*This post is brought to you by a compensated campaign in collaboration with Latina Bloggers Connect and Wells Fargo. All thoughts and content are my own.
Growing up my parents stressed the importance of saving money and managing our money responsibly, which helped me when I moved out of the house. Don’t get me wrong, I was still a young dumb, know it all, and I did hurt my credit, but I always paid my bills, over spent, and saved money when I could. Why would I be so good with money, and mess up my credit?
Thinking back, I understood money, which I could only use a certain amount and that if I wanted something it was a good idea to have money set aside. However, I didn’t understand the credit thing. I knew it was important, but I didn’t know why it was important to me. I know I had a credit score, but for all I knew this score could have been 7 and I wouldn’t have known the difference.
I remember being ready to fix my credit. I wanted things done that day, and to be easy! Ha! I should have taken the time to really listen to my mom and ask more questions about my credit score, because it took years to get things straightened out and have a decent credit score. I spent countless hours on the phone, looking at reports I didn’t understand, and trying to figure everything out. Once I figured everything out, I was making payments to several places. It’s a process. It was worth it, because now I have great credit rating. But a lot of learning how to increase my credit and keep up a decent rating came from working at the bank.
Most of you know I worked for a bank before blogging. I was there for 10 years, started as a teller and left as a district manager. I’m thankful for my time there because I learned a lot, understand credit and how important it is fully, and how to better manage my finances for my family. Looking back I am thankful for my experience, because it helped mold me into who I am today, but I also wouldn’t wish that mess upon anyone.
With the holidays right around the corner, I thought it might be beneficial for some to talk about their credit. The best way to protect, maintain, or increase your credit rating is by taking the time to learn about it, and understand it a bit. Otherwise, it’s just a number, until you need it.
In my opinion, the best way to truly increase or maintain a good credit score is knowledge! Learning about my credit, what areas affected my credit score, and why helped me understand what things were important for me to continue doing and things I needed to change to change the way I was managing my credit. I wasn’t doing a good job, and I was starting to think about buying a house, maybe a car, and I couldn’t do any of them because I thought I knew what I was doing at 18 years old. Come to find out, I didn’t know anything, lol.
What Is Your Credit Score Made Up Of?
Do you know what your credit score is made up of? Check out the below images to learn what makes up your credit score and rating your score.
What is credit and what makes my credit score go up?
We already know establishing and constructing your credit is a super important part of reaching financial goals. Here are a few tips to help you establish, improve and maintain your credit!
Get Your Credit Report Yearly
Yes, you can request your credit report from AnnualCreditReport.com or call toll-free 1-877-322-8228 yearly. Be sure to request your credit report because it contains current and accurate information. Errors on your credit report can also negatively impact your credit score and might even be a sign of identity theft.
Pay Your Bills On Time Every Month
Your payment history is the biggest factor in your credit score. You’ll might be surprised what is on your credit report. It’s possible you might see things like on-time payments of your rent and cell phone bill. Using free online tools, which are often available through your financial institution’s online banking can help you budget your finances and set up an automatic payment schedule. I use Wells Fargo’s online bill pay at WellsFargo.com, and it’s great! Easy to set up, easy to change, cancel, or even make additional payments.
Set Up Alerts
Do you have alerts set up? If not you can set up email and text alerts and autopay to help make certain your bills are paid on time every month so you can work toward building a positive credit history.
Pay more than the minimum
Paying more than what’s due on your credit card helps you pay down debt faster and can improve your credit score.
Keep debt at no more than 35 percent of your gross monthly income
Lenders look at the amount of debt a consumer has compared to their monthly income when making credit decisions.
Contact your lenders
If you ever have trouble paying a credit account, contact the lender rather than simply not paying. Oftentimes, they can work with you.
Think before closing accounts
Closing credit card accounts may lower your available credit and could hurt your credit score in the short-term.
Understand how strong credit impacts your bottom line.
Your credit score influences the interest rate you qualify for. The lower the interest rate, the less you’ll pay in interest over time. Many sites, including Wells Fargo, offer calculators that help consumers understand how interest rates impact their payment and the total cost of the loan.
Establish and maintain healthy credit – even if you don’t need a loan.
Lenders aren’t the only people who use credit scores to make decisions – many insurance companies, cell phone providers and landlords do, too.
I now bank with Wells Fargo. I’ve been a happy customer for several years and have Wells Fargo Personal Checking/Savings account, Minor Savings for the kids, Credit Card, Line of Credit, and two Business Checking/Savings accounts. One of my favorite things about banking with Wells Fargo is their online tools. I almost never have to visit the bank because I can do everything online. Wells Fargo has been a great bank, with plenty of products and services to fit our growing needs.
I love their online and mobile banking! It’s easy for me to get everything done from the comfort of my office! I don’t remember the last time I had to visit the bank, it’s been years. Oh, did you know Wells Fargo provides their customers with bilingual online tools? If you are a current Wells Fargo customer, you might have noticed, the bilingual online tools for services like Spanish account statements, Spanish Text Banking, Spanish-speaking bankers in stores all over the nation, Spanish-language call centers and more. Wells Fargo is committed to making in-language resources and financial education available to Latino customers too.
Wells Fargo recently collaborated with Telemundo for the Conversemos de Finanzas campaign because Wells Fargo wanted to connect with the Latino community is a meaningful way. Since they already had bilingual capabilities in place the partnership with Telemundo for Conversemos de Finanzas is an additional way to welcome Latino customers.
Conversemos de Finanzas campaign
The Conversemos de Finanzas campaign focuses on empowering Hispanics to increase their financial knowledge. Knowledge is a powerful tool, and learning about your finances, setting financial goals, learning to manage money and credit is extremely important. Do you have a financial goals? The Conversemos de Finanzas has customized tools, content, and recourse that are geared around important financial topics, like money management and credit. While Wells Fargo already had
For more information be sure to visit the Wells Fargo Website.
Disclosure: This post is brought to you by a compensated campaign in collaboration with Latina Bloggers Connect and Wells Fargo. All thoughts and content are my own. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255 “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”