Determining Credit Score

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A credit score is the most important tool that an American consumer or business person can maintain, and these scores are set by major credit reporting agencies. Learn about paying bills on time and avoiding maxing out credit cards with help from a registered financial consultant in this free video on money management and personal finance.

Part of the Video Series: Money Management
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Video Transcript

This is financial adviser, Patrick Munro, talking about determine credit score. A credit score is the most important tool that an American consumer or business person can maintain. A credit score of course is where the credit reporting agencies, there are three of them, Transunion, Experian and most notable the GMAC credit line of credit reporting as well and it is important that you look at the situation of credit scores relative to how you pay your bills. Make sure you always pay your bills on time. Also make sure that you don't over extend your credit line. In other words max out your credit cards. That is a negative. Also believe it or not keep your job history as long as possible and try not to move around too many things in your financial life. In other words develop longevity and consistency in your financial dealings. What this will do is create a sense of permanency and the credit reporting agencies will look favorably upon that so this is very important when you are developing a credit score. This is Patrick Munro, financial adviser talking about credit scores.

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