Why You Shouldn't Care About Your Credit Score
Stay Wealthy Retirement Podcast
Taylor Schulte, CFP®
2.4 • 606 Ratings
🗓️ 23 August 2023
⏱️ 21 minutes
🧾️ Download transcript
Summary
Almost every day, I (guest host Jeremy Schneider) hear someone mention their credit score.
After being in school our entire young lives, we must all crave for someone to give us another grade.
And when the ol’ FICO corporation is slapping a big number on all of us...
...we excitedly spend every waking moment trying to improve (or maintain) it.
But here’s the problem: Focusing on your credit score is a TERRIBLE way to win with money.
You’re putting your energy towards precisely the wrong thing.
In today's episode, I'm sharing why you shouldn't care about your credit score + what you should be focusing on instead!
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***
EPISODE RESOURCES:
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✏️ Grab the Episode Show Notes
Transcript
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| 0:00.0 | Welcome to the Stay Wealthy podcast with Taylor Shulte. |
| 0:07.8 | I'm your guest host, Jeremy Schneider, filling in for Taylor for the month of August. |
| 0:12.8 | Today I'll be discussing net worth and credit scores. |
| 0:16.1 | Specifically, I'm sharing what are they and how do you calculate them, comparing which |
| 0:20.7 | one is more important to your financial health |
| 0:23.2 | and why optimizing your credit score may be hurting you. |
| 0:27.2 | If you have wondered how you stack up financially |
| 0:29.2 | and want to improve these numbers, |
| 0:31.1 | today's episode is for you. |
| 0:33.1 | For all the links and resources mentioned in today's episode, |
| 0:36.1 | head over to you, staywealthy.com |
| 0:38.0 | slash 196. |
| 0:43.1 | This is the third of four shows. |
| 0:45.4 | I'm filling in for Taylor. |
| 0:46.2 | He will be back in September. |
| 0:47.5 | So if you are sick of hearing me, my reign is almost over, but bear with me. |
| 0:51.6 | Today, we're discussing two very popular financial metrics, credit score |
| 0:56.7 | and net worth. I know, as a Taylor-Sholti listener and a stay wealthy podcast listener, |
| 1:01.9 | you are probably quite financially savvy, and you probably know what these are. But I think |
| 1:06.2 | it's important to dig in and really understand how they're calculated and some of the psychology that goes on |
| 1:11.6 | behind them because they can play some tricks on us that can hurt us financially. So let's start |
| 1:16.9 | with a credit score. What is a credit score? Well, it's a number that ranges from 300 to 850 that |
... |
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