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Too many or just right? Here’s how that new credit card affects your credit

A newly embossed credit card can raise your spirits just like a decadent dessert or a sunny spring day. But is the shiny new card feeling worth the impact on your credit?

RELATED: Numbers don’t lie: 5 things to know about your FICO score

The answer depends on your spending history, borrowing goals and ability to handle spending power, according to credit experts like NerdWallet and Experian. 

Here's how a new credit card will affect your credit at every stage of the process:

That new credit card will have an immediate impact on your FICO score.

Applying for a credit card has an immediate impact on your FICO, or credit score, because the credit card issuer will check your credit report. 

This generates a "hard inquiry" that can cause your credit score to drop by a few points, according to Experian. "It's called a hard inquiry because it represents a potential new debt that doesn't yet show in the report as an account," the credit bureau noted. "That unknown debt represents possible risk." Each hard credit inquiry will stay on your report for two years, but most people regain the points within about six months of a credit card application. "But if your credit score was poor to begin with, those points might really count," NerdWallet noted.

It does matter how many cards you accumulate in short period of time.

Avoid applying for a new credit card in the three to six months before borrowing for a major purchase or mortgage. That way you can keep your score at its highest to get the best possible interest rate for the loans.

Applying for multiple credit cards in a short period of time isn't like applying for multiple home loans, because that is a situation where the credit bureaus expect you to comparison shop.

Instead, each credit card application incurs a separate "hard inquiry" and contributes to your credit-risk rating. "Several different inquires for new plastic in a short span of time will cause your credit score to drop significantly," according to NerdWallet. The blog encouraged those who have already applied for too many credit cards at once to realize their credit scores will bounce back. "Just be sure you pay on time and keep balances low and wait six months to a year before you apply for another one."

To estimate the impact of credit application scenarios without incurring hard inquiries, check out NerdWallet's free debt calculator and credit score simulator.

You may notice a dip in your score - but it could be brief.

According to Experian, when a new account opens, you may notice a dip in scores when it first appears in your credit report. "However, if you keep your balances low and make all your payments on time, your scores should rebound," the credit bureau noted.

Myths about new credit cards and your credit score

The whole topic of new credit cards and how they affect credit involves many myths, according to the Magnify Money blog. Avoid these sensible-sounding steps and use your credit cards in a way that will help build your credit score:

  • Myth: Just get prepaid or debit card instead of a credit card, since they don't impact your credit score. "There is a common misconception that carrying a credit card will ultimately lead to damaging credit card debt," Magnify Money noted. "However, for the responsible individual, a credit card offers one of the easiest ways to establish and build credit history."
  • Myth: Don't pay off your credit card on time and in full, since carrying a balance imoroves your credit. "If you're carrying a balance on your credit card and paying the minimum month-to-month because you heard you should, you aren't damaging your score nor are you improving it. But you are losing money each month in interest to your lender. Why throw away money?"
  • Myth: Only have one credit card. "Utilization" or "amounts owed" accounts for about 30 percent of your credit score and you want to keep yours as low as possible. "One way to make sure that happens is to have a number of credit cards open. That increases your total limit available, making it easier to keep your utilization low,” according to Magnify Money.

Hershey's to release 'Gold' bar

Hershey's is going for the gold, announcing its first new candy bar in more than two decades.Hershey's Gold is described as a "caramelized cream bar embedded with salty peanut and pretzel bits." The company told The Associated Press that the new offering is in response to the popularity of "crunchy multi-textured candy.”

>> Read more trending news

 

Hershey's Gold will go on sale Dec. 1.The last bar to be released by Hershey's was Cookies ’n’ Creme in 1995. 

Trump wins permission for 70 foreign workers at Mar-a-Lago

Like other Palm Beach County employers who staff their clubs with foreign workers, President Donald Trump is boosting the number of employees he’s bringing from overseas this winter.

Trump won permission to hire 70 maids, cooks and servers at the Mar-a-Lago Club for the 2017-18 tourist season, according to newly released data from the U.S. Labor Department. In 2016-17, Trump hired 64 foreign workers at the Palm Beach property.

>> Read more trending news

The trend is similar throughout Palm Beach County, Florida. Employers won permission to hire 2,159 workers for low-paying temporary gigs this winter, up from 1,844 in the 2016-17 tourist season, according to a Palm Beach Post analysis of federal data.

A strong labor market seems to confirm employers’ claims that they can’t find the workers they need. Palm Beach County’s unemployment rate fell to just 3.6 percent in September, its lowest level in a decade.

Trump isn’t alone in looking overseas for low-wage workers through the federal government’s H-2B visa program. Nationwide, thousands of employers won permission to hire nearly 134,000 workers for 2017-18, up from 119,000 for 2016-17.

However, hiring workers from abroad seems to contradict Trump’s public pronouncements. The president has publicly shamed Carrier Corp., Ford Motor and others for moving manufacturing jobs to Mexico.

During a March 2016 presidential debate, U.S. Sen. Marco Rubio criticized Trump for bringing in workers from overseas, saying American citizens could fill the jobs. Trump defended his hiring of foreign workers.

“It’s very, very hard to get people,” Trump said. “Other hotels do the exact same thing.”

Boca West Country Club remains Palm Beach County’s most prolific employer of foreign workers. It plans to hire 367 employees on H-2B visas this year, up from 351 in 2016-2017. Wages range from $10.25 to $17.64, similar to last year’s pay scale.

The Breakers in Palm Beach will hire 162 workers this year, up from 142 in 2016-17. Pay at the historic resort seems to be rising — the highest wage is $14.13 an hour this year, up from $12.74 last year.

Pay is rising at Mar-a-Lago, too. The Department of Labor gave Trump permission to hire 20 cooks at $13.34 an hour, up from 12.74 an hour in 2016-17. Mar-a-Lago also plans to hire 35 waiters and waitresses at $11.88 an hour, up from $11.13 an hour last year, and 15 housekeepers at $10.33 an hour, up from $10.17 an hour last year.

CareerSource Palm Beach County, a nonprofit job placement agency, says it knows plenty of American citizens willing to work at Mar-a-Lago.

"We currently have 5,136 qualified candidates in Palm Beach County for various hospitality positions listed in the Employ Florida state jobs database," CareerSource spokesman Tom Veenstra said Friday.

While Mar-a-Lago asks the federal government for dozens of H-2B visas every tourist season, the private club rarely asks CareerSource for help finding a local employee, Veenstra said. Mar-a-Lago in 2015 put in a request for a single banquet server.

In addition to the 70 visas at Mar-a-Lago, Trump also won permission to hire foreign workers at other properties that bear his name. He landed visas for 10 waiters and waitresses and six cooks at Trump National Golf Club in Jupiter, plus eight waiters and waitresses at Trump National Golf Club in Briarcliff Manor, New York. 

U.S. Forest Service hiring for 1,000 seasonal jobs in Washington, Oregon

The U.S. Forest Service is accepting applications for seasonal spring and summer jobs in Oregon and Washington

>> Read more trending news

Positions are available in multiple fields, including fire management, recreation, natural resources, timber, engineering, visitor services and archaeology.

“Seasonal employment with the Forest Service is a great way to give back to communities, learn new skills, and perform meaningful work,” regional forester Jim Peña said in a news release this week. “If you are interested in working with a dedicated team of people who take pride in managing our national forests, we encourage you to consider joining the Forest Service.”

Applications must be submitted online between Nov. 14 and Nov. 20. 

Search more jobs across the country with the U.S. Forest Service here.

>> Related: Delta hiring 1,000 flight attendants

Amazon launches Black Friday deals early

Feeding Americans’ insatiable appetite for exclusive deals, Amazon has decided not to keep its online shoppers waiting until Black Friday. Instead, the digital shopping juggernaut kicked off its Black Friday deals Nov. 1.

>> Read more trending news

The early launch of Black Friday is a part of Amazon’s “50 Days of Holiday Deals” campaign, which will encompass deals on toys, electronics, home goods and a variety of hottest gifts.

“Customers shop Amazon year-round for our great prices, unbelievable selection, and free shipping on over 100 million products,” Doug Herrington, Amazon’s senior vice president of North American Retail, said in a statement.

“During the holiday season, customers love to discover great deals and must-have holiday gifts for friends and family.”

Beginning Nov. 8, Prime members will also have access to Amazon Key, the new service that will allow eligible packages to be securely delivered inside their homes while they’re out and about.

Though various discounts and deals will be running between now and the official Black Friday, Amazon listed some initial deals in their release on Nov. 1.

Mall of America will be closed on Thanksgiving

Despite the enticement of massive sales from shoppers wanting to get an early jump on Black Friday, the Mall of America announced that it will again close on Thanksgiving, KARE reported.

>> Read more trending news

The 520 stores, restaurants and attractions at the Bloomington, Minnesota, mall is even taking it a step further, announcing holiday pay on Black Friday for the 1,200 people it directly employs. Mall of America decided to remain closed on Thanksgiving last year, while other malls nationwide opened on the holiday to grab early sales. 

In a letter sent to MOA employees Thursday morning, Mall of America executive vice president, Rich Hoge and senior vice president, Jill Renslow said, “After much consideration, we are happy to share that Black Friday will be treated as a ‘seventh holiday’ in our calendar year. As the busiest day in the retail industry, we believe Mall of America employees dedicating their time on Black Friday should be rewarded with holiday pay.”

The Mall of America will open at 5 a.m. on Black Friday and will hand out gift cards to the first 200 people in line; the cards will range in value from $10 to $500, KARE reported.

The holiday pay decision does not impact the employees of the 520 stores, restaurants and attractions at the Mall, KARE reported.

QuikTrip experiments with new in-store ‘beer cave’

QuikTrip is testing out its first ever "beer cave" at its convenience store in Collinsville, Oklahoma.

The test was launched a couple of months ago, but the convenience store chain wanted to launch it quietly so it could study how customers would react without much fanfare.

>> Read more trending news

Company spokesman Mike Thornbrugh told KOKI that if the experiment is successful, beer caves could be in all QT stores across the country in the next 10-15 years. Some high-point brands, Thornbrugh said, require their products to be sold refrigerated.

Thornbrugh told KOKI that liquor laws are still applicable, and people under 21 will not be allowed in at any time.

The beer cave experiment also comes at a time when Oklahoma is less than a year out from allowing convenience stores the ability to sell cold high-point beer and wine.

Company will give non-smoking employees 6 extra days off

A Japanese company will give its non-smoking employees an additional six days off to promote fairness and simultaneously acknowledge the amount of time smokers use to take smoke breaks. 

>> Read more trending news 

Piala, a marketing firm based out of Tokyo, begun offering its non-smoking employees extra paid days after an employee complained that colleagues who take breaks throughout the day to smoke often end up working less.

Piala employees told leadership their smoking coworkers generally spend about 15 minutes on each smoke break. 

Coupled with the time employees took to commute from the office’s 29th floor to the smoking area in the building’s basement, employees spend about 40 minutes each day away from their desks for smoke breaks, Piala spokesman Hirotaka Matsushima said, according to CNN

“One of our non-smoking staff put a message in the company suggestion box earlier in the year saying that smoking breaks were causing problems,” Matsushima said, according to The Telegraph. “Our CEO saw the comment and agreed, so we are giving non-smokers some extra time off to compensate.”

Piala began offering the days-off incentive in September, at which point the company employed about 120 people, of which more than three dozen were smokers. Since then, four have quit smoking, Matsushima said.

“I hope to encourage employees to quit smoking through incentives, rather than penalties or coercion,” Takao Asuka, Piala CEO, said.

“We don’t give punishment for smoking,” Matsushima said. “Instead, we offer a benefit for not smoking. Without doing anything, (nonsmokers’) vacation increases by six days.”

At least 30 people have taken advantage of the extra time, including Matsushima, who said he used the extra time to visit a hot spring resort for a couple of days with his family. Shun Shinbaba, 25, told CNN he plans to use the extra time to play tennis.

Could Krispy Kreme, Panera parent company be looking to buy Dunkin' Donuts?

Speculation that Massachusetts-based Dunkin’ Donuts could be purchased by Panera’s parent company, JAB Holding Company, sent the coffee-and-doughnut company’s stock soaring 8 percent higher this week, according to Bloomberg

>> Read more trending news 

The business publication reported Tuesday morning that Luxembourg-based JAB Holdings, which also owns Einstein Bros. Bagels, Caribou Coffee, Keurig Green Mountain, Peet’s Coffee and Krispy Kreme, could be looking to buy out Dunkin’ Brands. 

A buyout of Dunkin’ would help JAB take over even more of the coffee market not owned by Starbucks. 

>> Related: Dunkin' Donuts considers cutting ‘Donuts' from name

Bloomberg reports that Dunkin’ Brands, which includes Dunkin’ Donuts and Baskin Robbins, is valued around $8.2 billion. It would be JAB’s second priciest acquisition in the past 19 months, behind Keurig Green Mountain. 

According to Bloomberg's Gillian Tan, Dunkin’s costly upgrades to its digital ordering could be something JAB would be prepared to tackle, having already acquired Panera Bread and that chain’s lavish digital ordering system. 

>> Related: Krispy Kreme owner buys Panera Bread for $7 billion

There hasn't been any evidence of a deal, but the speculation is buzzing. 

Read more at Bloomberg.

Whole Foods hiring 6,000 workers nationwide

Looking for a job?

Whole Foods is looking to fill 6,000 jobs. 

>> Read more trending news

The grocer, recently acquired by Amazon, will host a “National Hiring Day” at all store locations across the country on Thursday.

In a press release, Whole Foods said it is looking for “passionate, food-focused candidates” to join its team.

The company will offer part- and full-time opportunities for seasonal and permanent positions. It’s looking to hire cashiers, culinary experts and prepared foods specialists. 

Job seekers can visit any Whole Foods on Thursday for an interview with the potential to be hired on the spot. Interested applicants can fill out an application in advance online or in person at store locations. 

Whole Foods offers benefits for both part- and full-time workers, as well as a 20 percent in-store discount.

Fore more information, visit www.joinwholefoods.com.

>> Related: Delta hiring 1,000 flight attendants

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