Skip to site content
The Show

Your Credit (A Powerful Purchasing Force or Kryptonite), Money-Guy Podcast 6-29-2006

Your Credit (A Powerful Purchasing Force if used correctly or the Kryptonite of American consumers if used unwisely)
Superman Returns came out this week and I felt it was appropriate to incorporate the comic book feel to my title.

Being Serious Credit is truly powerful:

If used correctly it can help make your life much easier including

  • Buying or refinancing real estate
  • Earn you rewards for everyday purchased through credit cards
  • Lower your Insurance Rates (in case you did not know most insurers are now using your credit rating to help them evaluate you as a property and casualty insurance client

If used poorly it can lead to years of dark days including:
Trouble setting up utilities, mobile phone service, and insurance
Higher rates on your home mortgage and auto loans
Evil rates and fees associated with your credit cards with limited rewards and benefits.

Let’s talk about the Average American and Average Credit Statistics from FairIssaac
Your credit behavior directly impacts your credit score aka FICO score. You have three FICO scores, one for each of the three credit bureaus Experian, TransUnion, and Equifax
The median FICO score is 723
A top tier FICO score is between 760-850
700-759 is the next level of FICO scores
Below 700 and you need to get serious about your credit
What makes up your FICO score?
How Does Rate Shopping Impact your score?
Improving your FICO score
Payment History: 35%
Amounts Owed: 30%
Length of Credit History: 15%
New Credit: 10%
Types of Credit in Use: 10%

Enjoy the Show?

Categories

Where You Can Watch and Listen:

Subscribe on these platforms or wherever you listen to podcasts for new episodes every Friday, live streams every Tuesday at 10am CT, and new highlight clips throughout the week.

Related Content

Free Resources

Financial Order of Operations®: Maximize Your Army of Dollar Bills!

Here are the 9 steps you’ve been waiting for Building wealth is simple when you know what to do and…

View Resource

Wealth Multiplier By Age

How much to save every month to become a millionaire.

View Resource

Car Buying Checklist

Here’s how to buy a dependable car that won’t break the bank.

View Resource

Articles

Exclusive Sneak Peek of Millionaire Mission by Brian Preston

, ,

Read More

The Wait is Over…

, ,

Read More

Can This Annuity DESTROY Your Retirement?

, ,

Read More

Financial FAQs

Courses & Tools

How about more sense and more money?

Check for blindspots and shift into the financial fast-lane. Join a community of like minded Financial Mutants as we accelerate our wealth building process and have fun while doing it.

https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-book.png

Millionaire Mission (Brian’s Book)

Buy Now
https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-math.png

Know Your Number Course

Buy Now
https://moneyguy.com/wp-content/uploads/2023/10/accent-icon-pencil.png

The Money Guy Net Worth Tool

Buy Now

Recent Episodes

It's like finding some change in the couch cushions.

Watch or listen every week to learn and apply financial strategies to grow your wealth and live your best life.

LIVE ASK WifeWorkLonger

Should I Make My Wife Work Longer?

Watch Now
FULL HowToBecomeAMillionaire B

How to Become a Millionaire By Age (2024 Edition)

Watch Now
Laid off

I Just Got Laid Off! What Now?

Watch Now