The financial literacy rate in the country, let alone the world, leaves a lot to be desired. With only about 33% of the population being aware of their money rights and goals, most people feel the need to ask for expert opinion on fundamental things like maintaining respectable credit. When it comes to the realm of finances, few know it better than Ashton Henry. Here, the engineer turned businessman shares his tips on what constitutes a great credit score.
1. Keep the basics in check
Whether it is paying all bills on time, not racking up overdue bills or delayed fees the basics really impact whether credit score goes up or down. As a financial expert and money coach, Henry states, “Maintain a timetable for your EMIs rents and keep yourself in check at the beginning of each month.”
2. Learn the lingo
Though there are a lot of technical terms one doesn’t need to know to keep up a good credit score, Henry suggests aspiring entrepreneurs the basic terminolog as a way to boost their self-confidence. Words like leverage, equity, credit-rating and taxes can be scary to those not , but getting to know their meanings and how they relate to one’s lifestyle can be really fulfilling.
3. Schedule appointments with your credit report
Monthly visits to the online report for overseeing credit report can yield great results. According to Henry, “Don’t ignore suspicious activities report them and understand how to secure your finances.” Another benefit is bonus points that one can utilie by spotting deals and limited-time offers.
4. Pay off debts little by little
People are enthusiastic about paying off their entire loan amounts in one go, but fail to realize how badly it impacts their credit score. Henry comments, “Go about paying off loans bit by bit without crashing your credit score at once, being debt-free is definitely beneficial in the long run.”
5. Learn credit-boosting techniques There are websites, blogs, applications, services and mentors with years of expertise under their belts who can help one gauge the extent of their financial knowledge and help them improve their credit score over time. Henry himself has helped thousands of people secure the best interest rates, acquire assets and improve the quality of their lives.