Spring cleaning for your credit status - FOX 26 News | MyFoxHouston

Spring cleaning for your credit status

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(from financial coach Charlotte Stallings)

We're one week into spring and many of us are doing the annual spring cleaning, but don't forget your finances. A good place to start is reviewing your credit report and score, that's important because a recent survey revealed that 55 percent of consumers have not checked their credit in the past 12 months.

Why is it important to understand your credit history?

• Impacts ability to rent, buy, get jobs, etc.

• Credit score used for lending decisions

• The riskier you appear can cost you

What are top misconceptions about credit

• Score drops if you check credit

• Closing old accounts is good

• Paid off negative records are removed

• Doing nothing will fix it

What factors affect your credit score?

• Payment history (35%)

• Current amounts owed (30%)

• Length of credit (15%)

• New applications (10%)

• Credit mix (10%)

• visit www.creditkarma.com or www.myfico.com 

How can we improve our credit?

• Pay bills on time

• Keep balances low

• Only apply for credit you need

• Make sure credit report is accurate


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