FARNOOSH: What makes up a good credit score?
We’re putting New Yorkers to the test. FARNOOSH: True or False – the more money
I make, the higher my score. New Yorker 1: False. New Yorker 2: Generally true, I would think. New Yorker 3: False. New Yorker 4: False. FARNOOSH: Good, good answer. False is correct. FARNOOSH: Which of the following does not
impact your score – is it your age, your payment history, your overdue debt or none of the above? New Yorker 5: I’m going to guess none of
the above. New Yorker 6: A! New Yorker 7: None of the above. Or is it
the first one? FARNOOSH:It’s A New Yorker 7: It’s A, just your age. FARNOOSH: Here’s a refresh – credit scores
run between 300 and 850. A good score, one that will help you score the lowest interest rates on credit
cards and loans, is in the 700’s or higher. Not there yet? Follow these steps. 1 – pay all your bills
on time, payment history is 35% of your FICO score. 2 – knock down your debt, pay more than the minimum
on all your card balances. Finally, avoid applying for numerous credit cards at the same time, this
could spark a hard inquiry by a lender or creditor on your credit profile which can be a drag on your
score. For Chase Slate, I’m Farnoosh Tarabi.