Ep #77: How To Repair Your Credit With Cassie Price
Listen to today's episode here:
Cassie Price is a Credit Strategist and Credit Repair Expert at Wealth Generation Collective who offers the Credit Score Builders Lab Course. She can help you repair your credit and understand credit numbers like never before.
Are you looking to thrive with your finances, credit and overall lifestyle design? There is something powerful about having money and credit available to you. The reality is pulling, looking at and dealing with credit scores can be daunting for most people.
Cassie helps people realize and use tools that ultimately give them more money.
Let’s start with the basics. Credit scores.
A credit score is really an algorithm based on financial risk. It is common knowledge is there are 3 credit bureaus, Experian, Equifax and Transunion but most people don’t know about having multiple credit scores. You have an auto score, mortgage score, credit card score and they are different for every bureau. There are also are free scores from NerdWallet, Credit Karma and companies such as this. Their scores can be very different from the FICA scores. Your job is to manipulate each one to get to get the highest credit score. Over a 700, this is a perfect score and you get top tier financing.
850, Top Score
Creditors not only do they look at the number but they look at your financial habits. These habits show how you are being and how you walk into a financial matter. So how do you work all this in your favor?
FIXING YOUR CREDIT
Sometimes, making a little tweak your credit a little might mean you save $20-$100/month.
The part of the credit score you have the most control over is credit utilization. This is the percentage of your total credit available you are utilizing at that particular time. This factors in at 30% of your credit score. For example, if you have $10,000 total credit and you have $1,000 credit you have a 10% utilization. This is where you have some control, if you max out all your credit cards in one month, your credit would lower 100 points and if you pay off all your cards in another month, it would raise 100 points.
Let’s go say you are going to get a car, you want your balances to be really low for a few months prior to a major purchase. You get better items and premium financing.
I WISH MY CREDIT SCORE WERE BETTER
For most people credit scores bring an intense source of shame, no matter what their number is.
Sometimes a lower credit score is a matter of not having the credit history to change your number. For example, Cassie has a client that was in the 750 credit score range but wanted to be near 800. After a simple recommendation to call her credit card company and ask for an increase in her credit limit, this adjusted her utilization ratios and now her score is almost 800.
So what if your score is not as high as this? Pulling your credit score can be daunting for most people. This is about looking where you are at. Not looking or knowing where you are at financially comes from the horrible feeling of avoiding the reality of what is. Perhaps you don’t want to open your mail because how you makes you feel.
Don’t panic! A 500 score is not the end of the world! There will be negative information on your report - pay history, collections, maxed credit cards, liens, late payments, judgements. The good part of this is that is a lot to work with. What Cassie does is challenge everything with the bureaus. When you have negative issues on your credit report, this allows you to chip away on things you can fix and start have positive pay history.
Most people who have a 750-800 credit score have a installment payment like a car loan, student loan, or mortgage and 3-4 credit cards with a 50% credit utilization using 2-5% of it every month and paying it off monthly.
Have a rewards credit card for everyday purposes and have a cash back credit card for utility bills, cell phone bills, etc. You want to have credit lines on different networks.
This is a numbers game.
YOUR FINANCIAL FUTURE
Ultimately, you want to become the person where credit becomes important to you because welcoming more money is easier with better credit. Your future self that is powerful with money and they feel good about their credit score.
Not sure how to improve your credit score on your own? Join the free course Credit Scores Builder’s Lab. Work with a credit repair specialist like Cassie Price to challenge and dispute things on your credit score. She can show you the tools to gain positive pay history, what to adjust and what to ask for in getting your credit score where you want it.
MENTIONED IN THIS EPISODE:
- Free course that will help anyone at any stage of their credit at creditscorebuilderslab.com
- Credit repair expertise at Wealth Generation Collective.
- Save 10% on her services by typing in MANIFEST in the coupon code.
FOLLOW AND SHARE:
Subscribe in itunes | stitcher | RSS
Share what you have learned on your social media channels via Facebook or Twitter or leave a review on itunes today! I look forward to sharing the next More Money Podcast episode with you next week.