Strategies for Improving Your Credit
Have you ever wondered just how your credit score is calculated, and what tips and tricks might exist to quickly improve it? In this episode we break it down and give you the number one most important strategy for improving your credit, along with several others.
In this episode:
Some context around good credit versus bad credit in real life [1:00]
The tale of two twins and different credit scores [6:30]
Definition of credit and how it’s calculated [11:00]
How credit card companies make money [17:00]
How to use your credit card statement as a tool [20:30]
How the cost of money can vary dramatically [24:00]
To a credit card company you are just a number [25:00]
How to not miss a credit card payment [28:30]
What happens when your late payment is reported to credit agencies [31:30]
Strategies for establishing good credit and getting more available credit [33:00]
Why store cards don’t help your credit [37:30]
Understanding the different types of credit [41:00]
Length and credit history and why they matter [43:30]
How new credit dings your score [46:00]
The number one most important thing banks look at [49:00]
How to play the game and win [52:00]
Trust is number one [56:30]
Resources:
Value Penguin/LendingTree.com. Average Auto Loan Interest Rates: 2019 Facts & Figures