We evolve by gaining insight.
The decisions we make in our financial journeys can yield significant consequences, either positive or negative. Enhancing our financial literacy holds the potential to bring about positive transformations for individuals, families, organizations, and entire communities.
Upon contemplating my own journey towards financial well-being, I've pinpointed some specific steps that guided me on the correct path to achieving financial wellness. They are understanding credit, emergency funds, debt management, and personal care. Though this page, I hope to share the knowledge and strategies that have been instrumental in my financial wellness journey, so you too can embark on a personal path to financial wellness, stability and growth. Explore the tools and insights provided here, to assist with the support and reinforcement needed in making informed financial decisions - today.
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Six Habits to Improve Your Credit Score
Maintaining a good credit score is essential for financial health, impacting everything from loan approvals to interest rates. Building and sustaining a high credit score requires consistent and mindful financial habits.
Here are six key practices, over some time can help boost your credit score and keep it in excellent shape. Start or continue on the path to achieving and maintaining a strong credit profile.
| Habit | Description |
|---|---|
| 1. Pay Bills on Time | Only 6% of people with a credit score above 800 have missed or have a late payment on their credit report, according to Experian. |
| 2. Reduce Credit Card Balances | Keep credit utilization lower than 30%. Members of the 800 score club say they keep it below 10%. |
| 3. Keep Old Accounts Open | Keeping old accounts open helps increase your available credit, which increases your utilization ratio and adds to the average credit age. |
| 4. Selectively Apply for New Credit | Too many credit inquiries or multiple credit inquiries within a short time frame can damage your credit score. |
| 5. Ask for Credit Limit Increases | Instead of opening new accounts, ask your existing accounts for credit increases. It helps lower your utilization without lowering your credit age. |
| 6. Diversify Your Credit Mix | Having a variety of credit types (credit cards, installment loans, mortgages) can be beneficial, showing you can manage different types of credit responsibly. |
iGrad created a video, over 10 years ago asking college students financial wellness questions vs pop cultural questions.
The video is transformative and dives deep into the heart of financial wellness, with an entertaining twist. Crafted by iGrad, an expert in financial planning and wealth management, this video is an insightful way to bring attention to the lack of financial literacy among young adults/college students.
Whether you're just starting out on your financial journey or looking to refine your strategies for wealth building, the time to start is always now, if not yesterday. Financial wellness is a key component of overall well-being, and enjoy providing you with the tools and resources you need to achieve it.
Growing Greatness LLC is dedicated to helping you understand from budgeting basics and debt management to future planning, we cover a wide range of topics with clarity and expertise. Financial wellness is a journey, not a destination. We're here to support you every step of the way. Enjoy the video!!!!!!
Understanding Credit Score Recovery Time:
| Credit Issue | Average Recovery Time |
|---|---|
| Missed or defaulted payment | 18 months |
| High credit utilization | 3 months |
| Hard credit inquiry | 3 months |
| Late mortgage payment (30 – 90 days) | 9 months |