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THEY ARE A LONG WAYS AWAY FROM
HAVING A PERMANENT SOLUTION,
FRANK.
NATALIE, THANK YOU.
YOUR CREDIT SCORE PLAYS A
ROLE IN MANY THINGS FROM BUYING
A HOME TO STUDENT LOANS.
IT ALSO PLAYS A ROLE IN CAR
INSURANCE.
SO HOW IS YOUR CREDIT SCORE
DETERMINED?
GOOD QUESTION.
JOHN LOOKED INTO THIS.
HE JOINS US RIGHT NOW.
WE TALK ABOUT CREDIT SCORES
AS OFTEN PEOPLE DON'T THINK
ABOUT UNTIL THEY NEED IT BUT
WHAT YOU DO IN YOUR DAY-TO-DAY
LIFE CAN HAVE A BIG IMPACT ON
YOUR SCORE.
WHAT IS A GOOD CREDIT SCORE.
I THINK SOMETHING ABOVE 759
MAYBE.
A CREDIT SCORE CAN DROP VERY
QUICKLY.
IT'S MUCH HARDER TO BUILD IT
UP.
WHAT WILL THEY SEE.
HOPE IT'S GOOD.
IT REGISTERS THROUGH CREDIT
BUREAUs.
I THINK IT'S 823.
ABOUT.
850 IS THE HIGHEST SCORE YOU
CAN GET.
TO DETERMINE HOW RISKY IT WOULD
BE TO GIVE YOU A LOAN, SO
NATURALLY MAKING TIMELY
PAYMENTS IS A MUST.
CREDIT CARDS, BILLS.
MISSING PAYMENTS ON STUDENT
LOANS, CAR LOANS, MORTGAGES AND
CREDIT CARDS CAN MAKE ALL THE
DIFFERENCE.
OVEREXTENDING YOURSELF.
A LATE PAYMENT OR TWO COULD
DROP YOUR SCORE BY MORE THAN
100 POINTS.
A CONSUMER MYTH IS THAT
CHECKING YOUR CREDIT SCORE
ONLINE WILL DROP IT.
BUT IT WON'T.
IT'S THE SAME IF YOU ARE
CHECKING FOR CAR INSURANCE
PURPOSES.
YOUR CREDIT SCORE IS
AFFECTED WHEN YOU INQUIRE ABOUT
A LENDING OPPORTUNITY.
WHEN YOU DO THAT YOU CAN LOSE
BETWEEN 3 AND 15 POINTS.
THE WORST THING YOU CAN DO TO
YOUR SCORE IS DECLARE
BANKRUPTCY.
ONE-THIRD OF ALL AMERICANS HAVE
A CREDIT SCORE OF 620 WHICH IS
LOWER THAN THE HOME MORTGAGE,
WE'RE DOING PRETTY GOOD HERE.
IT IS VERY COMPLEX.
THANK YOU, JOHN.