PROPERTY: Top Tips for Credit Score Building - with PAVE CEO and Co-Founder Sho Sugihara

In this episode, Rob looks at how to achieve a good credit score, which makes securing the finance you need to buy property a lot cheaper and easier. To do this he speaks to Sho Sugihara who is the co-founder and CEO of PAVE. He is an award-winning app provider that empowers people to improve their current and future financial situation. Doing so by building a better credit score and managing their finances proactively.   They cover what a credit score is, the impact it has on your ability to borrow money, and how to improve yours. Sho shares examples of simple things people do that destroys their credit score. For example, maxing out their student credit card. He explains how PAVE provides its customers with ongoing, tailored guidance and support to enable them to improve their credit scores, manage their finances, and avoid expensive debt.     KEY TAKEAWAYS Typically, the higher your credit score is the easier and cheaper it will be for you to borrow money. The three major credit bureaus in the UK use different factors to determine your score. In the episode, Sho explains what those factors are. Most people are unaware of the negative long-term ramifications of simple things like missing a credit card payment. Lenders typically look at scores from all three credit bureaus, so you need a good score with them all. It is vital to understand the impact of using too much of the credit you have available to you. Maxing out credit cards can be damaging. CCJs and IBAs can easily take 200 to 300 points off your score. Even if you rent and move a lot, register to vote every single time. Be especially careful with shared bills and joint accounts. Lowering credit utilization before applying for a mortgage can save you money. Always pay on time. The PAVE app is different from other products. It is particularly helpful for people who are not typical citizens e.g., self-employed, returning ex-pats, or immigrants. PAVE only lends to people in situations that improve their credit score.   BEST MOMENTS ‘At the moment, about 15 to 20% of the adult population can end up having an insufficient credit history.’ ‘The better the credit score, the better the rate (interest).’ ‘Missing a broadband payment is one of the top three reasons someone damages their credit file.’     ABOUT THE HOST Rob Smallbone the host of The Property Nomads Podcast, is on a global mission to guide your success. Success can happen in many ways, shapes, and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?   Rob wants to make a huge difference to people around the world. He is here to guide your success in property, business, and life and to inspire you to achieve your goals, dreams, and visions. He's travelled, explored, and invested. And he's not planning on stopping these activities anytime soon.   Buckle up, sit tight, and enjoy the ride that is life.   EPISODE RESOURCES   PAVE Credit score to interest rate calculator: https://bit.ly/3MjnxYc PAVE website: https://www.paveapp.com/ Email Sho: [email protected]   BOOKS  Buy To Let: How to Get Started = https://amzn.to/3genjle   101 Top Property Tips = https://amzn.to/2NxuAQL  Property FAQs = https://amzn.to/3MWfcL4   WEBSITE www.tpnpodcast.com    SHOP   www.tpnpodcast.com/shop    SOCIAL MEDIA   Instagram - https://www.instagram.com/thepropertynomadspodcast/   Facebook - https://www.facebook.com/ThePropertyNomadsPodcast   YouTube - https://www.youtube.com/channel/UCejNnh8OEUXSrdgFDFraWxg     PODCAST   The Property Nomads Podcast:   I-Tunes = apple.co/3bHNn5G   Stitcher = bit.ly/3cFQVqe  Spotify = spoti.fi/2XaZliP                        uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast