Your credit score reflects more than just how you borrow. It also responds to how you manage bills, track spending, and make consistent financial decisions. When these actions become part of your daily routine, it can be easier to maintain good credit habits and support long-term financial health.

1. Turning on autopay across your accounts

Autopay helps prevent late payments, which can have a significant impact on your credit score. Even a single missed payment can leave a lasting mark. Setting up automatic minimum payments on credit cards, loans, and utilities can reduce that risk. You can still aim to make extra payments manually to pay down balances or avoid interest.

Try this: Set up autopay for the minimum amount due on all credit accounts, then pay off additional amounts manually when you know your cash situation later in the month.

2. Paying your credit card weekly instead of monthly

Credit utilization is the amount of credit you use compared to your total limit, and it plays a significant role in your credit score. Even if you pay your card in full each month, a high balance at any point in the billing cycle can increase your reported utilization. Making weekly payments helps lower your balance, which may help support your score.

Try this: Choose a frequently used card and make a payment each week to help keep the balance in check.

3. Assigning one subscription to a credit card

A recurring charge such as a streaming service can help keep a credit card active. Using a credit card for a small monthly bill and paying it off in full each month supports payment history while minimizing the risk of overspending.

Try this: Pick one stable monthly subscription, connect it to a card you rarely use, and automate billing and the full payment every month.

4. Choosing a credit-building tool

Some banks and fintechs offer tools like secured credit cards, rent or utility payment reporting, and credit monitoring. These options can help you build positive habits and strengthen your credit using accounts you already manage.

Try this: Explore available credit-building tools and see which one fits your needs and goals.

5. Putting a utility bill in your name

Utility payments are not typically reported to credit bureaus unless you use a third-party service that shares that information. Taking responsibility for a household bill may give you more control over payment timing, and opting in to a reporting tool can help include those payments in your credit history.

Try this: If possible, take over one shared bill, such as internet or electricity, and explore services that allow you to report on-time payments.

6. Living in one place longer

Frequent moves increase the risk of lost mail or missed bills, perhaps leading to late payments or collections. A stable address supports better bill management and may help lenders see you as more reliable. If moving often is necessary, digital billing and mail forwarding can help reduce disruptions.

Try this: When possible, stay at one address for at least 12 months. If not, switch to paperless billing and set account reminders.

7. Using rent reporting services

Most rent payments do not appear on your credit report unless you take action. Some third-party services allow renters to report payments even if they are not on the lease, but success depends on landlord participation and reporting practices.

Try this: Sign up for a rent reporting service that integrates with your payment method and check which credit bureaus they report to.

8. Reducing regular expenses wherever possible

Lower monthly costs can help ease financial pressure, making it less likely you’ll miss a payment or carry a high credit card balance. Staying on a shared phone plan is one example, but any recurring expense you can trim may support better money management.

Try this: Review your regular bills and look for options to share, reduce, or eliminate costs that don’t need to be individual.

9. Turning a hobby into extra income

Earning a little extra money from a hobby or side gig can help you cover bills without leaning on credit. A modest income stream may allow you to pay down balances, avoid overdrafts, and make more consistent payments, supporting healthy credit habits.

Try this: Sell handmade items, offer a service, or teach a skill online. Use the extra income to cover at least one regular expense.

10. Opening a credit card for strategic use only

If you have limited or no credit history, opening a new card can help establish a positive payment record. Assigning it to one small recurring expense and paying it off monthly keeps your utilization low and adds to your credit file. It is important to manage the account responsibly.

Try this: If you are building credit from scratch, consider a secured or low-limit card and use it only for one predictable monthly charge.

The way you choose to live affects your credit

Building credit doesn’t always require major changes. In many cases, simple lifestyle choices, from automating bills to managing shared expenses, can help support responsible credit use. By understanding how daily decisions affect your credit profile, you can take steady steps toward better financial health over time.

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Disclaimer: The article and information provided here are for informational purposes only and are not intended as a substitute for professional advice.

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Understanding credit can feel overwhelming, but breaking it down into its fundamental components can make it more manageable. This article will explore the ABCs of credit, including key concepts, types of credit, and essential tips for managing your credit effectively.

A – Assess your credit

Credit score

Your credit score is a three-digit number used by lenders to evaluate your creditworthiness. Typically, it ranges from 300 to 850, with higher scores indicating better creditworthiness. Familiarize yourself with the scoring system and check your score regularly through various credit monitoring services, such as Credit Sesame’s free daily credit score.

Credit report

A credit report provides a detailed account of your credit history, including your borrowing habits, payment history, and outstanding debts. You can obtain a free credit report summary from Credit Sesame or one from each of the three major credit bureaus (Equifax, Experian, and TransUnion) at AnnualCreditReport.com.

B – Build your credit

Getting started

If you’re new to credit or looking to improve your score, consider a credit builder account, such as the Sesame Credit Builder, together with Sesame Cash. These accounts can help grow your score with everyday purchases like gas, groceries, or monthly bills. Make sure to have a good mix of credit accounts.

Types of credit

There are two main types of credit—revolving and installment.

• Revolving credit. This type of credit allows you to borrow up to a certain limit and pay it back over time. Credit cards are the most common form of revolving credit.
• Installment credit. This type of credit involves borrowing a fixed amount and repaying it in installments over a set period. Examples include personal loans, auto loans, and mortgages.

C – Control your credit

Managing debt

Keeping track of your debts is crucial for maintaining good credit health. Create a budget to manage your spending and ensure that you can meet your monthly obligations.

Paying on time

Your payment history is one of the most significant factors affecting your credit score. Pay your bills on time and keep your credit utilization low (ideally below 30% of your available credit). Set up reminders or automate payments to avoid late fees and negative impacts on your score.

Credit utilization ratio

This ratio measures how much of your available credit you are using. A lower ratio is better for your credit score, so aim to use less than 30% of your available credit at any given time.

Regular Monitoring

Stay proactive by regularly monitoring your credit report and score. This will help you catch any errors or fraudulent activity early on, allowing you to take corrective action promptly.

Understanding the ABC of credit is essential for making informed financial decisions. By assessing your credit, establishing and building it wisely, and controlling your debt, you can achieve a healthier credit profile and greater financial stability. Remember, credit is a tool that, when managed effectively, can open doors to better interest rates, loans, and opportunities.

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Disclaimer: The article and information provided here are for informational purposes only and are not intended as a substitute for professional advice.

The post The ABC of credit appeared first on Credit Sesame.

The hardest part of building a credit record can be getting started. How do you show you can use credit responsibly when many lenders won’t give you credit until you have a credit history? Rebuilding damaged credit can also be challenging if you cannot get credit to demonstrate responsible credit behavior. A newer trend that may help change this dynamic is the inclusion of rental payments in credit histories. This practice is catching on and already positively impacting credit scores.

Reporting rent payments to credit bureaus

TransUnion began including rent payments in credit reports in 2016, and now all three major credit bureaus (Equifax, Experian and TransUnion) do it. While most landlords still don’t report tenant payments, the number that do is rising fast. TransUnion recently reported that the number of property managers reporting rent payments rose by 33% in the past year.

TransUnion also reported that 84% of tenants whose payments were reported to credit bureaus found that their credit scores had improved. That’s a good reason to include rent on credit reports as a credit-building tool.

Relationship between rent and credit

Perhaps it is fitting that rent should factor into credit scores because many landlords look at credit scores when deciding who to accept as tenants. Having your rent payments reported is a good thing if you’re consistently on time with your payments. Rent payments already keep the roof over your head. Why not have payments you are making already factor into your payment history?

Can a rent reporting service help build credit and increase credit availability?

Advocates for broader credit access hope that including rent payments on credit reports may help more people qualify for credit. How realistic is this hope? It’s important to acknowledge some limitations.

Not all landlords report payments to credit bureaus

One study found that fewer than 5% of adults living in rental properties had their rents included in credit reports. Rent reporting may be fast-growing, but it’s still the exception rather than the rule. However, a rent reporting service, such as Credit Sesame’s, streamlines and automates the process by capturing rent payments made in a linked bank account.

Rent isn’t a part of all credit scores

Not all credit scores use this information, even when rents are reported to credit bureaus. For example, traditional FICO scores do not, though newer versions do. VantageScore, an alternative to FICO scores promoted by the three major credit bureaus, also uses rent information.

Lenders focus on information specific to their line of business

Lenders are most interested in a credit history that’s relevant to the type of lending they do. For example, payments on secured debt like mortgages and auto loans are much more reliable than payments on unsecured debt like credit cards and most personal loans. So, a credit card company may be most interested in a consumer’s performance with unsecured loan payments. Rent payments are something of a grey area. Payment is not guaranteed by collateral, but renters have something important at stake (i.e., not being evicted) to encourage payment.

As credit scores evolve, lenders recalibrate their standards

Credit scores are important to lenders to the extent they correlate with responsible payment behavior. Expecting more or better offers simply due to raised credit scores may be wishful thinking. New reporting practices like rent reporting might contribute to raising consumer credit scores, but it is important to remember that it is just another way of building payment history. Late or missed rents are also reported, potentially reducing credit scores. Lenders may adjust their credit score thresholds as more consumers take advantage of rent reporting.

Opportunities to build credit from scratch – or rebuild

Here are some ways a person can build credit. These apply whether you are just starting to use credit, or want to rebuild your history after some bad experiences:

1. Have rent payments included in your credit report. This practice is far from universal. So, when looking for an apartment, ask whether the landlord or property management company reports payments to credit bureaus.
2. Student loans. For all the complaints about student loans, government-backed loans make credit available to millions of young borrowers who otherwise wouldn’t qualify.
3. Open a credit builder account. A Sesame credit builder account is an option with Sesame Cash, Credit Sesame’s prepaid debit card. Sesame Credit builder can help you build credit with your everyday debit purchases.

Remember that establishing or building a credit history is just the start; you still must use credit responsibly to maintain your credit score.

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Using a personal loan for credit building is one way to show a consistent payment history that can lead to good credit scores. Credit builder loans can help you do this even if you have a bad credit history or haven’t yet established credit. There are potential pros and cons to using credit builder loans.

How personal loans help you build credit

Your payment history is the biggest single factor in determining a credit score. You need some record of making payments to establish a credit score. If you consistently make payments on time, it will help your credit score. If you often miss or are late with payments, your score will be dragged down.

Personal loans help build credit because they typically give you a regular monthly schedule with a fixed payment every month. That makes it easy to budget for and manage your payments. When you sign up for a personal loan, you can see exactly how long it will take to pay off the loan and how much it will cost.

Personal loans also help build credit because they are a form of installment debt. That means they have regular, recurring payments. Installment debt differs from revolving credit, which allows you to tap into a line of credit regularly. Most loans are installment debt, while credit cards and home equity lines of credit are examples of revolving credit.

To build credit, it’s best to have a mix of installment and revolving debt. So, if you don’t have any other loans, a personal loan can help you show you can handle installment debt.

How to get a personal loan with bad credit

Of course, the classic problem with establishing or improving bad credit is that it can be hard to get credit unless you have a good credit history. This is where credit builder loans can help.

Credit builder loans are a type of personal loan designed to reduce the lender’s risk and be available to people without a strong credit record.

Not all lenders offer credit builder loans. However, if you search online for them, you should find several options. You can also check with your local community banks or credit unions to see if any of them offer them.

How credit builder loans work

Credit builder loans are different from other loans because the amount you borrow isn’t immediately available for you to use. Instead, the lender will put it in a savings account or certificate deposit on your behalf.

The money in that account is used as collateral for the loan. Lenders are confident in making credit builder loans to people who don’t have great credit because they know the loan proceeds are kept in a secure account.

As with most other loans, you make set payments on a regular schedule – typically over a period of 6 months to 2 years. Part of these payments goes to paying back what you borrowed, and part goes towards paying interest on the loan.

When you’ve repaid the loan, the money put in the secure bank account will be available to you. Meanwhile, the lender will have reported your payments to one or more of the three major credit bureaus. If you’ve made those payments on time, this should help your credit score.

Benefits of credit builder loans

People often feel shut out from credit because no one will give them a chance to prove they can be relied on to make their payments. Credit builder loans can overcome this problem because you don’t need excellent credit to get one.

So, credit builder loans can help you establish credit for the first time. Credit builder loans can also help improve a poor credit score. In other words, they allow people to use a personal loan to build credit even if they don’t have a strong credit history.

Potential drawbacks of credit builder loans

One problem with credit builder loans is that you are paying interest to borrow money without actually getting the use of that money. The proceeds from the loan are not available to you until you’ve made payments on it. It would be more cost-effective to simply put the amount of those payments into a savings account yourself. That way, you’d be earning interest rather than paying it.

Also, the Consumer Financial Protection Bureau (CFPB) found that getting a credit builder loan can make it harder to keep up with other payments. Missing payments on other debts would negate the benefits of making payments on the credit builder loan.

Making a credit builder loan work for you

Here are some tips for successfully using a personal loan for credit building:

• Budget to make all your payments on time. This includes the credit builder loan payments and any other payments you owe. The CFPB found that credit builder loans were most effective in establishing credit and improving scores for people who didn’t have other debts.
• Check who the lender reports payments to. There are three major credit bureaus – Equifax, Experian and TransUnion. To help you build a payment history, the lender must report to at least one of these. Your payment history is most impacted if the lender reports to all three credit bureaus.

As with all credit, you are judged on your payment history. So, it’s vital to establish a positive history.

Alternatives to using a personal loan for credit building

Besides using a personal loan for credit building, there are some alternatives to consider. A secured credit card is another way to establish credit without a strong credit history. As with a credit builder loan, it requires you to commit some money as collateral to build credit. Again, revolving credit and installment loans are two different things, so it’s best to establish a track record with both types of credit.

Loans such as car loans that use a physical asset as collateral are often available to people with less-than-perfect credit. These offer an opportunity to build credit if you can afford the terms. Student loans can also provide an opportunity to establish a credit history.

Whether you use a credit builder loan or another method, getting the chance to build a track record of using credit is just the first step. In the long run, it’s how good a track record you establish that will make the most difference.

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If you’re trying to build or protect a good credit rating, credit report blemishes won’t help. What may help is a well-written letter. These four letters can help you discover if a debt is your responsibility, help you remove incorrect credit entries or even delete accurate (but damaging) information. 

• Debt validation letter. When you receive a demand for payment from a debt collector, you’re entitled to proof that you owe the money, including the creditor’s name and the date you incurred the debt or last made a payment. 
• Credit dispute letter. If you believe an entry on your credit report is inaccurate or unfair, you can dispute it in writing with all three major credit bureaus.
• Goodwill letter. If you have a solid history with a creditor but miss a payment (more than 30 days past the due date), you might be able to convince it to report your payment as on time. 
• Pay-for-delete letter. You may be able to arrange for a debt collector to delete a collection account by paying some or all of what you owe.

There is no guarantee that a well-written letter will solve your credit woes, but active credit management is more than paying bills on time and keeping credit utilization low. Sometimes you have to address past actions that impacted your credit. You can add these letters to you personal credit management tool kit.

What is a debt validation letter?

The debt validation letter is a written request for information. You might send a debt validation letter if a debt collector has contacted you and you’re not sure if you owe the money or you haven’t yet decided what to do about it.

Debt validation letters are powerful because once you send one, a collection agency has to stop trying to collect until it double-checks the debt information and mails you written verification, including the original creditor’s name and address.

You have 30 days to dispute a debt after the initial contact by a debt collector. During that 30-day period, collectors can try to collect the debt from you until they get your validation request. 

Debt validation letter sample

You can adapt this sample debt validation letter to your circumstance. Do not admit owing the debt or offer any form of payment until the collector validates the debt and you’ve decided what to do: pay it, negotiate it, fight it or ignore it.

Your Name
Current Date
Your Address

Debt Collector Name
Debt Collector Address

Re: Account Number (if you have it)

Dear Debt Collector Name:

I am responding to your contact about a debt you are trying to collect. You contacted me by (phone/mail) on (date) and identified the debt as (any information they gave you about the debt). Please supply the information below so that I can be fully informed:

Why you think I owe the debt and to whom I owe it, including:

• The name and address of the creditor to whom the debt is currently owed, the account number used by that creditor, and the amount owed.
• If this debt started with a different creditor, provide the name and address of the original creditor, the account number used by that creditor, and the amount owed to that creditor at the time it was transferred.
• Document that there is a valid basis for claiming that I am required to pay the debt to the current creditor. For example, a copy of the written agreement that created my original requirement to pay.

The amount and age of the debt, including:

• A copy of the last billing statement sent to me by the original creditor.
• The amount of the debt when you obtained it, and when that was.
• Itemize any additional interest, adjustments, fees or charges added since the last billing statement from the original creditor. In addition, explain how the added interest, fees or other charges are expressly authorized by the agreement creating the debt or are permitted by law.
• When the creditor claims this debt became due and when it became delinquent.
• Identify the date of the last payment made on this account.

Details about your authority to collect this debt.

• Provide the name on your debt collection license, the date of that license, the state issuing that license, the issuing agency (name, address and phone number) and the license number.

I have asked for this information because I have some questions about your claim that I owe this money.  I am open to communicating with you for this purpose.  In the meantime, please treat this debt as being in dispute and under discussion between us. 

In addition to providing the information requested above, please let me know if you are prepared to accept less than the balance you are claiming is owed. If so, please tell me in writing your offer with the amount you will accept to fully resolve the account.

Thank you for your cooperation. Sincerely,

Your name

What is a dispute letter?

It’s not uncommon for credit reports to contain inaccurate information, and that can hurt your credit score. The easiest way to dispute a credit report error is probably to use the online dispute form for Equifax, TransUnion or Experian.

However, sometimes you might prefer to go directly to the creditor reporting the entry. It can be easier to have only one entity to contact, one set of documentation to provide and one letter to write. In addition, it’s not uncommon for credit bureaus to correct an entry only to have the creditor reinsert the error in the next reporting cycle. Fixing the problem at the source makes sense.

Credit dispute letter sample

Here is a sample credit dispute letter you can use to address an error with your creditor.

Your name
Account number
Your return address

Date
Company Name
Company address for receipt of direct disputes

Re:  Disputing errors on credit report

Dear Company Name

I am writing to request a correction of the following information that appears on my Equifax, Experian, and TransUnion consumer report:

• Account Number or other information to identify account:

Insert account number or other information such as account holder names and past addresses. This is important if you have had multiple accounts with the same company.

• Dates associated with item being disputed:

Insert the date that appears on your report. This helps ensure that the company identifies the correct account and indicates what you’re disputing.  You can still file a dispute if you don’t have this date.

• Explanation of item being disputed:

Insert a detailed explanation of why the information is inaccurate.  Here are some examples of problems a consumer might want to correct. Pick one, if it applies, or explain the problem in your words.

• The report shows I currently owe money to your company that I have already repaid. (Give details about when you paid, and attach a copy of any proof that you have).
• The date of the first delinquency on my report is not accurate.( Give details about delinquency status, including payment history.)
• My student loan shows a period of delinquency when I was actually in an income-driven repayment plan. (Provide documentation, including copies of your billing statements.)
• I’m the victim of identity theft and I don’t recognize one or more of the accounts on my report. (You may wish to include a copy of the FTC identity theft affidavit describing the identity theft.)
• Other (Describe what is wrong with the report. You may include copies of any additional supporting documentation that you have.)

I have attached a copy of my report with the accounts in question circled.  

Thank you for your assistance.

Sincerely,

Your name

What is a goodwill letter?

If you have excellent credit, one late payment can seriously harm your credit score. However, a well-written goodwill letter might get you off the hook and reverse that damage. A goodwill letter is one that you write to a creditor when you have messed up.

There are five elements in a goodwill letter:

• Remind your creditor of what a good customer you are — how long you’ve had your account and that you have an excellent track record with your payments.
• Explain why your payment was delayed that month.
• Apologize for paying late.
• Nicely ask them to please report your payment as on time.
• Promise to never pay late again.

Remember that the employee reading your letter is busy and has heard it all. So keep it short and respectful, avoid long, drawn-out excuses and admit your mistakes. Don’t just copy and paste this one — make it personal, and use the proper title (and if you know it, the name) of the person who will read it.

There is a lot at stake, so make an effort.

Goodwill letter sample

Date
Creditor name

Creditor address

Re: Account number: XXXXXXXXX

Dear Creditor representative (title or name),

Thank you for taking time to read this letter. I’ve enjoyed my relationship with Creditor name since Year account was opened. 

I’m writing because I noticed your company reported a late payment in Date of late payment on my credit reports. I am requesting a goodwill adjustment to remove this late payment from my TransUnion, Experian and Equifax credit reports.

After reviewing my records, I realize that I did indeed miss the payment deadline. Unfortunately, (Explain why you missed the payment.) I take full responsibility for the mistake. I apologize and have made sure it won’t happen again. As you can see from my payment history, I’ve made every payment on time both before and after the late payment.

If you could make this goodwill adjustment, I believe it will significantly help me protect my credit score and save me unnecessary costs in the future.

Thank you for your time and consideration.

Sincerely,

Signature
Printed name
Address

What is a pay-for-delete letter?

A pay-for-delete letter can be a solution if one of your debts goes into collection. It’s a written request to remove a collection account from your credit report in exchange for partial or full payment of the debt.

Most experts recommend that you don’t admit to owing the money. That’s in case your letter doesn’t work and you have to negotiate a different solution or defend yourself in court. Acknowledging that you owe a debt also resets the clock on the statutes of limitations for debt. That means if your debt is so old that it’s uncollectible, or close to being uncollectible, admitting that you owe it makes it brand new again.

Pay-for-delete letter sample

Your name
Your address
Collection agency’s name
Collection agency address

Date

Account Number: XXXXXXXXXXX

Original Creditor: creditor name

Amount as Listed on Credit Report: $XXXX.XX

Dear Creditor Name,

The purpose of this letter is to offer your credit department a one-time opportunity to settle the alleged amount owed. I do not acknowledge any liability for this debt in any form and I retain my right to request a full and complete debt validation from your company. 

I am willing to pay $XXX.XX of this account if you agree to the following: 

• Your company will delete all references to this account from my credit profile at the three major credit reporting agencies.
• Your company will accept this payment to satisfy the debt in full.
• You will make no mention of this agreement to outside third parties.

If the above-mentioned items are met, I am willing to make payment on this debt. 

I require your written agreement to these terms on company letterhead and signed by a representative who is authorized to enter into such agreements.

I look forward to your response.

You can contact me through any of the following methods.

Your E-Mail Address

Your Phone Number

Sincerely,

Your Name

Do pay-for-delete letters work?

Pay-for-delete letters don’t always work because collection agencies sign agreements with credit bureaus saying that they won’t remove collection accounts simply because they have been paid. So many have a policy of not agreeing to pay-for-delete schemes. But others do because they want to get paid.

That said, you may not need a pay-for-delete letter to wipe away the effect of a collection on your credit score. The latest credit scoring models, FICO 9 and 10 and VantageScore 3.0, do not take paid collection accounts into consideration when determining your credit score. However, you might want to use a letter if you plan to offer less than the full balance owed.

Sesame Grade and Sesame Ring

Credit plays a significant role in our lives and influences access to credit cards and loans, the terms of those loans, and even the ability to rent an apartment or secure a job. It is one thing to understand this, but how to manage it? Credit monitoring services can be valuable and provide consumers with regular updates on their credit scores and reports.

You can see your credit picture at a glance with Sesame Ring. The unique user interface enables easy and intuitive review of TransUnion data. Credit report information from all three bureaus is available if you choose to upgrade to Premium. In addition to data and information, the app provides a measure of overall credit health with your Sesame Grade, and provides alerts, personalized action plans and AI-driven customer support. As you embark on your journey of credit and financial health improvement, knowledge is your most potent asset. Insights from all three bureaus can help you make sound financial choices, negotiate from a position of strength, and nurture your credit health. Regular reviews enable you to maintain accuracy, detect discrepancies and shape your financial future with confidence. Remember that credit is a tool that, when used wisely, can open doors to financial opportunities.

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The post Four credit management letters you can use appeared first on Credit Sesame.

Credit Sesame asked ChatGPT, an open-source natural language AI developed by OpenAI, for whacky things that might affect your credit score. To be taken with a grain of salt the size of the Rocky Mountains.

1. Zodiac sign. While your zodiac sign doesn’t actually affect your credit score, some astrologers claim that certain signs are more prone to financial success than others.
2. Horoscope. Similar to zodiac signs, some people believe that horoscopes can predict financial success, and that following the advice in your horoscope can lead to better credit scores. However, there is no scientific evidence to support this idea.
3. Participation in reality TV. Being on a reality TV show can potentially hurt your credit score if it results in you being unable to keep up with bills or make payments on time due to filming schedules.
4. Insufficient sleep. There is some research that suggests that people who don’t get enough sleep may have a harder time managing their finances and may be more prone to financial mistakes that can negatively impact their credit.
5. Favorite color. Again, your favorite color doesn’t actually affect your credit score, but some studies have suggested that certain colors may be associated with financial success or financial stress.
6. Love life. Some studies have suggested that people who are in happy, committed relationships may have better credit scores than those who are single or in unhappy relationships.
7. Birth order. There is some research that suggests that birth order may play a role in financial success, with first-born children being more likely to have higher credit scores than their younger siblings.
8. Favorite TV show. Again, this is unlikely, but if you have a favorite TV show that you watch obsessively and it prevents you from paying bills on time or managing your finances effectively, it could potentially negatively impact your credit score.
9. Junk food consumption. Some studies have suggested that people who eat more junk food may have worse credit scores than those who eat healthier diets.
10. Superstitions. If you have superstitions that cause you to avoid certain financial actions or make unusual financial decisions, they could potentially negatively impact your credit score.
11. Taste in music. While it’s unlikely, some studies have suggested that people who listen to certain genres of music, such as classical or jazz, may have higher credit scores than those who listen to other genres.
12. Favorite sport. Again, unlikely, but some studies have suggested that people who play team sports, such as basketball or soccer, may have better credit scores than those who don’t.
13. Favorite ice cream flavor. Once more, it’s unlikely that your favorite ice cream flavor has any impact on your credit score, but some studies have suggested that people who prefer certain flavors, such as vanilla or chocolate, may be more financially responsible than those who prefer other flavors.
14. Shoe size. While it’s unlikely, some studies have suggested that people with larger shoe sizes may have better credit scores than those with smaller shoe sizes. This is based on the idea that people with larger feet tend to be more confident and assertive, which may lead to better financial decision-making.
15. Favorite TV character. Once again, this is unlikely, but some studies have suggested that people who have a favorite TV character who embodies financial responsibility, such as Frugal Fran from the show “The Nanny,” may be more financially responsible themselves and have better credit scores.

It may be entertaining to consider whacky things that might affect your credit score, but we recommend the following if you want to learn more about credit and credit scores.

• Credit Explained: Credit, Credit Score, Credit Rating, Credit History and Credit Report
• How Much Do You Know About Credit and Credit Score?
• How to Develop Good Habits for Building Credit Score

Disclaimer: The article and information provided here is for entertainment purposes only and is not in any shape or form intended as a substitute for professional advice.

The post Whacky things that might affect your credit score appeared first on Credit Sesame.

You’ve got 12 whole months ahead of you. The start of a new year is the perfect opportunity to set financial goals and put your plans into action.

Setting money management resolutions is easier than you might think. It’s also fun. As you begin following your resolutions, you’ll grow in new ways. Good money management has a way of spilling into other areas of life. When you get intentional about your money, you might also pay more attention to the goals you’ve set for your career, relationships and other areas of life.

Here are 10 New Year money management resolutions to ensure 2023 is an unforgettable season of financial growth.

1. Live on less than you make

This one can be especially hard to see as we exit the spending-heavy holiday season. Yet it’s true: When you set aside a portion of your income to cover recurring expenses, unexpected financial needs or big future purchases, you’ll have greater peace of mind. Remember that part of your credit score depends on using some – but not all – of your available credit. Apply this resolution to both your credit card and your checking account.

2. Invest for the future

Setting aside money for your retirement or, if applicable, your children’s education might seem like too much. After all, those things are years if not decades away for many of us. But here’s where the power of compound interest comes into play. Even a few dollars set aside monthly can pick up interest like a rolling snowball. Many years from now, you’ll be glad you made the effort. It might hurt a little today, but the rewards you’ll reap later will be well worth it. Think of it as taking care of your future self. Focus first on opportunities with financial instruments such as 401(k)s and Roth IRAs. Then consider how an interest-bearing savings account might also add a little extra bread for the future.

3. Build your credit

An excellent credit report can be the ticket to competitive interest rates on auto loans and credit cards. To start building your credit in the New Year, get the free Credit Sesame app. You get ongoing access to your credit report and credit score plus tons of practical information to boost your credit and be the best money manager possible. Other ways to build your credit include paying bills on time, using the right amount of credit and reviewing your credit report to ensure it’s accurate. (And if you’re a student building credit on a budget, we’ve got you covered, too.)

4. Make your money work smarter, not harder

Look for ways fresh out of the gate to make every dollar earn its keep in your wallet. Search for coupons before going shopping. Scout gas stations along your commute for the cheapest fuel rates. Consider purchasing annual subscription plans for streaming video and other services you use, as these often are cheaper than paying month-to-month.

5. Find a financial adviser

You might need an investment expert for retirement and college planning. Perhaps you’re seeking basic guidance on money management. There are free and fee-based options available to you. Do a simple Google search for “free financial adviser near me” or similar phrases. Another option is Cooperative Extension, a system of educators including financial professionals connected to public universities in many U.S. states. Yours might be among them. Extension posts free information about financial management, and they sometimes offer low- or no-cost classes. Ask staff at your public library for other community resources on money management.

6. Read a money management book – or get the audiobook version

You can learn just about anything from the hundreds of thousands of books published annually. If you’re ready to take your money management to the next level, resolve to get a book that interests you and read it. If you hate sitting and looking at pages for hours, grab the audiobook instead. Short attention span? Use the speed feature on your audiobook app to play back the audio at 1.5x or 2x the original speed to get through content faster. Self-help classics include “Think And Grow Rich” by Napoleon Hill and, if you like a good biography about money management masters, “Buffett: The Making of an American Capitalist” by Roger Lowenstein. Insider’s list of top 2022 personal finance books is a great resource for more recent works.

7. Get to know your banker

These days, many people use a banking app. You might not ever need to visit a physical bank. There are times, though, when it can help to get to know the people behind the app or those monthly statements. In 2023, you might consider a new credit card or a loan. You might consider opening a business. There are all kinds of reasons to get to know your banker on a first-name basis. You don’t even need to schedule a meeting. Drop by your neighborhood bank to say hello, introduce yourself and thank your banker for managing your accounts. Who knows? Later this year, you might build on this business relationship to take your finances to the next level.

8. Learn from a money-smart person you trust

Don’t just leave it to the academics or the bankers to guide you. Become a student of money management. Talk to various people to learn what they’ve experienced with money. Ask about horror stories and big wins. Listen for habits or strategies they’ve applied to manage money responsibly, grow wealth and give generously. Figure out how they learned to manage money. See if there are people in their circle you should get to know. Visit with people 10, 20 or even 30 years older than you. What has helped them most? What do they wish they had done differently? Apply these learnings to your money journey in 2023.

9. Use technology to your advantage

You don’t need to lock yourself in a room each month to balance your accounts. Instead, you could rely on the bounty of technology available to you. To start, get the free Credit Sesame app. That keeps your credit report and credit score information in one easy-to-access location. Another easy step is to place the services you use on autopay. This could include utilities such as electricity and water, mowing and streaming video services, and more. Autopay guarantees the money in your account goes toward its intended uses rather than on expenses above and beyond your budget. As the saying goes, out of sight, out of mind.

10. Celebrate those monthly statements

No set of financial resolutions are complete without parties (real or imagined) as you become a better money manager. Setting and working toward goals takes time and energy. Take confidence. Every step you take in 2023 in the right direction represents a stronger and more resilient approach to your money. When unexpected things happen, or you get that coveted promotion at work, you’ll be ready to shepherd your finances on purpose.

Keep going, and keep up the great work!

If you enjoyed Ten New Year Money Management Resolutions for 2023, you may also like:

• Five Tips on How to Become Financially Independent
• How to Develop Good Financial Habits for Stress-Free Living
• Tactics for a Debt-Free Life and More Control Over Your Money

Disclaimer: The article and information provided here is for informational purposes only and is not intended as a substitute for professional advice.

The post Ten New Year Money Management Resolutions for 2023 appeared first on Credit Sesame.

Consumer credit often takes a beating during the holiday season. You can flip that script with a credit improvement step on each of the 12 days of Christmas.

It’s the perfect time to do it. Instead of dreading larger credit card balances and minimum payments following the holidays, how about using downtime from work to make your holiday debt more manageable?

Follow our 12 credit improvement steps one day at a time over the holidays.

1. Check your credit reports

Figuring out where you are starting from is key to being able to monitor progress. You can check your credit reports from Equifax, Experian and Transunion for free at AnnualCreditReport.com.

Your credit report shows the status of your credit accounts. This includes your balances and your payment history.

High balances and late payments generally hurt your credit score. Identify any problems you need to address. Also keep an eye out for any mistakes on your credit report. Getting these fixed could give your credit score an instant boost.

2. Sign up for credit monitoring

Sign up for free credit monitoring, including daily credit score updates. Think of this as an ongoing extension of checking your credit report. Credit monitoring lets you know when there has been any significant credit activity in your name.

This can be useful in helping you track your progress as you take additional steps to improve your credit. In addition, credit monitoring can alert you to any unusual activity that could be a sign of fraud.

3. Prioritize your credit card debt

If you have balances on more than one credit card, it pays to prioritize which balance to pay down fastest. Check each credit card statement to see what the current interest rate is. Then list all your cards in order of interest rate, from highest to lowest.

Make the minimum required payment on each card. Then, if you have extra money for payments, target the highest-interest card first. This has the biggest impact on reducing future interest charges, and that makes paying down your debt less expensive.

4. Negotiate a better rate on your high interest cards

Contact the credit card issuers of your highest-interest cards to see if you qualify for a lower rate.

Your chances of succeeding are best if you have a good payment history on that card and if your credit record is generally strong. It doesn’t cost anything to ask.

5. Shop for a cheaper credit card

If you can’t get a rate reduction on your high-interest credit cards, shop around to see if you could do better with a new credit card. Sign up as a Credit Sesame Member and see if you qualify for any cards under the Sesame Guarantee Program.

Remember that opening a new account could hurt your credit score a little so you should be reasonably certain of a successful application before applying. A new card could save you money on interest and reduce your credit utilization. This should help you improve your credit over time.

6. Consider credit card debt consolidation

While shopping for cheaper alternatives, you may see an opportunity to save money by transferring one or more existing balances to a less expensive card.

You might maximize those savings by using a zero-percent balance transfer card. This strategy works best if you:

• Have a plan for paying off the balance before the temporary zero-interest period expires
• Check to see if the interest you save exceeds any fees for transferring balances

7. Refinance long-term credit card debt into a loan

If your existing credit card balances are so high it might take more than a year to pay them off, consider refinancing some credit card debt into a personal loan.

Personal loans generally have lower interest rates than credit cards. They also give you a set schedule for paying off your debt.

If you use a personal loan to pay off credit card debt, make sure you don’t start building those balances up again. Any debt refinancing or consolidation should be part of a broader debt reduction program.

8. Make a monthly payment schedule

Create a schedule of payment due dates for your credit cards. Knowing when you must pay makes planning easier.

Even if you have automated payments for your credit cards, you must plan for those payments by making sure there’s enough money in your bank account to cover them. Also, planning payments helps you spot when you have excess funds and so an opportunity to pay more than the minimum payment. This reduces your outstanding debt faster.

9. Get balances down below 25% of your credit limit

One factor used to determine your credit score is the percentage of your credit limits that is currently in use.

Aim to get the amount of credit you use below 25% of your credit limit. There’s no magic to that number, but keeping a fairly low balance should help your credit score and help you make sure your balances aren’t creeping higher over time.

Once you get your credit usage below 25% you can shoot for paying off your balances completely. That is both the cheapest way to use credit and best for your credit score.

10. Apply for higher credit limits

One way to get your credit utilization rate down is to ask your credit card issuers to raise your credit limit.

The chances of a card issuer raising your limit are best if you have a good credit score and haven’t missed any payments on the card. According to data from the Federal Reserve Bank of New York, nearly two-thirds of applications for credit limit increases are approved.

Remember that a credit limit increase does nothing to reduce your interest charges. However, it can improve your credit score as long as you don’t proceed to build your balances up to the new limit.

11. Create a budget for the year

The best thing you can do for your credit score, in the long run, is to create a budget that doesn’t depend on continued borrowing.

There may be times, such as the holiday season, when it’s necessary to borrow money temporarily. However, having a budget for the full year helps you see how much you can afford to borrow and still pay off your balances within the year ahead.

12. Start setting aside money for the next holiday season

Even borrowing money temporarily costs something. The best way to pay for holiday shopping is with money you’ve saved up in advance.

As you get better at budgeting, plan on setting aside an amount each month to use towards next season’s holiday spending. This may even mean you can earn interest during the year instead of paying it.

That’s it for the 12 days of credit improvement

Credit improvement is not the most festive activity over the holiday period, but if you follow these tips, you might find that twelve days of credit improvement turns into twelve months of feeling merrier about your finances.

You may also be interested in:

• How Fast Can You Raise Your Credit Score?
• Focus on the Incentives for Improving Credit Score

Disclaimer: The article and information provided here is for informational purposes only and is not intended as a substitute for professional advice.

The post 12 Days of Credit Improvement appeared first on Credit Sesame.

Building a credit score can seem like one of the last things college students should be focusing on. Classes, homework and a busy social life are just the start. Who wants to start their journey into adulthood by reviewing their credit score and calculating their credit utilization ratio so that they can have good credit?

A good credit score doesn’t just help your future self. If you build credit as a student you can see positive outcomes soon, since higher credit scores can lead to lower interest rates on car loans and make getting approved for rewards credit cards (free flights, anyone?) more likely.

It can be a sign to potential landlords that you’re likely to pay the monthly rent. Also, cellphone carriers may check your credit to set up financing and determine the terms of your phone plan.

Can I get a credit card as a student?

College campuses used to full of credit card companies offering free T-shirts and other giveaways to students who applied for their cards. No income was required, so anyone over 18 could easily get a credit card.

That changed with the Credit CARD Act of 2009, which requires proof of independent income or assets for applicants between 18 and 21. If they can’t provide such proof, young adults can have a co-signer such as a parent. We’ll go over other options later.

How to get a student credit card

Student credit cards are one of the best ways to build credit as a student because the card is in your name and paying it on time is a good start to showing you can use credit wisely. Student credit cards don’t have a minimum income requirement. As long as you have $500 or more in monthly income after paying your bills, you should qualify.

Here are some forms of income to list on a credit application:

• Full- or part-time work.
• Financial aid, grants and scholarships after paying your tuition and other college expenses.
• Student loan funds not meant for college expenses.
• Paid internship.
• Dividends from investments.
• Money you regularly receive from your parents or a guardian that’s deposited into an individual or joint bank account.

You can’t list your parents’ income as your income on a credit card application. However, if they regularly give you money, then you can list that as your income.

You will likely have to submit proof that you’re a student and the school you attend, which shouldn’t be difficult.

Become an authorized user

A way to build your credit as a student if you don’t have an income to qualify for a student credit card is to become an authorized user on someone else’s credit card. Your parents are the most likely people to allow this, since any charges you make will ultimately be their responsibility as the primary cardholder. 

If payments are made on time, then the information will be reflected on your credit report. Eventually you should build a good enough score to get a card on your own.

Get a cosigner

If you’re under 21 and don’t have a job, you can still get a student credit card with an adult cosigner. Again, this could be a parent.

Their creditworthiness will be factored in the application. If you miss credit card payments on the card, then the cosigner’s credit score could drop. The cosigner is responsible for payments if you don’t make them.

Get a secured card

Without income or a cosigner, you may qualify for a secured credit card by just paying a deposit, which will be your line of credit. Payments will be reported on your credit history, helping you to build credit and hopefully get an unsecured credit card later.

How to use your first credit card

Whichever credit card you get, you should use it in the best ways possible to build your credit as a student. Here are some quick tips for using your first credit card to establish and improve your credit score:

• Make small, daily purchases that you can afford to pay off quickly.
• Pay your credit card bill in full each month.
• Pay the bill on time each month, preferably a little early.
• Use less than 30% of the credit available to you.

Credit score factors 

Credit scoring models vary, but there are five common factors that affect credit scores. A FICO score is the most common, and here are five factors that affect it the most, followed by the percent of a FICO score each factor accounts for:

1. Payment history: 35%. Paying back debt on time and in full is the best way to raise a credit score.
2. Amounts owed: 30%. This is the amount of revolving credit you use each month and shows how much you rely on credit. It’s called credit utilization ratio and we’ll go over this later in a little more detail.
3. Credit history length: 15%. Age of your oldest and newest credit accounts, and the average age of all of your accounts. A longer credit history is preferred.
4. Credit mix: 10%. Diverse credit accounts such as car loan, credit card, student loan, and mortgage indicate how well you manage a range of credit products.
5. New credit: 10%. Number of credit accounts recently opened, including hard inquiries lenders make when you apply for credit. Too many are seen as an increased risk.

What is credit utilization ratio?

This term may sound boring, but after payment history it’s the biggest thing you have control over when trying to raise your credit score.

Credit card companies give customers credit limits, meaning they can only use so much credit on a card. A $10,000 limit, for example, means your credit card won’t be accepted when you’ve made that much in charges. You can get some of that back, however, by paying down the balance. 

You can calculate your credit utilization ratio by dividing the total revolving credit you’re using by the total of all of your revolving credit limits. It shows how much available credit you’re utilizing.

You shouldn’t use more than 30% of your available credit. On a $10,000 limit credit card, that means using $3,000 of it. Some creditors prefer 10%. Paying down your balance as you use your credit card is a good way to lower this ratio and build credit as a student.

You may also be interested in:

• Credit Building for Recent Grads
• Ten Ways to Build Credit on a Budget

Disclaimer: The article and information provided here is for informational purposes only and is not intended as a substitute for professional advice.

The post How to Build Credit as a Student appeared first on Credit Sesame.

Can you really build credit with credit cards? You bet.

But you can also harm your credit score if you misuse your plastic. We will cover:

• How to build credit with credit cards
• Best ways to build credit with credit cards
• Tips to building credit with credit cards
• Start building your credit with Sesame Cash — Credit Sesame’s secured credit card.

How to build credit with credit cards

Credit scoring technologies can look like black boxes. You know a whole lot’s going on inside, but you haven’t a clue what.

In some ways, that’s true. The algorithms that weigh every item on your credit report are incredibly complicated.

However, the rules those algorithms apply are simple and easy to understand. And, if you abide by them, you can build credit with credit card use. Here are the basic rules (we’ll go into detail later):

1. Always pay your bills (including those from your credit card companies) on time
2. Have enough credit cards to spread the load across your borrowing needs
3. Apply for new credit cards one at a time with a few months between each application
4. Don’t close credit card accounts unless you need to

Most of us can follow those rules providing we aren’t in big financial trouble. But some of us may struggle to achieve even the first and most important of them: Always pay your bills on time. If that’s you, discover how to build and stick to a household budget.

Best ways to build credit with credit cards

We promised we’d get into more detail on those rules, so let’s get on with that.

1. Pay promptly

There are two main companies that devise and build consumer credit scoring technologies, VantageScore and FICO. And they both agree that paying your bills on time is the single most significant factor in driving your credit score up or down.

For VantageScore, that alone makes up 40% or 41% of your credit score. And, for FICO, it’s 35%.

So this isn’t optional. If you want a high credit score, pay your bills promptly — every time.

2. Spread the load for your cards

For FICO, the second biggest factor in your credit score is the proportion of the credit limit you’re using on each card. That accounts for 30% of your score. It’s 20% for VantageScore.

Credit scores aren’t interested in the dollar amount of your card borrowing. They calculate only the current balance on each card as a percentage of its credit limit. This “credit utilization ratio” isn’t as complicated as it sounds.

Here’s an example. Suppose you have a card with a $10,000 credit limit. Here’s your ratio with different balances:

• $0 balance = 0% ratio ($0 balance ÷ $10,000 credit limit = 0%)
• $1,000 balance = 10% ratio ($1,000 balance ÷ $10,000 credit limit = 10% = 0.1 on your calculator)
• $3,000 balance = 30% ratio ($3,000 balance ÷ $10,000 credit limit = 30% = 0.3 on your calculator)
• $10,000 balance = 100% ratio ($10,000 balance ÷ $10,000 credit limit = 100% = 1 on your calculator). Your card’s maxed out

Chances are, you aren’t doing your score any harm if your credit utilization ratio is at or below 30%. But if you’re trying to improve your score, or are planning on applying for a big loan (a mortgage or auto loan, perhaps) soon, you should probably try to keep your ratio below 10%. That should boost your score.

Spread the load

One way to achieve this is to have more credit cards so you can spread your borrowing load across them. That’s what people with perfect (850) scores do, according to credit bureau Experian:

People with FICO^® Scores of 850 carried an average 6.4 credit cards compared with the national average of 3.8 credit cards. When it came to credit card debt, however, Americans with perfect FICO^® Scores owed less than half the U.S. average: an average $3,025 compared with the national average of $6,445.

By the way, it’s a myth that it’s good for your score if you carry a card balance. “Paying off your credit cards in full every month is the best way to improve a credit score or maintain a good one,” says one federal regulator.

3. Apply for new credit cards one at a time with a few months between each application

Imagine you hear from mutual friends that someone you know is calling around your circle asking to borrow money. You’d probably assume they were in financial trouble.

Well, credit card companies make the same assumption if you apply for several cards within a short period. Each application appears on your credit report, and your score could tumble.

Applying for any new credit causes a minor hit on your score. And, if your application is successful, your new account will also knock a few points off your score. That’s because part of that score is based on the average age of accounts, and every new one drags down that average age.

Don’t worry. Your score can recover from those small hits, often within a few months, providing you use the new account (and your existing ones) responsibly.

Of course, you should continue to apply for a credit card whenever you have a good reason. For example, you may wish to increase the number of cards in your wallet so you can keep your credit utilization ratios low. But, if you do, apply for these over a prolonged period.

4. Don’t close credit card accounts unless you need to

We’ve already mentioned that your score is affected by the average age of your accounts. Just as adding a new account reduces that average, so does closing a long-standing one. So keep old cards, even if you no longer use them.

The exception, of course, is when you’re paying an annual fee on a card that’s no longer delivering the benefits you want. By all means, close one of those — unless you’re about to apply for a big loan. In that case, wait until your mortgage closes or your car loan’s finalized before you act.

Tips to building credit with credit cards

Here are some tips that can help you build credit with credit card use:

1. Set up autopay for your monthly bills, including those for credit cards. Consider making the payment a couple of days early so banking snafus won’t catch you out
2. Zero your credit card balances whenever you can. If you can’t, keep your balances low
3. Keep each card balance below 30% of its credit limit. Make that 10% if you’re actively building your score
4. Check your credit score regularly — Checking your score yourself (through a third-party, such as Credit Sesame) won’t harm your score. It’s only affected when you apply for new credit. Doing this lets you see when your behavior is harming your score or helping it
5. If you can’t get a credit card yourself, ask a family member or friend to make you an authorized user on one of their cards
6. When your family and friends are reluctant to help, apply for a secured credit card

The process of building credit with credit card use isn’t complicated. But it can be tricky if you’re still deep in money worries. If that’s you, just do what you can. Every little bit helps. And, over time, you really can boost your score and gain access to less costly borrowing.

Start building your credit with Sesame Cash — Credit Sesame’s secured credit card

We mentioned a secured credit card as an excellent way to build credit. These are much easier to qualify for than a mainstream card because you don’t actually borrow any money. Instead, you deposit money into your secured card’s account and spend that.

So, it’s a lot like a debit card or prepaid card. However, there’s one crucial difference: Namely, your activity is reported to credit bureaus. And that means your responsible use of your secured credit card will allow you to improve your score.

There are many reasons why you might be unable to get approved for a mainstream card. Perhaps you have a “thin file,” which means you haven’t borrowed enough in the recent past for card issuers to judge how responsible a borrower you are. Or maybe you’ve been through some rough times financially that slashed your score. And now you’re ready to begin rebuilding your life and your score.

Naturally, we reckon our secured card, the Sesame Cash, is a great choice. With one of these, there are:

1. No credit checks
2. No fees — This is a time-limited offer
3. Cash-back credits on several big-brand names (see conditions), including Uber, Uber Eats, Sam’s Locker, Home Depot and Foot Locker
4. Free daily access to your credit score
5. Regular reports to credit bureaus, allowing you to improve your credit score
6. Points when you meet credit building milestones
7. Easy-to-use smartphone app

Do you think a virtual Sesame Cash card would be helpful to you? Apply now!

Disclaimer: The article and information provided here is for informational purposes only and is not intended as a substitute for professional advice.

The post How to Build Credit with Credit Cards appeared first on Credit Sesame.