Credit Score Secrets Revealed
Tuesday, December 22nd, 2009
In Willy Wonka and the Chocolate Factory, the eccentric chocolatier opened the doors to his magical realm so the public could get a peak at the mysteries within. At the request of financial columnist Liz Pulliam Weston, the equally mysterious creator of the formula used to derive your credit score FICO – shared some of its secrets. While we have known what negatively impacts our scores (late payments, maxed out cards, and so on), we did not know just how much our scores would decrease for such actions now we do. Join Thomas Fox as he discusses the numerical impact of negative actions upon credit scores.
Duration : 0:5:13
Do you know what kind of credit mistakes are lowering your credit score? Common mistakes may be dragging down your credit score and you may not even know what you’re doing. Keep your credit card balance below 50 percent of your available credit. If you max out your credit cards every month you may be lowering your score. You can also get into more trouble if you run into late payments on your credit cards. Watch this Expert Real Estate Tips video for more common credit mistakes that could be lowering your credit score.