Q. I was recently turned down for several loans. Will this affect my credit report?

A. Loan denials don't show up on your credit report. However, when and how often you apply for loans could affect your credit score.

When applying for credit, the lender requests a copy of your credit report. This is known as an inquiry. Multiple inquiries can lower your credit score, especially if you have a short credit history, so you want to minimize the number you accrue.

Luckily, inquiries for car or home loans filed within 30 days are considered part of a "rate shopping" period, and have no effect when calculating your score. Similarly, older inquiries are grouped by category into 14- to 45-day "rate shopping" periods, which appear as only one inquiry.

So when applying for a loan, submit all of your applications within a short period of time.

Q. I got my first job waiting tables at a local restaurant. What can do to help rack up big tips?

A. In any service industry, it's best to be polite and fast. Telling jokes or trying to be charming might work with some customers, but others (particularly current and former servers) will see through this charade. Instead, keep these points in mind:

• Introduce yourself by name, smile and always repeat orders back to the customer.
• Bring out food quickly and be available for any request.
• Refill a drink or take away a plate before customers have to ask.
• Peak dining shifts, such as lunch and dinner, can be hectic, but more customers equal more tips.

Customers will notice if you do your job to the best of your ability. Hard work and attention to detail will not only help you earn tips, but will also make you a desirable employee in any future career.

Editor's Note:

When answering your questions, brass consults with experienced professionals from a wide spectrum of industries. We utilize their expertise to give you the answers you need, but it’s always wise to seek additional opinions from other professionals.

Sources:

myfico.com; cornell.edu