At Frich, we're all about helping you gain insights into your financial habits and how they stack up against your peers. Financial literacy and smart money management are becoming increasingly crucial, so we'e decided to dedicate a special Credit Week to figuring out credit scores - what they are, how do they affect you and how to keep yours high. And to make sure we bring you the best tools and advice possible, we've teamed up with the credit tool experts at Revolv! So, let's recap this week's questions, explore common issues related to credit, and get to work!
First things first - figure out what's your credit score! You can easily check your credit score on your banking app for free.
The average credit score for Frichies is 671. That is a pretty good credit score if you're young & just getting started on your journey. But remember to keep in mind that a super good credit score is anything above 750! Having a good credit score will help you score your dream apartment and save thousands in future interest rate costs!✅
Oops, looks like we have some work to do. 🥺 30% of Frichies said that they have no idea what's their credit card balance.
This one's super important! Your credit limit (the max you can charge on your credit card) does not equal the amount you should be spending!!! Let me repeat - do not spend your entire credit limit!!! It's recommended that you do not have more than 30% of your credit limit spent at any given time.
This one's similar! Keep an eye on your balance always!
Double oops.🥺 11% of you don't know how much of your limit you should utilize. But don't worry!!! Skip to the bottom and check out our fav credit tool that will help you :)
This is the ultimate credit hack! Ask to be added as an authorized user to your parents credit card and start building your credit early!
Just like with investing, starting early is key🔑
Remember, that one of the main factors affecting your credit score is how long you've had a credit score for -> so the earlier you start, the better. It's kinda like compound interest!
Here are some tips from our friends and credit experts at Revolv:
Spend less than 30% of your credit limit.
ALWAYS pay your entire credit card bill.
Set up auto-pay! Don't let your memory fail you.
Call your credit card provider (scary, I know, but it's worth it!) and ask for an increase in your credit limit every 6 months. What's the worst that can happen? They say no! And so what? You'll call again in another 6 months✌️
Do research whether or not a service provider will do a credit check BEFORE you apply for anything. Each credit check will bump your score down!
Yikes this one can be embarrassing😬 But don't worry! This has happened to more than a third of Frich users. Brush it off & learn from your mistakes - now that you know all about credit utilization & you check your balance often, this will never happen again! Go you!!!🌟
This one's a question for credit pros. Most Frichies are still in college or have recently graduated so don't worry about maximizing credit card points or showing off an AmEx Black Card. Your task right now is to learn all about credit basics, grow your score & then level up to being a credit score pro😎 When you're ready for the next step, we'll be right there you to help!
Introducing Revolv: Your Credit Companion🚀
📊The ultimate sidekick to your credit journey! It's like having a credit score pro in your pocket, ready to guide you through the ups and downs of financial life.
With CreditStrong you can:
✅Track Your Credit Score Like a Pro: With Revolv, you can effortlessly monitor your credit score, gaining valuable insights into your financial health.
✅Personalized Credit Tips: Revolv provides tailored recommendations to help you boost your credit score and unlock better financial opportunities.
✅Expert Guidance: Worried about credit-related questions or concerns? Revolv offers expert advice to clear any doubts and provide you with the support you need.
✅Educational Resources: Master your financial game with Revolv's wealth of educational resources. Learn credit-building strategies, budgeting tips, and other valuable insights to set yourself up for financial success.
Your credit score is a powerful tool that can open doors to financial freedom and opportunities. Don't let it remain a mystery. With Revolv as your companion and Frich there for a reality check, you can take control of your credit journey and make informed financial decisions. Start your journey to financial empowerment with Revolv today and make your credit score work for you!💪