Credit Scores: How They Work & Why They Matter

Listen:

On This Episode

It’s one of the most misunderstood numbers in personal finance, and yet it can shape everything from your mortgage rate to your insurance premiums. In this episode, Mark breaks down what your credit score actually measures, why it matters even if you're financially comfortable, and how small, consistent habits can make a big difference over time.

Listen in as he unpacks the specific factors that drive your score- including on-time payments, credit utilization, length of credit history, and more. Mark also clears up common myths, like whether closing old cards helps or hurts your score. Don’t miss these essential insights on how to use your credit score as a powerful financial tool, steps to repair it if it’s taken a hit, and tips to maintain a healthy score that can save you thousands over time.

Here’s what we discuss in today’s show:

📉 One error that can drag your score down fast

💳 The 30% rule for smart credit card use

📊 How small habits affect your credit over time

🔐 Why closing that old credit card might backfire

🔎 Why it’s important to keep an eye on your credit score

Resources for this episode:

Bankrate: https://www.bankrate.com

Thanks for joining us! We’ll be back for another show every other Thursday.

Don't forget to subscribe to the show on your favorite app!

Apple Podcasts Amazon Music Spotify