Wealth Academy Podcast - Episode #79 - Make Your Credit Score Soar In 2021

Many people get a job work hard and make purchases on a multitude
of products and services. over the years. In order to purchase
big-ticket items such as a house or vehicle, one primarily
purchases these items on credit by getting a mortgage and or a
vehicle loan. 


It behooves you to set a goal to work towards a high credit
score, one that positions you to get lower interest rates on
products and services purchased on credit and or on a credit
card. I'm providing ten tips to consider to help your credit
score soar in 2021, here we go:
Stay on top of your credit, pay close attention to it because
it fluctuates according to the type of credit you have and the
balances you have on your credit card and it has a direct impact on
your creditworthiness. You can get a free credit report annually
from Annualcreditreport.com, it won't have your scores but it will
 reflect your purchasing history. A low credit score is 580
and below and a high credit score is 800 and above.Pay your bills
on time each month. Sounds simple but we're human and unless we're
monitoring our credit on a regular interval, it could bite you on
your score if you're not paying attention. Do this consistently and
you will have good credit.Establish credit even if you've made
mistakes. It's important to establish credit and if you don't it
will be hard to get it without a history of applying for and
getting a loan. Start out with a retail credit card and build from
there, however, allow the card to mature and over time it will help
you establish a good history.Open a secured card if you don't
qualify for a regular card. For example, if you don't have a credit
card, put some cash into a refundable account and it represents a
line of credit and over time, you will be granted a credit card
without having to deposit money into an account.If you happen to
have a credit card, request an increase on the limit. This will
increase your credit score because it will decrease your credit
utilization ratio, and ensure you keep the percentage of credit
number below 30% which is an industry-standard.Prioritize credit
card debt over loans. Your credit utilization ratio is determined
by your lines of credit. Paying off credit cards saves you money
because credit cards have a higher interest rate than a personal
loan.Keep your old accounts open and use your credit on them
periodically, credit scoring rewards you for this.Be selective in
applying for new credit because it represents a hard inquiry. Too
many inquiries will result in a lower credit score over time.A debt
consolidation loan can be a good thing because you will only have
one bill to pay and the interest rate is typically lower.Keep your
credit score in perspective, it represents one aspect of your
overall credit history, and look at it from a big picture
perspective.  Don't obsess over your score, simply keep an eye
on it every now and then.

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Host- Paul Lawrence Vann


Email info@paulvannspeaks.com


Phone (800) 341-6719