surprise! it’s tuesday. we’re going with “carefree and spontaneous” instead of “calendarily challenged”
today’s #moneymonday tip is on your 𝕔𝕣𝕖𝕕𝕚𝕥 𝕤𝕔𝕠𝕣𝕖 .. you know, that OTHER 3-digit number you obsess over.
unlike the scale, where i take a let’s-just-eat-the-pizza-and-see-what-happens approach, you can’t hide your credit score under the sink in your guest bathroom.
it’s out there. card companies look at it. mortgage companies look at it. heck, your employer looks at it. if you are one stomach bug from your g̶o̶a̶l̶ ̶w̶e̶i̶g̶h̶t̶ ideal score, read on.
are you one of those people who hates credit cards so you only have ONE and you never use it, you just have it so you have SOME KIND of credit score?
in fact, the ideal number of total credit accounts is 21+. seriously. that includes open and closed, cards and loans. the more, the merrier.
of course, you need to be wise with them - late payments will still knock your score off a cliff - and avoid racking up major balances.
who on earth has 21 accounts? well, 2 major credit cards, 5 store cards, an auto loan, 2 student loans would get you halfway there. it’s easier than you think.
and if you have a bunch of empty slots open in your wallet?
you can open a new card every few months, depending on your current score - if it’s lower than 700, wait 6+ months between new cards - the inquiry will be a small dip on your score but responsible new card usage will bring it back up.
be sure to open cards with benefits YOU like + no annual fee! don’t go whipping your plastic around all willy-nilly; no one likes a willy-nilly plastic whipper, anyway.
seriously - no rush. be strategic, but also know that if you have a goal to say, buy a home, you’ll need at least 3 *open* lines (cards/loans) by the time you want to apply for your mortgage.
how many credit cards are in your wallet right now? (fun fact: americans average 3)