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The pandemic has been disruptive economically to many people, to say the least! Jobs have been lost, income has been scaled back, and as we come out of all this, people are looking to rebuild and get a fresh start financially. Part of this is rebuilding their credit.
But there are those out there who will be hampered from the start because of all the misinformation and misconceptions out there about credit and how it works. That’s why in this episode of the podcast I wanted to bust those myths and give some accurate information on how to get back on your feet with, eventually, a 700+ FICO score.
In this episode you will learn:
- Why carrying a balance can hurt, not help, your score
- How to get your credit reports (and scores) for free
- How canceling a credit card can hurt your score
- Why a higher income doesn’t mean a higher score
- How to get a new credit card without hurting (and maybe even helping) your score
Links & Resources
- Common Credit Score Myths (CNN)
- Does Carrying a Balance Help Your Credit Score? (NerdWallet)
- Annual Credit Report (877-322-8228)
- Getting Your Credit Scores from Banks (InvestoPedia)
- Will Closing a Credit Card Hurt Your Credit? (Experian)
- Will a New Credit Card Hurt Your Credit Score? (NerdWallet)
- Does My Spouse's Bad Credit Affect Mine? (Consumer Finance Protection Bureau)
- Does Income Affect Credit Scores? (Experian)
- How Does Cosigning Affect Your Credit? (Experian)
If you enjoyed this episode, you might also like:
- Episode 5: Tips on Cleaning Up Your Credit Reports
- Episode 27: Building and Maintaining Good Credit
- Episode 39: Knowing Whom to Turn to For Credit Help
- Episode 73: Understanding How Credit and Credit Scores Work
Podcast Reviews
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