How Credit REALLY Works (The Truth)
The Table with Anthony ONeal
The Neatness Network
4.9 • 2K Ratings
🗓️ 28 February 2025
⏱️ 18 minutes
🧾️ Download transcript
Summary
On this episode of The Table with Anthony ONeal, we’re diving into an essential topic: building a strong credit score without falling into the debt trap. I share my evolving perspective on credit, emphasizing that while staying debt-free remains the #1 goal, having good credit can also be a powerful tool for major financial decisions, like buying a home. Today, we’ll explore practical, debt-free strategies to improve your credit score and discuss why avoiding unnecessary consumer debt is crucial. If you’ve been hesitant about credit, this episode is for you, let’s work toward financial freedom without the weight of debt holding you back!
▶️ Watch the full episode here: https://youtu.be/1HrGcMdV7-Q
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RECOMMENDED Reading
📔 Debt Free Degree: https://amzn.to/3jA8GfR
📓 Destroy Your Student Loan Debt: https://amzn.to/3uG5wNQ
📓 Essentialism: The Disciplined Pursuit of Less: https://amzn.to/37iUUf1
📘 The Ruthless Elimination of Hurry: https://amzn.to/3uEiKdW
Who I AM:
Hey, fam! I’m Anthony and I’m here to help you discover your authentic self and achieve spiritual, financial, and mental freedom. I know what it’s like to be in debt and homeless - I’ve been there. But with the grace of God, I was able to turn my life around and I’m now helping others to do the same.
Disclaimer: Some of these links are affiliate links, which means I may get a commission if you purchase. However, none of the fees of these resources have been increased to compensate me. In fact, many of these have given me special discounts that I get to extend to you! 😉
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Transcript
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| 0:00.0 | Listen, before we can really, you know, get into how do we, how to build credit without debt, |
| 0:09.2 | we first need to understand what makes up your credit score, you know, and it's influenced by five |
| 0:16.4 | factors, and I really want you to understand this, I'm going to break this down for you, all right? |
| 0:20.5 | Number one, the number one thing'm going to break this down for you. All right. |
| 0:21.6 | Number one, the number one thing is going to be your payment history. |
| 0:25.6 | All right. |
| 0:26.6 | So when it comes to your credit score, there's five main things. |
| 0:28.6 | There's five pieces of this pie that determines your credit score, right? |
| 0:33.6 | And that's your payment history. |
| 0:35.6 | You see, paying bills on time is the biggest piece with this. |
| 0:41.5 | I just want to rephrase that. |
| 0:43.0 | Paying back your debt on time is one of the biggest piece to obtaining a credit score. |
| 0:49.9 | Now, how do I say this? |
| 0:59.4 | We should not have too much consumer debt on our credit report. |
| 1:14.8 | If I was to pull my credit report today, you will see my real estate. |
| 1:20.8 | And you will see some OSTIP that I had from years ago that I paid off. But now I'm able to have an 800 credit score simply because of the assets that are on my credit port that are not |
| 1:25.4 | liabilities. Now watch this. it's still debt it is still |
| 1:29.3 | debt but these are assets these are mortgages that i have that is going towards wealth building that is |
| 1:35.0 | my home now i have an 800 credit score which leads me down to the second part of the pie is your |
| 1:41.4 | credit utilization okay this is how are you using the funds that they're giving you so for an |
| 1:48.4 | example another financial advisor was like hey if you get a 10,000 dollar credit card put no more than |
| 1:54.7 | $3,000 on that credit card keep your ratio below 30% right? And so this, this, this method, not this method, |
... |
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