Keeping up with your credit score - FOX 10 News | myfoxphoenix.com

FOX 5 I-Team investigates

Keeping up with your credit score

Posted: Updated:
ATLANTA -

Identity theft and data breaches could impact your credit score. But what really goes into making up your credit score?

There are many factors that play into that credit score. So here's what you should be doing to keep that number up.  

A credit score compilation of credit accounts and the history that goes with them. There is a complicated mathematical formula that boils down your finances to a single number. With that in mind, let's list the top five things that go into giving you a good or a bad number.

Number 1: Your payment history.  It's 35 percent of your score. You pay on time you get a higher score.

Number 2: 30 percent of your credit score is the amount of debt you carry.  Do you max out on your credit cards? Let's say you have a $5000 limit, your credit will do better if you keep that balance lower rather than higher.

Number 3: The length of your credit history is 15 percent of your score. How long you've had a credit history on record?

Number 4: Ten percent of the score is based on your type of accounts. A major credit card is going to look a whole lot better than a payday loan.

Number 5: 10 percent of your score is inquiries. The more companies you have poking into your credit rating the more dings it will get. So, think through signing up for that department store card if you will be using your credit score to get some kind of a loan in the near future.

Remember to ask for a free copy of your credit report once a year from all three big credit reporting agencies.  It pays to stay on top of it so that if something on there is wrong, you can fix it sooner rather than later. A higher credit score puts you in a better position to get lower interest rates on loans or credit cards.

Links to credit agencies:

www.experian.com

www.equifax.com

www.transunion.com

  • I-Team Story ArchiveMore>>

  • Fox 5 I-Team

    Cheap vs. Frugal

    Cheap vs. Frugal

    Wednesday, April 23 2014 9:15 AM EDT2014-04-23 13:15:25 GMT
    There is nothing wrong with saving a buck, but can you cross the line? There is a difference between being cheap and being frugal.
    There is nothing wrong with saving a buck, but can you cross the line? There is a difference between being cheap and being frugal.
  • Fox 5 I-Team

    Save on Vacation

    Save on Vacation

    Monday, April 21 2014 9:56 AM EDT2014-04-21 13:56:05 GMT
    Thinking about vacation is a lot of fun. Thinking about what it'll cost you is not so fun. Here are some ideas for cutting costs.
    Thinking about vacation is a lot of fun. Thinking about what it'll cost you is not so fun. Here are some ideas for cutting costs.
  • Get Financially Fit: A Step-By-Step Plan

    Get Financially Fit: A Step-By-Step Plan

    Monday, April 14 2014 9:15 AM EDT2014-04-14 13:15:13 GMT
    April is Financial Literacy Month, so it's time to think about getting financially fit.  Let's start with two questions. Do you know how much you spend each month?  How much of your check should you save?
    April is Financial Literacy Month, so it's time to think about getting financially fit.  Let's start with two questions:  Do you know how much you spend each month?  How much of your check should you save?
  • Contact the FOX 5 I-Team

    * denotes required fields

    We're sorry, but only one entry is allowed per person.
    Thank you for your continued interest.

    Thanks for contacting FOX 5.  To reach our newsroom by phone, please call (404) 898-0100.

Powered by WorldNow

KSAZ-TV & KUTP
511 W. Adams St.
Phoenix, AZ 85003

Phone: (602) 257-1234
Fax: (602) 262-0177

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices