What do Santa Claus, the Easter Bunny and carrying-a-balance-on-your-credit-card-to-improve-your-FICO-score all have in common? Hint: fewer people believe in Santa and the loveable furball that fills up Easter baskets. I’m sure you’ve guessed by now that all three are myths but that doesn’t stop a lot of folks from believing in them. Your credit score is one of the most important factors of your financial life. Banks use it to decide whether to give you a credit card or loan. Unfortunately, many consumers have bought into a lie that carrying a credit card balance improves their FICO score which couldn’t be farther from the truth. Steve Moore and Rob West detail the factors that impact your credit score. On this edition of MoneyWise Live, what really affects your credit rating.
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