FICO offering free credit building workshop on Saturday in southeast Houston
HOUSTON - Is inflation causing you to fall behind on credit card or loan payments? FICO is holding a free credit workshop this Saturday to help consumers improve their credit scores.
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Federal Reserve data shows U.S. credit card debt has reached an all-time high of $930 billion. The delinquency rate increased to more than 5%, with young Americans, ages 18 to 29, having a 76% higher delinquency rate than anyone else.
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FICO is the credit score most lenders use when you're applying for things like credit cards, auto loans, or a mortgage.
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FICO is holding a Score A Better Future free credit score workshop on Saturday at BakerRipley at 4410 Navigation Blvd, Houston, from 11:00 a.m. to 1:30 p.m., where FICO staff will offer education sessions to debunk credit score myths and show you how to build your score. Attendees will get free access to their FICO score and credit report.
"Many consumers don’t understand their FICO score is used by a lender not only to determine if they’re going to grant credit or not, but they’re often included as an important component in the interest rates that they set," explained Tom Quinn, FICO Vice President of Scores.
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Credit Counselors, including from the non-profit Money Management International, will offer free one-on-one credit counseling at the event to help attendees improve their credit scores and reach their financial goals.
FICO says the top tips to improve scores are to pay bills on time, apply for credit only when needed, and maintain a low credit utilization ratio, aiming for 30% to 10%.
"One of the things you’re looking for is how much credit you have available to you, and a ratio of what you’re using to available credit. The higher that ratio, the more impactful it is on the score," said Quinn.
FICO urges attendees to pre-register for the event here.
Consumers can usually view their credit scores through their bank or credit card company websites, and get a free copy of their credit report through AnnualCreditReport.com