Financial Focus: The impacts of credit scores

TUESDAY BEFORE DRIER CONDITIONS TRY TO MOVE IN FOR THE MIDDLE PART OF THE WEEK IN TODAY'S FINANCIAL FOCUS

WE USE THEM EVERY DAY TO PAY FOR THINGS CREDIT CARDS! BUT HOW OFTEN ARE YOU CHECKING YOUR SCORE AND WHAT DOES IT MEAN? AS OUR PARTNER AT CARLSON FINANCIAL TELLS ME KEEPING AN EYE ON YOUR CARD PRETTY IMPORTANT WHEN IT COMES TO FUTURE PURCHASES LOANS

AND EVEN LANDING A JOB SWIPING THESE LITTLE PIECES OF PLASTIC IS EASY BUT KEEPING TRACK OF WHAT THEY'RE WRACKING UP A BIT MORE CHALLENGING

30:53 "UNFORTUNATELY THEY'RE VERY IMPORTANT YOU'VE REALLY GOT TO STAY ON TOP OF THEM" 30:56 CREDIT SCORES SOMETHING CARL CARLSON CEO OF CARLSON FINANCIAL SAYS CAN IMPACT SEVERAL AREAS OF YOUR LIFE 30:58 "SO MANY PLACES ARE CHECKING CREDIT SCORES AND IF YOU'RE GOING TO BORROW MONEY IT'S REALLY IMPORTANT

IT'S GOING TO DETERMINE WHETHER OR NOT YOU EVEN GET THE LOAN AND IF YOU GET THE LOAN WHAT'S YOUR INTEREST RATE GOING TO BE ON THE LOAN" 31:10 BUT IT'S NOT JUST ABOUT BORROWING MONEY 32;03 "YOU GO TO GET INSURANCE FOR YOUR HOME, YOUR VEHICLE AND ONE OF THE THINGS THEY'RE GOING TO DO IS GO CHECK YOUR CREDIT SCORE AND IF YOU HAVE A BAD CREDIT SCORE YOUR PREMIUMS GO UP ON YOUR INSURANCE

" 32;13 AND IF YOU'RE TRYING TO LAND A NEW JOB 32:16 "MOST PEOPLE NOW, EMPLOYERS, ARE GOING TO DO A CHECK ON YOUR CREDIT SCORE AND IT MAY MEAN YOU DON'T EVEN GET THE JOB IF YOUR CREDIT SCORE IS NOT WHERE IT SHOULD BE" 32:25 SO WHAT'S A BAD CREDIT SCORE VERSUS A GOOD ONE? 31:20 "300 IS THE WORST CREDIT SCORE AND 850 IS THE BEST

" 31:22 31:25 "IF YOU GET DOWN AROUND 700 OR A LITTLE LOWER YOU'RE NO LONGER IN THAT REALLY GOOD OR EXCELLENT CATEGORY" 31:31 SO LET'S SAY YOU NEED TO REBUILD YOUR CREDIT SCORE AFTER GOING BANKRUPT 33:24 "IF YOU HAVE A BANKRUPTCY ON YOUR CREDIT SCORE THAT'S GOING TO HANG AROUND FOR 7 YEARS BEFORE IT GOES OFF, BUT THERE ARE THINGS YOU CAN BEGIN DOING RIGHT AWAY EVEN WITH THAT BANKRUPTCY ON THERE THAT CAN START IMPROVING YOUR CREDIT SCORE

" 33;37 ONE OF THE SIMPLEST THINGS STARTING PAYING YOUR CREDIT CARD BILL ON TIME AND FOR EVERYONE CHECK THAT CREDIT SCORE WHEN YOU CAN CARLSON ALSO TELLS ME NOT PAYING ON TIME CAN DROP YOUR CREDIT SCORE AS MUCH AS A HUNDRED POINTS HE ALSO SAYS NEVER CANCEL A CREDIT CARD THAT CAN BRING YOUR SCORE DOWN AS WELL FOR "FINANCIAL FOCUS" I'M CAITI BLASE

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