Today with high interest rates and reduced credit limits, monitoring your credit score is vitally important. Your credit score fluctuates frequently. With every major purchase you make, every line of credit you apply for, it impacts your overall score.
Anyone who has heard me speak at various events and conferences likely already know my story ? how my passion and motivation to educate others about managing their finances really started and ignited after my son, Philip, went to Arizona State University and found himself in debt with credit card companies.
Today, Philip joins me on the show to share how he improved his credit score and what he did that may help you benefit and learn from his experiences. He shares his insight and tips on the five key areas that impact your credit score and explains the difference between “Good Credit,” “Okay Credit,” and “Bad Credit,” and what you can do to start improving your credit score.
“Having different types of credit is actually beneficial to your credit score.” ? Phillip Lechter
On This Week’s Episode:
- Phillip shares the 5 key areas that impact your credit score the most.
- He explains the difference between good credit, bad credit, and “okay” credit.
- We talk about the impact that frequent credit checks can have on your overall score.
- He explains the different types of credit and why it is good to have different types of credit.
- Phillip explains how having no credit or no debt can negatively impact your credit score.
- We discuss why it’s important to request your credit report yearly and how it can help you monitor or avoid identity theft.
The 5 Primary Areas That Impact Your Credit Score:
- Payment History
- Amount Owed
- Credit History
- Types of Credit
- New Credit
The Takeaway:
- While we can’t necessarily always control what happens with the credit reporting agencies, it’s important to understand how these five elements impact your credit score.
- Being responsible and owning your credit is a critical component to getting and having what you want.
Help Others Take Care of Their Money, Their Business, & Their Life!
Thanks for joining us on this episode of Your Money, Your Business, Your Life podcast! If you found the information, tips, and interviews shared in this episode valuable and helpful to managing your money, your business, and your life, please check us out on iTunes, leave a review, and share our show with your friends and colleagues!
Our mission is to educate entrepreneurs, investors, professionals, and families on ways to reduce the stress and frustration revolving around finances, learn what it takes to make more money in less time, and shatter the financial glass ceiling holding them back from financial freedom.
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