In today's email:

• Credit - Everything you NEED to know.

• Tweet of the day: Building a Team in 2025

Credit - Everything you NEED to know.

There is so much misinformation out there on credit, and I genuinely want to help you.

Follow this guide and you will improve your credit.

This is a free comprehensive guide.

DO NOT pay for credit repaid services…I don’t care. If you have any questions after reading this then just email me [email protected]

Remember that once your credit is above 720, stop obsessing over your credit and go focus on something else.

What’s the point?

• There will be a time in life when you need to borrow money to pay for something.

• Most people borrow money (loans) for education, cars, houses, or even their daily purchases.

• To determine the amount of money a person can borrow at a certain interest rate, Lenders looking at their credit score.

• A credit score is a three-digit number, usually on a scale of 300 to 850.

• The number evaluates how likely you are to repay borrowed money and pay bills.

• A score of 720 or higher is generally considered excellent credit.

• A score between 690 and 719 is considered good credit.

• Scores between 630 and 689 are fair credit.

• And scores of 629 or below are poor credit.

In addition to your credit score, factors like your income and other debts may play a role in creditors' decisions about whether to approve your application.

What impacts credit score?

1. Paying bills and payments on time. Late payments will impact score negatively.

2. Credit utilization is basically an indicator of how much of your credit limit you are using. It is best practice to keep utilization less than 30%…the lower the better.

   

Other factors that are weighted LESS (still important though):

1. How long you had your credit. The longer the credit and the higher average of accounts is better.

2. Have more than one type of credit (car loans, student loans, mortgage, credit card). Different types of credit are also called “lines of credit.”

3. Credit inquiries, when credit companies do an inquiry on your credit report your score may go down.

Credit card APR %?

Annual percentage Rate (APR) is used for the bank to get their interest on the money they let you borrow. Remember the unpaid balances from loans and monthly credit card statements always has to be paid back with interest. Since the rate is annual, here is an example to calculate your monthly interest:

Remember that your bill will be the total of your remaining balance and the interest for that month, your total balance plus that $19.80 of interest.

RULE OF THUMB: Carry a balance, and you’ll pay interest. If you pay card in fully every month, no need to worry about interest.

Where to find credit score?

• Most credit card phone applications let you look at the FICO score

• Also check on Equifax, Experian, TransUnion

How to Build Credit Fast and Easy

1. First it takes years, to get really good credit score. It never happens FAST.

2. Check your credit: https://www.annualcreditreport.com/index.action

3. Open credit card to establish credit early. Any credit card works, just choose one you see yourself keeping long-term.

4. DO NOT miss any monthly payments (DO NOT just pay minimum monthly payment, pay entire bill if you can)

   1. To build score it is best to use the card for a small subscription and setup automatic payments.

   2. Also use it for everyday or big purchases, BUT be sure to payoff at end of the month.

5. Attain other types of credit (car loans, secured loan, student loans, mortgage, credit card)

6. Keep utilization under 30%

   1. If struggling to keep utilization low, reach out to credit companies and see if you can increase your limit.

7. Consistency. Follow the steps above and your score will increase and you can open more lines of credit.

Tweet of the day: Building a Team in 2025

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