In Proverbs 22, Solomon writes, “A good name is more desirable than great riches… to be esteemed is better than silver or gold.” That bit of wisdom is especially true today, because a good credit score actually means having more silver and gold in your pocket. Rob West and Steve Moore tell you ways to make that happen.
<ul><li>As a follower of Christ, your good name gives glory to God, whom you serve. In the financial world, having a “good name” means having a good credit score. It’s how lenders judge you, and it translates to having more silver and gold.</li><li>The higher your credit score, the more likely you are to be approved for loans, credit cards, and mortgages. Your credit score may also determine what you have to pay for home and auto insurance. The higher your score, the less you pay.</li><li>Employers use candidates’ credit scores in their hiring decisions. A candidate with a high credit score might be offered a job over someone else.</li><li>The first thing you should do is get a basic understanding of how the credit system works. The FICO credit score is the one most lenders use.</li><li>In order to get credit when you have none, you open a secured credit card. Make sure the card is one where the bank reports your activity to the credit bureaus.</li><li>You can also get something called a “credit builder loan.” If you go to the website Self.inc they’ll help you set it up.</li><li>You can become an authorized user of someone else’s credit card, just make sure they have a solid credit score.</li><li>It takes time to establish a good credit rating, so be patient. Make all of your payments on time and eventually lenders will be willing to extend you credit without it being secured. Keep making your payments on time and keep your balances low, and your credit score will continue to rise.</li></ul>Here are a couple of questions we answered from our callers on this program:
<ul><li>My husband is 71, I’m 68, and we’ve just gotten all our debts paid off. He got a settlement when he was in an accident, so now we have $300,000 and nothing to do with it. What would you suggest?</li><li>What is the difference between a variable annuity and a fixed annuity? Which is better to invest in?</li></ul>Ask your questions at (800) 525-7000 or email them to <a href="mailto:Questions@MoneyWise.org">Questions@MoneyWise.org</a>. Check out the rest of our website (<a href="http://moneywise.org/">MoneyWise.org</a>) where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the MoneyWise app. Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.

FaithFi

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

Faith & Finance with Rob West

Good credit score actually means having more silver and gold in your pocket.  Rob West and Steve Moore tell you ways to make that happen.

How to Build Credit

FaithFi | Jan 29, 2021

Show Notes

Where Faith Meets Finance

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