1143: [Part 2] How to Rebuild your Credit (using credit cards WISELY) by Ramit Sethi of I Will Teach You To Be Rich

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Investing, Business, Education, Self-improvement

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🗓️ 26 April 2020

⏱️ 10 minutes

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Summary

Ramit Sethi of I Will Teach You to be Rich shares how to rebuild your credit using credit cards wisely. This is part 2 of 2. Episode 1143: [Part 2] How to Rebuild your Credit (using credit cards WISELY) by Ramit Sethi of I Will Teach You To Be Rich Ramit wants to use money to say YES. He knew there was a better way to live a rich life—if we could use psychology to focus on what actually works. Not just for personal finance, but all aspects of life: money, careers, relationships, business, fitness, and more. Since then, he's been testing and sharing his findings with the world via I Will Teach You To Be Rich. He's also written a New York Times bestselling book, been profiled in a 6-page Fortune article, and been pictured next to Warren Buffett in Forbes Magazine, as well as been featured by a long list of media, including the Wall Street Journal, ABC News, NPR, Fox Business, PBS, CNBC, and more. He also has tons of documented success stories—more than 20,000. The original post is located here: https://www.iwillteachyoutoberich.com/blog/credit-cards-to-rebuild-credit/ Visit Me Online at OLDPodcast.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is optimal finance daily episode 1143,
0:03.7	How to Rebuild your Credit using credit cards wisely
0:07.2	Part 2 by Ramit Saiti of I Will Teach You to be Rich.
0:11.2	com. And I am your host and narrator. My name is Dan and I'm here every single day.
0:15.7	Weekends and holidays included, reading to you from some of the best personal finance
0:19.1	blogs on the planet. Now today's post from Rameet is actually a continuation from yesterday so if you're new here
0:24.9	it would be best to listen to yesterday's episode first. But if you're all caught up, let's hear
0:29.6	part two as we continue optimizing your life.
0:33.0	How to rebuild your credit using credit
0:39.0	using credit cards wisely.
0:40.0	Part 2 by Ramit Saiti of I Will Teach You to Be Rich.com
0:44.0	The Six Commandments of Rebuilding your Credit with Credit
0:48.0	Now it's time to take full advantage of your cards as a means to improve your credit.
0:53.0	Optimizing your credit is a multi-step process.
0:56.0	1. Pay off your credit card regularly.
0:59.0	Yeah, we've all heard it, but what you may not know is that your debt payment history represents 35% of your credit
1:04.9	score, the largest chunk. In fact, the single most important thing you can do to improve your
1:09.6	credit is to pay your bills on time. Whether you're paying a full amount on your credit card or risking
1:14.4	my wrath by paying just part of it, pay it on time. If you miss even one payment on your credit
1:19.9	card, here are four terrible, horrible, no good good very bad results you may face
1:24.4	your credit score can drop more than a hundred points which would add
1:28.3	two hundred forty dollars a month to an average thirty-year fixed mortgage loan
	...

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