Rather than focusing on an arbitrary number for your credit score, it’s equally important to focus on the habits that create your financial reality.  

Your credit score consists of your payment history, credit utilization rate, the length of your credit history, and the various types of credit you have open. Sure, a high credit score can better your chances of getting a loan with lower interest rates, but your score will never increase without intentional action to secure your finances.  

Following the Winning at Wealth steps makes you more attractive as a borrower to potential lenders. This means you’ve followed the steps consistently and created and followed a budget, established savings and investments, and even have an emergency fund to fall back on. This is the type of financial responsibility that puts lenders at ease.   

In this episode, John illustrates why good credit is more than just a number and how to become a magnet for money and boost your creditworthiness.   

In this episode, you’ll also hear: 

  • The most important factor in your credit score  
  • Benefits of different credit categories  
  • What lenders look for in borrowers 

 

Must-listen moments:  

[00:01:20] The most common credit score is known as your FICO score. This score is used by approximately 90% of lenders and is the key to receiving the best loan rates and terms. 

[00:03:32] As you can see, the broad categories that determine your credit score are simply the hallmarks of sound financial management. 

[00:07:33]  If you’re struggling to finance a home or a business, remember to look inward at the things you control rather than blaming the lenders who are denying you credit.  

Find your path to winning at wealth by visiting https://www.winningatwealth.com and by following us on: 

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Disclosure: The preceding program is sponsored by Fourth Avenue Financial, which is solely responsible for its content. Securities offered through J.W. Cole Financial Member FINRA SIPC, Investment advice offered through J.W. Cole Advisors. Fourth Avenue Financial, J.W. Cole Financial, and J.W. Cole Advisors are unaffiliated entities. The opinions expressed by John K. Burdette II should not be construed as specific investment, legal, or tax advice. All economic and performance information is historical and not indicative of future results. Investing may involve the risk of loss of principal. Any Tax advice on this show is not intended to be used by any person for the purpose of avoiding US federal or state tax penalties that may be imposed on such a person, and each listener should seek advice from their tax advisor or legal counsel on topics that arise from the show. John K. Burdette II is not providing legal or tax advice. Nothing should be construed as solicitation of an offer to buy securities.