PERSONAL FINANCE
TOOLS & TIPS
3. FOCUS ON CREDIT
Key takeaways: maximize credit limit, minimize interest paid, minimize utilization
What is a good credit score?
Excellent Credit: 750+
Good Credit: 700-749
Fair Credit: 650-699
Poor Credit: 600-649
Bad Credit: below 600
Free Credit Basics Guide
General advice for people looking for a first credit card in the USA:
Since you probably have limited history, find a family member (such as a parent) who has good credit, and ask them to add you as an "authorized user" to one of their cards. You want a card that's been open for several years and has never missed a payment. Wait a couple of months for the card to appear on your credit report. Its history will help you. (There has been mixed reports of this still working, for best results make sure you have the same last name and address of the account holder.)
After the card appears on your report (could take up to 3 months), and it's showing more than 6 months of history (some banks immediately show all the history for the card, and some only show since you were added as an AU), then you can start applying again.
You can see your credit report for free at Credit Karma (not FICO), and a more official score at CreditScorecard.com (FICO). You can also order an official credit report for free once a year at annualcreditreport.com. If you are willing to pay to see all 3 FICO scores I would suggest MyFico. money
Below is a list of tools that will help you take control of your credit:
May 08, 2020
Increase Your Credit Score, Pay Off Your Debts, And Gain Better Control Of Your Finances
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Other Services That We Offer
Get great credit.
July 06, 2017
FREE
Free access to your credit scores, reports and monitoring. Can help you dispute an error on your credit report or lower your interest.
Credit Karma provides you with your credit score and report, no strings attached. It’s really free, and you don’t need to put in your credit card number or remember to cancel your free trial. Credit Karma users also get access to their TransUnion credit report in addition to credit scores from TransUnion and Equifax.
Should you use Credit Karma?
Ultimately, yes. Credit Karma is safe. And while they may use personal information to serve ads, they’re not sharing it with third parties (to my knowledge). At the end of the day, Credit Karma provides really useful insights into your credit health.
Credit Karma performs what’s known as a “soft” inquiry on your credit reports, so this will not be reflected on your reports as a credit pull or cause your score to go down in any way.
You’ll have to create an account and provide your personal information… including your social security number to verify your identity and pull your credit, but unlike other so-called “free credit score” sites there’s NO CREDIT CARD or any purchase required.
CreditKarma Reviews: MoneyUnder30, AAACreditGuide
Get credit for your phone and utility bills
June 04, 2020
FREE
Only Experian can raise your FICO® Score* instantly
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Get credit for your phone and utility bills
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Access your free Experian credit report & FICO® Score
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Includes Experian credit monitoring and alerts
Refinance your car loan.
July 06, 2017
FREE
RateGenius provides vehicle refinance services and auto, home and life insurance products from a network of top lenders and insurance providers. I used RateGenius to refinance my car in June 2017; my interest rate went from 3.74% down to 2.85% with Air Force FCU. My monthly payment decreased from $425 a month to $250 a month, although I continue to pay off $500 each month.
Best for:
Good credit applicants looking for a streamlined process to refinance an auto loan. RateGenius is a “vehicle refinance loan broker,” which means that the company does most of the work of shopping for a refinance loan for you. When you apply, rateGenius searches its network of lender partners to find you the best offer and helps you complete the loan approval process with that lender. If you qualify for a lower rate, refinancing your auto loan can save you a sizable chunk of money over the life of your loan — get an idea of how much by using our refinance calculator. According to data on the rateGenius website, refinance customers save an average of $89 per month. Because a hard credit inquiry is required to receive a pre-approved loan offer, RateGenius is best for serious shoppers who intend to get an auto refinance loan.
RateGenius Reviews: CreditKarma, NerdWallet, BBB
