Credit Score Tips and Myths - Amberly Grant | MHFI 181

Sep 19, 2023

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Doug and Amberly talk all about credit, from tips for higher credit scores to tackling common myths via a game of True/False. Doug also discusses his own experience with foreclosure and how his credit was impacted.

Doug’s distrust of banks/large institutions. Amberly’s view of the credit system as a necessary evil.
Explanation of credit scores & ranges.
Tips for a higher credit score:
- Become an authorized user
- Pay your bills on time
- Dispute anything wrong on your credit report
- Pay off collections
- Use a secure credit card
- Strategically paying credit cards
- Ask for higher credit limits
- Apply for new credit cards
- Add to your credit mix
Doug’s foreclosure experience and impacts to his credit score.
Credit score game:
- True or False. When buying a house you cannot shop around for loans because each time you shop you get hit negatively on your credit score.
- True or False. You can’t improve your credit score if you have bad credit.
- True or False. Carrying a balance on your credit card will improve your credit score.
- Should you close old credit cards to improve your credit score?
- True or False. Churning would lower your score to a level that negatively impacts it.
- True or False. 0% credit cards are free interest for one whole year.
- True or False. If you miss a payment on your credit card they report it to the credit bureau right away.

Looking to boost your credit score? If so, head on over to Buy Me A Coffee. We doubt the official credit bureaus will even notice, but in our eyes you'll have a perfect score! Links

Connect with Amberly Grant!

-- Join the Mile High FI Club – It’s our email list! Get MHFi Merch – It helps support the show. Get t-shirts & more **Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won't even make such a claim. You shouldn't take the info as financial, legal, or tax advice. We aren't certified financial planners or advisors. We're not qualified for much. So get advice from professionals.** Brought To You By: The Doug Show, aka Affiliate Marketing & Side Hustles 1500 Days, Carl's Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 Introduction 7:50 Thoughts on credit 12:50 Credit scoring 20:10 Tips for a higher credit score 31:22 Foreclosure & credit impacts 41:24 Credit score game 53:53 Support the show? 59:40 Soundcheck - Sushi