How To Make $250,000 with a Good Credit Score
Did you know you can make $250,000 with a good credit score?
Yep, that’s right.
Well, let’s pretend your credit score is fishing bait. If you have good bait, then you can catch something big and juicy. But if you have bad bait, then you’ll walk away from the pond with nothing but a sunburn and bug bites.
So, what creates a good credit score? Well, it depends on what you have in your tackle box.
A well-equipped tackle box includes:
- Monthly bills that get paid on time
- Credit cards with 30% (or lower) credit usage
- And a diverse credit mix. That means you have multiple types of payments, like a house, a car, insurance, credit cards, etc.
When you have good bait in your tackle box (aka, a good credit score), then you can live the life you want. That means owning a house, a reliable car, a fat retirement account, and many–MANY–other things. The world is your oyster when you have good credit.
Because the higher your score, the lower your rates. And the lower your rates, the bigger your bank account.
In fact, if you have a 760 or higher score, then you can reel in an extra $250,000 by the time you retire.
But if you have a score under 650, then you’re going to have a tough time catching anything in life’s pond. Because lenders don’t like subpar credit scores. When they see your low score, they’ll reject your application or charge you expensive rates.
But don’t worry!
If you want to fish with the good stuff, then you just need to focus on raising your credit score. And it’s not all that hard to do so. It just takes a few quick, easy steps to boost your number. For example:
- Pay your bills on time
- Keep your credit usage under 30%
- Get a loan to help you pay off your credit cards
Check out some of our other videos for credit score boosting tips.
Everyone deserves to own a shiny, well-equipped tackle box (er, credit score). If need advice or want to chat about yours, our team is here to help.