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Welcome to NerdWallet’s SmartMoney podcast, the place we reply your real-world cash questions — in 15 minutes or much less.
This week’s query is from James in Oakland. He says, “Hey, Nerds, I do know it’s essential to have good credit score, and I lastly bought my credit score rating into the mid-700s. What occurs subsequent?” We talked with Liz Weston, a NerdWallet columnist and authorized monetary planner, to assist James out.
Know what a superb credit score rating is. Relying on the scoring mannequin, any rating above 720 to 760 is great.
A superb credit score rating means large financial savings. As Liz factors out in her e book “Your Credit score Rating,” a superb credit score rating can result in lifetime financial savings of $250,000 on issues like decrease rates of interest and extra reasonably priced cellular phone promotions in comparison with somebody with a decrease credit score rating.
Work to keep up your rating. When you get a excessive rating, you’ll be able to stick with it by making all funds on time and utilizing lower than 30% of your credit score limits. Defend your rating by checking your credit score frequently.
See what powers your credit score
Verify your credit score rating without spending a dime and study what elements matter most. Your information updates each week so you’ll be able to monitor your progress.
Extra about your credit score rating on NerdWallet
When is your credit score rating excessive sufficient?
Does checking my credit score rating decrease it?
Credit score rating up? Tips on how to construct your credit score smarts too
The advantages of fine credit score
Have a cash query? Textual content or name us at 901-730-6373. Or you’ll be able to e mail us at email@example.com. To listen to earlier episodes, return to the podcast homepage.