A good credit score is more than a dating app flex.
How a high score can help you get ahead and how to boost yours
If you’ve ever been on a dating app, you’ve probably seen some guy flexing about his credit score. While that screen grab showing his FICO foxiness might not impress you, a good credit score WILL impress lenders and open doors. So, how exactly does a good credit score help you get ahead and more importantly, what can you do to boost it?
I’m sure you know that a high credit score is a good thing, but specifically, your credit score shows that you are responsible with debt and are a lower risk to lenders. It means the debt you take on is reasonable in proportion to your income and that you pay it off as agreed. This leads to benefits like:
Lower interest rates
Faster credit approval
Lower auto insurance
Higher credit limits
Lower / no deposit on things like utilities
Access to credit cards with better rewards (hello, cash back and airline miles!)
Room to negotiate things like closing costs and interest rates on mortgage loans
Faster and easier approvals for rental properties
Your credit score is typically updated once a month. Keep in mind that those that report to the credit bureaus (your credit card company, bank or other lenders) may not report on the same day of the month, so things will fluctuate a bit throughout the month. If you do something drastic like pay off a mortgage balance or take on a new one, those large changes may take longer to show up.
Looking to up your score? Let’s start with the basics:
Establish a baseline by getting your credit report and making sure it doesn’t have any incorrect information on it. You should be doing this once a year. Get yours here!
Pay on time, balance in full when possible, but definitely the minimum.
Keep your oldest credit card open, even if you don’t use it. A longer credit history contributes to a higher credit score.
Use Experian Boost to get credit for things like your cell phone, utilities and rent that don’t automatically get reported to the credit bureaus. It’s free, and when I signed up mine jumped 15 points immediately. You can also use this service to find and cancel subscriptions you aren’t using, find the best insurance rate and explore credit card and loan options. Get Boost here!
Check your score periodically to watch for progress. Your credit card app likely has this feature so you can find it easily. FYI, your score may vary slightly from card to card.
Improving your credit score may feel overwhelming, but every small step adds up to meaningful progress. Your financial past doesn’t have to define your future. Be patient, be consistent and focus on a growth mindset for a more stable financial situation.
Debt getting out of hand and you need some advice on how to deal? Listen to our podcast with debt negotiator Marie Megge Listen here!