make a list of everyone you want to give a holiday gift to this year. And, stick to it! Make a list of people you’re giving gifts to this year.

You will have to draw a hard line on who will receive gifts from you and who will not. You may want to start setting expectations now with friends and family. Tell them that you’re cutting down this year on your gift giving, but you’re upping your Christmas card list.

Know Your Christmas Budget

How much did you spend on holiday gifts last year? Were you close to the average of $986 we talked about above?

How many people does that number equate to? 10? 20? If you have a list of people and a budget for holiday gifts that you want to stick to, it can greatly help you to stay on plan and not deviate.
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