Steve Verrier, a local mortgage and lending expert for over 30 years sat down and explained to us how the credit card/rewards/rebate offers really do to consumer’s financial health over the course of the year. Many of us, get bombarded with stores offering lines of credit, rebates and other perks to help us save some money during our holiday shopping. Steve took some time to really explain the ins and outs of those programs and the toll they can take on your credit scores.

“What do Kohl’s Cash, Walmart rebates, Apple Cash, Lowe’s Rewards, Best Buy points, Disney points and similar offers all have in common? They all sound great at the checkout line during the holidays to get discounts on your purchases. That is, until the new year rolls around and the bills start coming in. I know how it goes, I am a consumer too. Walking into the checkout line at nearly any retail or department store during the holidays and they will ask you, ‘Would you like to apply for our card to get 10% off your purchase today? It just takes a second and you could save money’. They are persistent too” Verrier explains.

Verrier continued by explaining why these programs are not always as good as they seem. “Before you get into those shopping lines this year, I wanted to get in touch with any potential ‘New Year’ credit victims. I want to remind people how that one little merchant card might also rollback your new year goals if they include purchasing or refinancing your house. Although the drop to your FICO score might only last a few months until you establish payment history, opening a new charge account is a surefire way to decrease your credit score. Credit score pricing levels move in 20 point increments so a loss of even a handful of points might lower your pricing level and cause you to significantly pay more over the entire life of your loans!” Verrier stated.

Verrier wants shoppers to be aware of the potential ramifications that those store cards can pose to their scores. Steve Verrier is always open to talking with people about their credit health and goals. You can reach him at 904-514-8884, by email at or by visiting his website.