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NerdWallet's Smart Money Podcast

2 Ways to Improve Your Credit Score, Budgeting Tips, and Investing 403b and 529 Plans

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 6 November 2023

⏱️ 29 minutes

🧾️ Download transcript

Summary

Learn about two quick credit tips, 403b and 529 plans, delinquencies on old loans, and budgeting when you only get paid once a month. 01:11 This Week in Your Money: Hosts Sean Pyles and Sara Rathner provide two quick tips for improving credit scores. The first tip involves credit utilization, which is the amount of available credit that you're using. They also discuss the option of asking for an increased credit card limit. For their second tip, they discuss the benefits and risks of becoming an authorized user on a friend or family’s credit card. To wrap up their discussion, they advise on the benefits of checking your credit report for accuracy and why it may not be necessary to worry about your exact credit score if it’s already above 720. 11:11 Money Question Lightning Round: NerdWallet’s Liz Weston joins Sean to answer several listener questions. They discuss 529 plans and how they may impact eligibility for financial aid, whether a delinquency on an old loan will still show up on a credit report after the loan has been refinanced, tax-advantaged vehicles for retirement savings when a 401k plan is unavailable (like a thrift savings plan), how to manage money when you only get paid once a month, and how to decide whether a 403b retirement plan is worth using as opposed to alternative retirement plans. In their conversation, the Nerds discuss: credit scores, financial future, credit utilization, strategic payments, higher credit limits, authorized users, credit reports, 529 savings plans, need-based financial aid, college savings strategies, private student loans, refinancing, budgeting, retirement planning, spending tracking, budgeting software, automated transfers, Thrift Savings Plan (TSP), 401k and 403b retirement plans, retirement options, credit tips, credit card limit, credit bureaus, collections account, credit report error, budgeting tips, the savings bucket strategy, and lifestyle inflation. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. If you’re looking for an app to track all your money in one place, then check out the free NerdWallet app: https://nerdwallet.com/app  Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

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0:03.0

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0:15.0

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0:23.0

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0:25.3

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0:27.1

Click or tap the banner to find out more.

0:29.9

Do you need to get your credit score up in a pinch?

0:32.4

In this episode, we've got the tips to help you do just that.

0:46.2

Thank you. We've got the tips to help you do just that. Welcome to Nerd Wallet's Smart Money Podcast, where you send us your money questions and we answer them with the help of our genius nerds.

0:53.4

I'm Sean Piles.

0:55.2

And I'm Sarah Rathner. Listener, I'm not sure if you know this, but Sean and I are like the two retired

1:00.0

folks sitting on rocking chairs on the front porch of a house watching what all the neighbors are up

1:05.6

to. We are nosy. We want to know what your money questions are, why you have them, and what getting a good

1:12.2

answer to your money question would do for you. So send your questions our way. If you need us,

1:17.7

we're on that front porch. That's right. We want to know all your business. You can email a voice

1:22.7

memo of your money question to podcast at nerdwollot.com or leave a voicemail on the nerd hotline at 901-730 6373. That's 901-730 N-E-R-D.

1:34.3

You can also text your questions to the nerd hotline or write an email to podcast at nerdwollet.com.

1:40.4

This episode, Liz Weston and I answer a number of our listeners' questions in a lightning round.

...

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