108 - How To Actually Improve Your Credit Score
In this episode of the Mind Money Soul podcast, I’m going to be sharing how to improve your credit score.
At some point in your life you're going to need to borrow money and in order to do so you’ll need a good credit score. Working class people are often taught that borrowing money and consumer debt is bad - largely because of high-interest rates and the fact that it’s often used to purchase depreciating assets - however wealthy people are taught to use debt strategically. They leverage borrowing to grow their wealth, whether through business ventures, student loans, or real estate investments like mortgages.
If your credit score is low, there are steps you can take to improve it. However, it's important to remember that your credit score isn't everything. While a good score is important if you're planning to buy a house, other financial factors matter too. Remember, your self-worth is not your net worth… or your credit score. If your score is less than ideal, focus on improving it so that you're in a stronger position when you need to borrow in the future.
In this episode:
Why credit scores are important
How having a good credit score can help you
Factors that can negatively affect your credit score
6 things you can do now to improve your credit score
Resources
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