Welcome to part two of the money talk about credit! I highly recommend reading part one first as this post is meant to be a continuation. So, now that you have pulled your credit report, let's pull our credit score. There are a few different ways to do this. When you go to pull your credit report from the three bureaus, they will ask if you want to purchase your credit score. You do not have to go this route! I will always recommend the free options first. Remember in part one when I said you really have hundreds of reports creditors can use? The same thing goes for credit scores. The scores are calculated in multiple ways so there may be variances between the scores you or a creditor pulls.
According to Investopedia.com, credit is a contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some date in the future, generally with interest. Now, it would be great if there was nothing on your credit report because you never had to borrow money but for most Americans that is definitely not the case. The goal of this series is to get you acquainted with your credit, the terminology, the importance of paying attention, and how to fix it on your own (you don't need to pay anyone). Let's get started!
It's New Year's Eve! This marks the occasion when everyone decides on their New Year's resolutions. According to statisticbrain.com, the top resolution is to "lose weight/eat healthy" followed by "life/self improvements" as number two. These are great but I want to focus on the third most popular resolution which is "better financial decisions". I assume you are here because this is where you want to improve. What if I told you that by focusing on this one goal you can positively impact the other two top resolutions? It has been proven that money issues cause stress and stress causes health issues. That knocks out number 2! But, how is "better financial decisions" linked to losing weight and healthier eating? Allow me to explain! One of the cornerstones of being wealthy is budgeting. Most of the time eating unhealthy (fast food/junk food) is something that can be cut from your budget or minimized. Therefore, it's a win/win for you! Cutting just one fast food meal a week equates to about $364 a year! So, without further ado, let's hop into this week's topic BUDGETS!
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