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.
Monday, June 17 2013 8:03 AM EDT2013-06-17 12:03:25 GMT
We all get excited about leaving town and going on vacation, so we tend to tell everyone about it. But, a word of caution before spreading the good news.
We all get excited about leaving town and going on vacation, so we tend to tell everyone about it. But, a word of caution before spreading the good news.
Monday, June 17 2013 7:13 AM EDT2013-06-17 11:13:04 GMT
Pomegranate juice has been sold as a real 'cure-all' over the last couple of years. But in a decision made this month, the FTC has ordered at least one manufacturer to back off on its strong health claims.
Pomegranate juice has been sold as a real 'cure-all' over the last couple of years. But in a decision made this month, the Federal Trade Commission has ordered at least one manufacturer to back off some pretty strong health claims.
Friday, June 14 2013 8:56 AM EDT2013-06-14 12:56:09 GMT
Retailers got the go-ahead to pass along some extra charges to you, but not without some rules attached. You might not have noticed them just yet, but you should be on the lookout.
Retailers got the go-ahead to pass along some extra charges to you, but not without some rules attached. You might not have noticed them just yet, but you should be on the lookout.
Thursday, June 13 2013 3:29 PM EDT2013-06-13 19:29:22 GMT
A man once hailed as a military hero was arrested on Wednesday. Former Holly Springs Police Officer Shane Ladner is accused of tricking people into thinking that he received a Purple Heart for being wounded in battle.
A man once hailed as a military hero was arrested on Wednesday. Former Holly Springs Police Officer Shane Ladner is accused of tricking people into thinking that he received a Purple Heart for being wounded in battle.
Wednesday, June 12 2013 11:36 PM EDT2013-06-13 03:36:50 GMT
Tonight at 10, FOX 5 I-Team reporter Randy Travis shows how long it took a local sheriff to finally arrest a repeat horse abuser – even after state inspectors had spent years trying to stop the abuse!
Tonight at 10, FOX 5 I-Team reporter Randy Travis shows how long it took a local sheriff to finally arrest a repeat horse abuser – even after state inspectors had spent years trying to stop the abuse!
Wednesday, June 12 2013 9:07 AM EDT2013-06-12 13:07:42 GMT
You may have noticed – or, at least heard – that mortgage rates are starting to inch up again. The I-Team's Dana Fowle is here to help you understand what this change means for home buyers right now.
You may have noticed – or, at least heard – that mortgage rates are starting to inch up again. The I-Team's Dana Fowle is here to help you understand what this change means for home buyers right now.
Wednesday, June 12 2013 6:59 AM EDT2013-06-12 10:59:03 GMT
The Better Business Bureau always takes a look back at the previous year, and compiles its top 10 scams list.
The Better Business Bureau always takes a look back at the previous year, and compiles its top 10 scams list. According to the I-Team, the list are schemes that have been around as long as the BBB, 100 years. The only thing different is the technology.
Monday, June 17 2013 12:05 AM EDT2013-06-17 04:05:45 GMT
The loyalty cards on customer's key chains may be going out of fashion making way for the loyalty apps. There is a new one that has hit Atlanta called Front Flip.
The loyalty cards on customer's key chains may be going out of fashion making way for the loyalty apps. There is a new one that has hit Atlanta called Front Flip.
Friday, June 14 2013 8:56 AM EDT2013-06-14 12:56:09 GMT
Retailers got the go-ahead to pass along some extra charges to you, but not without some rules attached. You might not have noticed them just yet, but you should be on the lookout.
Retailers got the go-ahead to pass along some extra charges to you, but not without some rules attached. You might not have noticed them just yet, but you should be on the lookout.
Thursday, June 13 2013 7:16 AM EDT2013-06-13 11:16:10 GMT
You might think saving the environment has to cost a lot of money. But, Good Day Atlanta's Tacoma Perry found way to go green and save green at the same time.
You might think saving the environment has to cost a lot of money. But, Good Day Atlanta's Tacoma Perry found way to go green and save green at the same time.
Wednesday, June 12 2013 10:07 AM EDT2013-06-12 14:07:03 GMT
Earlier this year, FOX's Steve Noviello brought you some of the coolest new gadgets around from the Consumer Electronics Show. So which ones made the cut?
Earlier this year, FOX's Steve Noviello brought you some of the coolest new gadgets around from the Consumer Electronics Show. So which ones made the cut? He joined Good Day to tell us which ones are hitting store shelves near you.
Tuesday, June 11 2013 8:03 AM EDT2013-06-11 12:03:28 GMT
According to The Brookings Institute, Atlanta's suburbs are the most impoverished areas in the country, but one agency continues to be the place where families can find help.
According to The Brookings Institute, Atlanta's suburbs are the most impoverished areas in the country, but one agency continues to be the place where families can find help.
Monday, June 10 2013 8:26 AM EDT2013-06-10 12:26:08 GMT
Many teens act like their smart phones are a permanent attachment to their bodies, but there are ways parents can cut costs and keep an eye on their teens' data usage over the summer. During summer break,
Many teens act like their smart phones are a permanent attachment to their bodies, but there are ways parents can cut costs and keep an eye on their teens' data usage over the summer. During summer break,
