Mile High FI Podcast

Credit Score Tips and Myths - Amberly Grant | MHFI 181

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Doug and Amberly talk all about credit, from tips for higher credit scores to tackling common myths via a game of True/False.  Doug also discusses his own experience with foreclosure and how his credit was impacted.
  • Doug’s distrust of banks/large institutions.  Amberly’s view of the credit system as a necessary evil.
  • Explanation of credit scores & ranges.
  • Tips for a higher credit score:
    • Become an authorized user
    • Pay your bills on time
    • Dispute anything wrong on your credit report
    • Pay off collections
    • Use a secure credit card
    • Strategically paying credit cards
    • Ask for higher credit limits
    • Apply for new credit cards
    • Add to your credit mix
    • Doug’s foreclosure experience and impacts to his credit score.
    • Credit score game:
      • True or False.  When buying a house you cannot shop around for loans because each time you shop you get hit negatively on your credit score.
      • True or False.  You can’t improve your credit score if you have bad credit.
      • True or False.  Carrying a balance on your credit card will improve your credit score.
      • Should you close old credit cards to improve your credit score?
      • True or False.  Churning would lower your score to a level that negatively impacts it.
      • True or False.  0% credit cards are free interest for one whole year.
      • True or False.  If you miss a payment on your credit card they report it to the credit bureau right away.
        • Looking to boost your credit score?  If so, head on over to Buy Me A Coffee.  We doubt the official credit bureaus will even notice, but in our eyes you'll have a perfect score!
        Links
        • Entrepreneurship: From Mac & Cheese to Fintech | MHFI 166 (Intro to Nexus banking)
        • Nerd Wallet tips: “How to Improve Credit Fast”
        • Lauren & Steven, Trip of a Lifestyle
        • Steven Keys (Trip of a Lifestyle) on The Doug Show
        • Doug’s site
        • Carl’s blog: 1500 Days
          • Connect with Amberly Grant!
          • AmberlyGrant.com
          • FinTalks
          • Instagram
          • Facebook
            • --
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            **Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won't even make such a claim. You shouldn't take the info as financial, legal, or tax advice. We aren't certified financial planners or advisors. We're not qualified for much. So get advice from professionals.**
            Brought To You By:
            The Doug Show, aka Affiliate Marketing & Side Hustles
            1500 Days, Carl's Blog about Early Retirement
            Email us here: [email protected] or [email protected]
            0:00 Introduction
            7:50 Thoughts on credit
            12:50 Credit scoring
            20:10 Tips for a higher credit score
            31:22 Foreclosure & credit impacts
            41:24 Credit score game
            53:53 Support the show?
            59:40 Soundcheck - Sushi
            ...more
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            Mile High FI PodcastBy Doug Cunnington & Carl Jensen
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