A recent creditcards.com survey found a large majority of Americans with debt would not be willing to cut spending on leisure travel or clothing and shoes by 50%. But that could be a mistake, according to CBS News business analyst Jill Schlesinger, who joined “CBS This Morning” Friday to explain how your spending choices can impact your credit score and your ability to borrow money. First, it’s important to understand what a credit score actually is, Schlesinger said. She explained that companies like Experian, Equifax, and TransUnion compile your financial information (Do you pay your bills on time? How much credit do you have?) That information is then used to determine your credit score. “That score is basically saying to the world, ‘you are credit-worthy, or not so credit-worthy,'” Schlesinger said. Ensuring your credit score is as high as possible is critical, she added, because the figure is used when you’re buying a car, seeking insurance or a mortgage, and in some states, applying for a job. Scores run from 300 to 850, although Schlesinger said that no one has a 300. A 670 is the “magic line,” she said. “Below 670, it costs more to borrow; 670 to… Read full this story
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