What you should know…about credit scores
I don’t know one person (over 21) that doesn’t care about their credit and wonder how they get their score.
With that in mind let me give you a link that can help explain that. This is well written and won’t take long to get a little better educated. I’ve seen credit scores drop over 70 points with just one late payment over 30 days on one credit card.
All of us need to exercise vigilance about paying our bills on time, being careful of tempting offers to take out another credit card, shredding certain statements and receipts before they are thrown away, and considering if you should transfer the balance on one card to another.
http://www.myfico.com/CreditEducation/ is one of many good sites. Click on this link and then click on Credit Missteps. There are other pages on this site you might find interesting but the graphic display is very helpful.
Also, if you’ve seen your score go way up or way down, please share that with me. I’m sure most of us want to know what is working well and what pitfalls to avoid and your experience might be very helpful. Send me a quick email about what happened and I’ll send out a Starbucks gift card for taking the time to do that.
I think you know how your credit score can effect the interest rate you get or the amount you can borrow on a mortgage or car loan. Share this with your teenagers and young adults as well
