DEBRA JONES-PRICE: Your credit score and you
News from Muncie Star Press:

What is my credit score and why should I care? That is a question you see more and more on television and hear more and more from people around you. It used to be common for people not to know their credit score or even care what it was. That has changed dramatically. To even rent an apartment or get car insurance you may need to know what your credit score is and you need to care.

Though I can’t give you the exact formula, because the credit bureaus do not release it, the bulk of a credit score is calculated by looking at five main factors: payment history, outstanding debt, credit account history, recent inquiries and types of credit.

Let’s look at each of these individually.

• Payment history. A good record of on-time payments will boost your score. Conversely, late payments will hurt your score.

• Outstanding debt. High balances in relation to your credit limits will harm your credit. Aim for balances under 35 percent of the cre…………… continues on Muncie Star Press

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