#23: How to boost your credit score

Your credit score is a very important financial number in your financial life. The higher your score, the higher your chances for qualifying for loans and credit cards at favorable terms which will save you more money. You know I have passion for finding ways to save you more money. If your credit score is not in the high 700, then you need to consider improving it. There are some quick steps you can take to see some quick bounce in your credit score, but it generally takes time to see meaningful improvement especially if your current score is in the low 400’s. I came across an interesting statistics on FICO website about credit score distribution in America: FICO Score Range Percentage of U.S. Consumers 800-850 20.7% 750-799 19% 700-749 17.1% 650-699 13.2% 600-649 10% 550-599 8.5% 500-549 6.8% 300-499 4.7% If your credit score is below 650, it is considered not good. And this episode is for you. Approximate Credit Rating FICO Score Range Exceptional 800 or above Very Good 740-799 Good 670-739 Fair 580-669 Poor Below 580 To start this process, please go to www.annualcreditreport.com. You can request a free copy of your credit report from each of three major credit reporting agencies – Equifax®, Experian®, and TransUnion® – once each year at AnnualCreditReport.com or call toll-free 1-877-322-8228. After obtaining your credit report, you will be able to review all the information on it. If you have been a victim of ID theft, you can dispute charges, otherwise, if everything is right based on what you know, it is time to improve your credit score. Here are some tips that will help you to achieve a high credit score: 1. Make sure your credit reports are accurate 2. Fix late payment 3. Automate your bills payment 4. Pay off Debt and Reduce your credit utilization rate 5. Limit credit application & don’t close unused credit card --- Send in a voice message: https://podcasters.spotify.com/pod/show/thecareerevangelist/message