What is a credit score and why is it so important?!
Your credit score is like the report card of your financial health. It follows you forever and determines how much it will cost you to pay for a lot of the most important purchases you'll make, such as cars, homes, businesses, etc. The lower your credit score is, the higher your interest will be on loans, and the more money you'll pay overall. The higher your credit score is, the lower your interest will be, and the less money you'll spend.
So here's how it works... there are a few companies that track your financial habits, they're like the TAs in your college classroom. They tell the teacher how you're doing and what they think, but they don't give you a score. Then there are a couple of other companies who give you your score-- they're like the teachers. These scores are like your grades. They follow you around and determine where you can go and what you can do. You can ignore them all you want, but they're not going away.
Not all credit reports are graded equally, unfortunately, because each company has its own grading system. FICO reports the following:
300-579 = Poor
580-669 = Fair
670-739 = Good
740-799 = Very Good
800-850 = Excellent
Interest rates are high enough as it is... don't let your credit score make them even higher than they need to be.
🌐 www.anthonydoty.com
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How to Gain Real Wealth & Peace of Mind 🌟 #shorts
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Budget friendly self care swaps! This is so needed for me today 🧘🏻♀️☕️🧖🏼♀️
🌐 www.anthonydoty.com
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If you HAD to pick one... which would it be?!
🌐 www.anthonydoty.com
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Hey, everyone! I want to share a personal story with you that taught me some important lessons about credit and financial management. 😬
Recently, I lost $23,000 in available credit overnight with the X1 Card. Waking up to find out that a massive portion of my credit limit had disappeared was a shock, to say the least! This sudden reduction really got me thinking about how credit limits can impact our financial health—especially when we least expect it.
💳 What Happened:
The X1 Card issuer decided to lower my limit without warning, likely due to changes in my credit score or spending patterns. While it didn’t leave me with a major financial issue, it did have an immediate impact on my credit utilization, which can affect my credit score if not managed properly.
⚠️ Why It Matters:
Credit limit reductions like this can catch you off guard, especially if you rely heavily on one card. It’s a reminder to always monitor your credit and be prepared for changes.
💡 What You Can Do to ...
Hey WealthWithDoty family, I wanted to share my incredible journey with you all. Before meeting Holly, I was struggling with multiple businesses and no clear direction. But thanks to her amazing coaching and the AIM methodology, I've transformed my approach and regained my focus.
Check out video here:
If you're feeling stuck or need guidance, I highly recommend connecting with Holly. She can make a real difference in your journey, just like she did in mine! 🙌
🔗 Connect with Holly > https://Links.Anthonydoty.com/s/Holly
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Which of these financial tips do you apply?
🌐 www.anthonydoty.com
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