Ep. 191 - How to Build & Keep Good Credit | The Truth About Your Credit Score…

Have you ever wondered why your Credit Karma score differs from what lenders see? In this eye-opening episode, we unpack the mysteries of credit scores with an industry expert. Learn the real factors that make up your credit score, why medical collections are treated differently, and how to navigate the often confusing world of credit reports. We debunk common myths about credit inquiries and reveal the surprising impact of closing old credit cards. Discover the "1-2-3 credit matrix" for optimal scores and find out why adding your teenager as an authorized user could jumpstart their financial future. Whether you're aiming to boost your score or maintain your excellent credit, this episode provides actionable information to help you make informed decisions about your financial health.

[00:00] - Introduction and importance of credit reports

[01:00] - Defining credit terms and types of credit

[03:00] - Components that make up your credit score

[07:00] - Credit utilization and its impact on your score

[11:37] - The "1-2-3 model" for optimal credit

[15:00] - How to build credit history early

[19:00] - Understanding credit score models and variations

[25:00] - Impact of credit inquiries on your score

[30:00] - Medical collections and recent rule changes

[35:00] - Maintaining a good credit score

[40:39] - Interview with Tracy King Donadio

[45:00] - Differences between consumer-facing and lender credit reports

[52:00] - Discussion on potential credit reforms

[58:00] - Recent changes in how medical collections are treated

[01:04:00] - How to negotiate with collection agencies

[01:05:59] - Warning about credit repair companies

[01:10:00] - Closing segment

Credit Resources:

https://bit.ly/WY1MCredit

https://bit.ly/creditimprove

Contact Tracey:

https://www.linkedin.com/in/tracey-king-danadio-/

https://www.facebook.com/tracey.kingdanadio

https://www.instagram.com/takingdanadio

Key Quote:
“If you have a credit card, you want to stay below 30 percent debt utilization"
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