Credit Score Tips and Myths – Amberly Grant | MHFI 181

Doug and Amberly talk all about credit, from tips for higher credit scores to tackling common myths via a game of True/False.  Doug also discusses his own experience with foreclosure and how his credit was impacted. Doug’s distrust of banks/large institutions.  Amberly’s view of the credit system as a necessary evil. Explanation of credit scores & ranges. Tips for a higher credit score: Become an authorized user Pay your bills on time Dispute anything wrong on your credit report Pay off collections Use a secure credit card Strategically paying credit cards Ask for higher credit limits Apply for new credit cards Add to your credit mix Doug’s foreclosure experience and impacts to his credit score. Credit score game: True or False.  When buying a house you cannot shop around for loans because each time you shop you get hit negatively on your credit score. True or False.  You can’t improve your credit score if you have bad credit. True or False.  Carrying a balance on your credit card will improve your credit score. Should you close old credit cards to improve your credit score? True or False.  Churning would lower your score to a level that negatively impacts it. True or False.  0% credit cards are free interest for one whole year. True or False.  If you miss a payment on your credit card they report it to the credit bureau right away. Looking to boost your credit score?  If so, head on over to Buy Me A Coffee.  We doubt the official credit bureaus will even notice, but in our eyes you’ll have a perfect score! Links Entrepreneurship: From Mac & Cheese to Fintech | MHFI 166 (Intro to Nexus banking) Nerd Wallet tips: “How to Improve Credit Fast” Lauren & Steven, Trip of a Lifestyle Steven Keys (Trip of a Lifestyle) on The Doug Show Doug’s site Carl’s blog: 1500 Days Connect with Amberly Grant! AmberlyGrant.com FinTalks Instagram Facebook — Join the Mile High FI Club – It’s our email list! Get MHFi Merch – It helps support the show. Get t-shirts & more **Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won’t even make such a claim. You shouldn’t take the info as financial, legal, or tax advice. We aren’t certified financial planners or advisors. We’re not qualified for much. So get advice from professionals.** Brought To You By: The Doug Show, aka Affiliate Marketing & Side Hustles 1500 Days, Carl’s Blog about Early Retirement Email us here: [email protected] or [email protected] 0:00 Introduction 7:50 Thoughts on credit 12:50 Credit scoring 20:10 Tips for a higher credit score 31:22 Foreclosure & credit impacts 41:24 Credit score game 53:53 Support the show? 59:40 Soundcheck – Sushi