All the Hacks with Chris Hutchins Digital Wallet Security and Credit Score Myth Debunking with NerdWallet's Smart Money
May 18, 2024
Join Sean Pyles, the savvy host of NerdWallet's Smart Money podcast, and Sara Rathner, a travel and credit cards expert, as they tackle digital wallet security and credit score myths. They share essential tips for safeguarding your digital wallet, emphasizing the use of phone security features and understanding privacy policies. Discover the truth behind common credit score misconceptions, like the small balance equals good score myth, and how checking your score can actually empower your financial decisions!
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Avoid Carrying Small Balances
- Pay off credit card balances in full each month to avoid interest and improve credit utilization.
- Having a small balance does not improve your credit score.
Regularly Check Your Credit
- Check your credit report regularly to monitor for errors or signs of fraud.
- Checking your own credit does not hurt your score, unlike a lender's hard inquiry.
Be Mindful of Closing Cards
- Avoid closing old credit cards unnecessarily, as it can lower your available credit and average credit age.
- If you must close a card, consider downgrading to a no-fee version to preserve your credit history.