So did you hear the one about the guy whose credit score was so bad that he got a credit card offer in the mail that was pre-declined? Your finances shouldn’t be a laughing matter. Host, Kingdom Advisors President Rob West, helps us get serious about a very important number that affects our money. 
<ul><li>Credit scores have a direct impact on what you’ll pay in interest on a mortgage, credit cards and other loans, and possibly whether you get credit at all—banks and other lenders use this three-digit credit score to make those determinations. Also, your credit score can affect how much you pay for auto insurance, whether you’ll be able to rent an apartment, and even whether you get hired for a job.</li><li>Your bank or credit card issuer provides a free credit score check. Log in to your bank or credit card account, then, in many cases, you can get your credit score with just a few clicks.</li><li>You may see several different credit scores depending on which company you use. FICO is probably the most common, although other companies are entering that space. Your FICO score can range from 300 to 850 and anything below 600 means you’ll have difficulty getting credit. 740 to 800 is considered “very good.” Anything above 800 means you are a rare individual, indeed. Unfortunately, a perfect 850 won’t earn you extra “brownie points” with lenders.</li><li>The very best thing you can do to improve your credit score is to simply pay your bills on time, in full, every month. That makes up what’s called your payment history—35% of your score. If you can’t pay the full balance, make sure you pay at least the minimum each month; but extra is always better.</li><li>We mentioned how your credit score is drawn from your credit report. You can also get a free credit report from each of the reporting bureaus once a year at <a href="http://AnnualCreditReport.com">AnnualCreditReport.com</a>.</li></ul>On this program we also answer your questions:
<ul><li>Should we more quickly pay off our house or instead save for retirement?</li><li>What are your thoughts on reverse mortgages?</li><li>I just paid off my house. I’d like to offer encouragement as to how I did that!</li><li>I have a lot of credit card debt. What do you think about taking out a personal loan to pay off this debt.</li></ul>Ask your questions at (800) 525-7000 or email them at <a href="mailto:questions@moneywise.org">questions@moneywise.org</a>. Visit our website at <a href="http://moneywise.org/">moneywise.org</a> where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

FaithFi

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

Faith & Finance with Rob West

Your finances shouldn’t be a laughing matter. Host, Kingdom Advisors President Rob West, helps us get serious about a very important number that affects our money.

Check Your Credit Score for Free

FaithFi | May 8, 2020

Show Notes

Where Faith Meets Finance

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