Money Monday: Ways to improve your credit score - FOX 35 News Orlando

Money Monday: Ways to improve your credit score

Posted: Updated:
(WJBK) -

With the housing market continuing to heat up in metro Detroit and used and new cars sales way up this year, it's a good time to talk about credit scores.

They are something many consumers have struggled with over the past few years. Michigan First Credit Union President & CEO Michael Poulos is a credit score expert who runs regular community seminars to educate metro Detroiters on how they can take control of their credit and save big over the long term.

Here are some examples of the consumer-focused tips:

Credit score tips

  • Even if you've had a foreclosure, bankruptcy or other serious issues debt issues, you can improve your score over time by taking the right actions.
  • Never pay someone to "fix" your score.
  • Scores are based largely on payment history (rent, bills, loans, etc.), but recent history is weighted more than 2+ years in the past.
  • Watch your loan distribution: a $15,000 car loan looks much better than $15,000 in unsecured credit card debt to credit scorers.
  • Credit availability matters: Often, it's best to cut up an unused credit card rather than canceling it, which would lowering your available credit.


Where credit scores are used

  • Applying for a mortgage or car loan: a higher score means a better (lower) loan rate
  • Getting a job
  • Renting an apartment
  • Signing up for a cellphone contract

Poulos will offer a free seminar on credit scores on Wednesday, Oct. 16. Click here to register.

  • MorningsMorningsMore>>

  • Healthy Greek yogurt recipes

    Healthy Greek yogurt recipes

    Thursday, August 21 2014 11:42 AM EDT2014-08-21 15:42:18 GMT
    These recipes come from Lisa Howard, author of the cookbook Healthier Gluten-Free.
    These recipes come from Lisa Howard, author of the cookbook Healthier Gluten-Free.
  • 7th Annual Patriot Golf Day shootout

    7th Annual Patriot Golf Day shootout

    Thursday, August 21 2014 10:36 AM EDT2014-08-21 14:36:16 GMT
    Fox 2 News Morning LogoFox 2 News Morning Logo
    The Patriot Golf Day Shootout raises funds for those who have devoted their lives to our country.
    The Patriot Golf Day Shootout raises funds for those who have devoted their lives to our country.
  • Coffee red chile braised beef short ribs from Harry's Detroit

    Coffee red chile braised beef short ribs from Harry's Detroit

    Thursday, August 21 2014 10:25 AM EDT2014-08-21 14:25:44 GMT
    This recipe for coffee red chile braised beef short ribs comes courtesy of Chef Jim Lamb at Harry's Detroit.
    This recipe for coffee red chile braised beef short ribs comes courtesy of Chef Jim Lamb at Harry's Detroit.
Powered by WorldNow

35 Skyline Drive
Lake Mary, FL 32746

Phone: (407) 644-3535
News Tips: (866) 55-FOX35

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices