Stephanie Genkin
speaker
136 appearances
3 recordings
1 series
first heard Dec 2022
last heard Dec 2024
Stephanie Genkin’s voice in public audio — every appearance, attributed to the second.
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Appearances
It depends on how far in the hole you are, but one of the important things is to never be late with a payment.
So even if you're still only able to make minimum payments, making them in time is the most important thing because missing a payment or two by a month or two really whacks your credit score hard.
So the more good information you're funneling into the account, the
the more readily your credit score is going to go up.
Another easy way for people is let's say you have one credit card and you have a $10,000 limit on it.
And without spending more money, because again, we want to pay this down, you could call and ask them to raise the credit limit.
So let's say you went from $10,000 to a $15,000 credit limit and you're not using this and you're not even using your credit card anymore except for a little bit here or there.
your credit utilization ratio goes down.
That's a big fancy word of how much credit you use compared to what you're allowed to use.
And that will pump better information into your credit score over time.
First of all, call the credit card company quickly and explain the circumstance.
And of course, pay it immediately.
If you've slipped up and let's say you missed a payment and you realize it within a week, ask for mercy and pay it right away.
And very often they haven't had a chance to report it on the credit report yet.
The other thing I would say is when you automate the payments or at least the minimum, then you never are going to miss a payment.
If since you got the credit card, you've had increase in salary, call them up, raise the limit and don't use the card much.
Maybe you're going to automate it on something small like a gym membership or Netflix or something like that.
And then what you want to do is after you've seen how much money could you raise,
reduce your spending by or increase your earning by to be able to automate payment on one card that you're targeting.
One mistake I see people make both psychologically and numerically is that they start paying a lot more across all cards and they're never really getting anywhere.
Showing 41–60 of 136 · page 3 of 7
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