What You Don't Know About Your Credit Score Could Hurt You with Phillip Lechter

Power Player Network

Today with high interest rates and reduced credit limits, monitoring your credit score is vitally important. Your credit score fluctuates frequently. With every major purchase you make, every line of credit you apply for, it impacts your overall score. Anyone who has heard me speak at various events and conferences likely already know my story – how my passion and motivation to educate others about managing their finances really started and ignited after my son, Philip, went to Arizona State University and found himself in debt with credit card companies. Today, Philip joins me on the show to share how he improved his credit score and what he did that may help you benefit and learn from his experiences. He shares his insight and tips on the five key areas that impact your credit score and explains the difference between “Good Credit,” “Okay Credit,” and “Bad Credit,” and what you can do to start improving your credit score. On This Week’s Episode: Phillip shares the 5 key areas that impact your credit score the most.He explains the difference between good credit, bad credit, and “okay” credit.We talk about the impact that frequent credit checks can have on your overall score.He explains the different types of credit and why it is good to have different types of credit.Phillip explains how having no credit or no debt can negatively impact your credit score.We discuss why it’s important to request your credit report yearly and how it can help you monitor or avoid identity theft. The 5 Primary Areas That Impact Your Credit Score: Payment HistoryAmount OwedCredit HistoryTypes of CreditNew Credit