Barry’s Blog: Your Credit Score

Have been all over the place the last week. Currently, a 30 year fixed is around 5.25% (although rates can change up and down based on credit scores and equity in the home).

Did’ja Know?
Fortunately (at least for me) your SAT scores don’t follow you around for life. However, your credit scores do. Here are some important things to know regarding scores:

1. They range from 350 (you’re probably dead) to 850. Anything over 740 is considered excellent.

2. Your payment history and amount owed make up 65% of your score. To keep your scores high make sure to pay your bills on time and try to keep credit card balances low. If you have one card with a 10k limit and you are using all 10k, it’s better for your score to transfer half of that balance to another card. When you have capped any limit on any line of credit, it lowers your scores.

3. My mother-in-law is coming to visit in a week and she drives me insane! If she once – even once – tells me what I’m doing wrong with my kids I am going to kick her out of the house. This has nothing to do with credit scores, but I feel better now. Thanks for letting me vent.

4. Do not close any unused credit cards! This looks like you are not being granted credit. Its okay to close the little department store cards, but you should have 3-4 MasterCard/Visa cards open.

Congratulations to all of you last week who guessed it was Sharon Stone’s birthday. Let’s try one more in the acting category. Email me who you think this is, and if you are correct I will give you a mystery prize valued at $5.00. Who am I: I turned 58 today and I’ve been acting my whole life. I played Jungle Boy on an episode of Gilligan’s Island. I auditioned for the role of Hans Solo in Star Wars but lost out to Harrison Ford. I played minor league baseball in the 70s before an injury forced me to concentrate on acting. I provided the voice of Elvis Presley in Forrest Gump. My longtime girlfriend is a famous actress and so is my daughter.


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