Tompor (The Detroit Free Press): What you should know about your credit score

[Omaha Steve]

http://www.omaha.com/money/tompor-what-you-should-know-about-your-credit-score/article_d0c5db3c-0184-5d70-b0aa-7f1746e14aa2.html

POSTED: MONDAY, SEPTEMBER 28, 2015 1:00 AM
By Susan Tompor / The Detroit Free Press

What you don’t know can hurt your credit score.

As much as people talk about credit scores on TV commercials, many consumers are in the dark about what drives down a credit score and drives up the cost of getting a car loan, taking out a mortgage or paying for big-ticket items with a credit card.

It’s not a small point — especially for young consumers who are just taking out loans and opening credit cards. It’s simply not good enough just to pay bills on time or just to make the minimum payment if you want a strong credit score.

Consumers under age 30 are showing a renewed appetite for credit cards, according to a report by TransUnion. New accounts and users of credit have been key drivers of growth for much of this year, it said.

FULL story at link.

[Orrex]

1. Credit ratings are only slightly less reliable than phrenology

They are far from the objective and inviolable measurement that they purport to be, and they should be rejected utterly in any matters pertaining to employment or finance.