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Practical Money Matters Radio Series

March 7, 2011
Is a Poor Credit Score Sabotaging Your Finances?


Your three-digit credit score has a big impact on your financial future. Find out common missteps that lower your credit score, and how to get it higher.

Transcript

Everyone has a credit score. That’s the three-digit number that tells lenders whether or not you’re a good credit risk. The higher your score, the more likely you’ll qualify for the best credit card and loan interest rates.

The most common credit scores are called FICO scores. They typically range between 300 and 850 points. Anything over 740 points is ideal; but fall below 600 and it’ll cost you.

It pays to be careful. Just one late payment can knock 60 to 110 points off your credit score. On the other hand, if you start making all your payments on time and begin to whittle away your debts, your score will start increasing right away.

Bottom line: By avoiding common credit pitfalls, you can keep your score where you want it.


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