Ask Alexis

This is a rush transcript from "On the Record ," April 9, 2009. This copy may not be in its final form and may be updated.

MEGYN KELLY, FOX NEWS GUEST HOST: In the meantime, it is time for you to go "On the Record." Alexis Glick, Fox Business Network's Vice President of business news is with me here on set. I had to twist her arm to stay up late. I was complaining because I had to stay up late because I do a show at 9:00, and then she came in and made me feel bad because her show is even earlier than mine. So no more complaining from me.

ALEXIS GLICK, VICE PRESIDENT OF FOX BUSINESS NEWS: This is so exciting that you and I get to spend time together at night.

KELLY: It's unprecedented.

GLICK: It is.

KELLY: Before I let you go, I'm going to ask what time you are setting your alarm in the morning, so stay tuned for that.

She will take your questions first about the economic crisis and how it relates to you, real people. Earlier today we took to the streets of New York to find what is on the mind of regular folks. They did not disappoint.


UNIDENTIFIED FEMALE: When do you think we will start seeing some light at the end of this tunnel? And which sect of the economy do you think will rebound first?


GLICK: Wow. That couldn't be a more pressing question given what happened in today's market, because we have had a rally off of our lows north of 20 percent. It has been a terrific rally.

And where you would start to see the light at the end of the tunnel are some of the things that this administration is suggesting will be very important to turning the economy around, things like infrastructure rebuilding, green technology, a lot of emphasis on research and development.

The two areas that are really been largely unscathed so far have been the healthcare industry and then that green tech, solar power movement that has been going on in the country. So they will continue to be successful.

But we are not out of the waters as far as the economy and the markets and --

KELLY: I hear you. You are not mentioning banking and housing.

GLICK: Yes. I mean, this isn't like -- we have more bumps in the road.

KELLY: But speaking of housing, here's question number two.


UNIDENTIFIED FEMALE: I am currently renting my home, and I want to buy a home. My credit has suffered due to the economy. What tips to you have so I can improve my credit so I can get a mortgage?


GLICK: Here the most essential thing is your FICO score, because that is one of the things that they look at.


GLICK: Exactly. It basically measures how well you are about paying your bills, how large your credit lines are. So the key thing is you have to pay your bills on time. Do not be late, because any level of delinquency shows up on your credit scores.

Also, you have to be careful about -- if you have a line, let's say it's $5,000, and you use $3,000 or $4,000 of that line, that can work against you, because every time that credit card company that you are borrowing from does a check on you as well, it adds up to what could be a longer-term negative credit score.

KELLY: Keep your balances low.

GLICK: So be very careful, keep your balances low. Don't have too many credit cards. You do not want to have credit cards at Target and at Wal-Mart. Stick to maybe one Visa card, maybe one American Express card. Keep it really simple and pay everything on time. That is the biggest killer.

And you can find out your credit score. You can go online and get information once a year. There are three different unions that you can find it out from. And that's a good idea to learn more about your credit.

KELLY: I want get a question about college education, which has been on the mind of a lot parent this time a year. Take a listen.


UNIDENTIFIED MALE: I am a high school student looking to get into college. And I would like to know how Obama's stimulus plan will help me get student loans.


GLICK: Student loans are a big topic of concern right now, particularly since a lot of publicly-funded universities are losing some of their funding because there are budget deficits in almost every state across the country.

KELLY: We heard a report that they are taking more and more students who can pay full fair and maybe less who can't.

GLICK: It's scary. And it's actually going to get worse.

Here's the good news, though. They are increasing the size of the Pell Grant. It is going from about $4,700 up to $5,500. Those are for families who really, really need it.

It won't go into effect until July of next year. It's still an issue for the budget.

But the Stafford loan is there. There's talk of increasing the size of the Perkins loan. And just so you're aware, like the Stafford loan, something I got in college as well.

KELLY: I remember that. Is it still around?

GLICK: Yes. I paid for it for a long time. But it's up to $31,000 for four years. And they are trying to make the Perkins loan right now, which is a maximum of $20,000, they are trying to bring that up to $31,000 for four years. So they are trying to incentivize by federal government aid ways to get it.

KELLY: Before I let you go, it's 10:37 here on the east. What time are you setting your alarm for your morning show?

GLICK: Well, you know, I will probably be up around 4:00 or 4:30.

KELLY: It's going off at 4:00 or 4:30?

GLICK: Yes. I am getting used to getting like five hours of sleep.

KELLY: I am setting mine for 5:00, so you have it worse than me. Officially, Jessica, no more complaining from me. I know I would love to.

GLICK: But you look great this time of night. I am so impressed.

KELLY: Thanks to the geniuses back there at hair and makeup.

GLICK: That's right. Good for them.

KELLY: Thank you, lady.

GLICK: Good seeing you.

KELLY: Very informational. We appreciate it.

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