We Make Money Easy Episode 11 – Credit Scores

Phil and Andre talk about what credit scores mean for you.

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Show Notes:

A credit score can be anywhere from 300-850. It’s an easy way for a lender to tell how good of a borrower you will be.

Below 600 credit score is bad, 600-700 is not great, 700-800 is average, and above 800 is great. Don’t worry about getting a perfect score, there are diminishing returns above 800.

Bankruptcies, collections, and judgements have a huge negative impact on your credit score, and often you have to just wait for them to drop off.

Having no credit history will also give you a poor credit score, you should have at least one credit card, use it and pay it off to start to build your credit.

Check your credit report yearly to make sure it’s accurate.

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