Boost Your Credit Score - KATV - Breaking News, Weather and Razorback Sports

Boost Your Credit Score

Posted: Updated:

Its one of the most important numbers in your financial life... your credit score.  But according to new numbers from credit rating agency FICO more than 1 in four Americans have scores of 599 or lower, making them a poor risk.

That's more than 43 million Americans.  And since banks are tighter with loaning money, it could mean more people will have a tougher time financing big purchases, like homes and cars.

FICO scores go as high as 850.  599 or below is a red flag.... as banks consider borrowers in that range a risk. So, what goes into your credit score?  These numbers are from FICO:
 

  • 35% payment history.  Most important thing is paying bills on time. Late payments can stay on your credit history for years.  Bankruptcies and foreclosures show up for 7 years.
  • 30% amounts owed.  The next most important factor is how much you owe.  Basically, the bigger the balance, the lower your score.
  • 15% length of credit history.
  • 10% types of credit.
  • 10% new credit.   Don't try to get around it by opening up new cards...  because multiple credit inquiries in a short period also dings your score.

  And keep this in mind... you can't fix your credit, if you don't know what's wrong.  So take a look at your credit report for negative information, and work on the things that could make your score higher.  To get a free credit report go to AnnualCreditReport.com

  • Most Popular StoriesMost Popular StoriesMore>>

  • 20 year old Stuttgart man shot while walking his dog dies

    20 year old Stuttgart man shot while walking his dog dies

    Wednesday, July 23 2014 11:50 PM EDT2014-07-24 03:50:30 GMT
    UPDATE: 20 year old Daniel Ruffin passed away Wednesday night. STUTTGART (KATV) - Community members held a prayer vigil for Daniel Ruffin after he was shot in the chest on Tuesday night. Ruffin was walking his dog in front of his home on South Maple street just after 5 pm when he was shot. Neighbors At Wednesday's vigil Ruffin's family was warmly consoled and encouraged by neighbors.More >>
    UPDATE: 20 year old Daniel Ruffin passed away Wednesday night. STUTTGART (KATV) - Community members held a prayer vigil for Daniel Ruffin after he was shot in the chest on Tuesday night. Ruffin was walking his dog in front of his home on South Maple street just after 5 pm when he was shot. Neighbors At Wednesday's vigil Ruffin's family was warmly consoled and encouraged by neighbors. More >>
  • Lockdown lifted at Little Rock Air Force Base

    Lockdown lifted at Little Rock Air Force Base

    Wednesday, July 23 2014 5:48 PM EDT2014-07-23 21:48:11 GMT
    The lockdown at Little Rock Air Force Base has been lifted.More >>
    The lockdown at Little Rock Air Force Base has been lifted.More >>
  • FOLLOW-UP: Coroner says "pure speculation" if son would have been saved

    FOLLOW-UP: Coroner says "pure speculation" if son would have been saved

    Wednesday, July 23 2014 6:51 PM EDT2014-07-23 22:51:41 GMT
    CONWAY (KATV) – The Faulkner County Coroner said it was a lethal combination of a multitude of drugs that ultimately killed 20 year-old Joshua Ashley-Pauley – the son of the man holding a sign public shaming his son’s friends who he believes did nothing to help save his son. More >>
    CONWAY (KATV) – The Faulkner County Coroner said it was a lethal combination of a multitude of drugs that ultimately killed 20 year-old Joshua Ashley-Pauley – the son of the man holding a sign public shaming his son’s friends who he believes did nothing to help save his son. More >>