WEBVTT - How to Improve Your Credit Score #010 0:00:00.080 --> 0:00:03.080 Welcome to How the Money. I'm Joel and I'm Matt, 0:00:03.240 --> 0:00:06.520 and today we're talking about how to improve your credit score. 0:00:18.480 --> 0:00:20.560 All right, Matt, real quick. I wanted to give people 0:00:20.600 --> 0:00:24.000 a beer tip because we love to talk about beer 0:00:24.040 --> 0:00:25.439 on the podcast, right, and we normally wait till the 0:00:25.520 --> 0:00:27.200 end to talk about the beer, But you want to 0:00:27.240 --> 0:00:28.760 talk about it now, I do, well, I want to. 0:00:28.960 --> 0:00:31.280 I want to do a tip. So this struck me 0:00:31.320 --> 0:00:33.720 as really important and it's actually really influenced the way 0:00:33.760 --> 0:00:35.760 I enjoy beers and how good they are because I've 0:00:35.760 --> 0:00:38.040 done it a different way and they don't taste as good. 0:00:38.560 --> 0:00:41.159 So when you buy a six pack or whatever, when 0:00:41.200 --> 0:00:45.199 you buy a beer, sometimes you have the desire to 0:00:46.159 --> 0:00:47.600 chill it in the freezer real quick so you can 0:00:47.640 --> 0:00:49.519 drink it that night or something like that. I think 0:00:49.560 --> 0:00:52.640 it's really important for the beer to avoid bottle shock 0:00:53.040 --> 0:00:55.160 and bottle shock and just kind of mess with the 0:00:55.160 --> 0:00:57.639 taste of a beer is to have it in your 0:00:57.640 --> 0:01:02.800 fridge overnight, to let it chill naturally gradually instead of yeah, gradually, 0:01:03.040 --> 0:01:05.720 and then pull it out. Another important tips, So let 0:01:05.800 --> 0:01:08.759 your beer chill overnight gradually, and then when you pull 0:01:08.800 --> 0:01:12.000 it out, let your beer warm up for thirty minutes 0:01:12.080 --> 0:01:15.200 before you pop it open. Um. I think the warmer 0:01:15.280 --> 0:01:18.360 your beer gets, the more flavors are open. So if 0:01:18.360 --> 0:01:21.520 you're drinking like cores light, who cares, right, drink it cold? 0:01:21.600 --> 0:01:23.440 Drinking cold because you don't want those flavors to come 0:01:23.440 --> 0:01:26.240 out tap the rockies. Yeah, but if you're drinking a 0:01:26.360 --> 0:01:28.520 good beer, you wanted to warm up a little bit 0:01:28.520 --> 0:01:30.520 and those natural flavors are gonna come out more. And 0:01:30.560 --> 0:01:32.600 so I was just thinking about it because our beer 0:01:33.000 --> 0:01:35.040 today and we'll get into it in a minute is 0:01:35.120 --> 0:01:39.120 dog Fish Heads Oak aged Vanilla Worldwide Stout, and I 0:01:39.200 --> 0:01:41.120 was like, okay, I gotta pull this over question. We 0:01:41.160 --> 0:01:43.200 need to warm that up. It needs to warm up because, 0:01:43.240 --> 0:01:45.480 like I'm going to get those extra oak and vanilla 0:01:45.560 --> 0:01:48.840 notes if it's warmer. That's true, man, I hadn't thought 0:01:48.880 --> 0:01:50.520 about that. We do that all the time without really 0:01:50.520 --> 0:01:54.840 thinking about it, but just from having had numerous craft 0:01:54.840 --> 0:01:58.200 beers in the past decade. But yeah, we should do that, Hooks. 0:01:58.240 --> 0:02:00.520 That's that's a good tip. So there you drink your 0:02:00.520 --> 0:02:03.520 craft beer and drink it better make sure it tastes awesome. 0:02:04.520 --> 0:02:06.360 And also I just want to say thank you to 0:02:06.440 --> 0:02:09.240 all the people that have left ratings and reviews on 0:02:09.320 --> 0:02:12.760 Apple podcast Man, all the glowing reviews, Thank you guys. 0:02:12.800 --> 0:02:14.880 It's huge for us. Man, it's huge for us, and 0:02:14.919 --> 0:02:17.600 so um it makes me feel good about myself. We're 0:02:17.639 --> 0:02:20.799 on episode ten right now, and if you have been 0:02:20.880 --> 0:02:23.120 listening since the beginning or just really gotten in the 0:02:23.200 --> 0:02:25.800 last few episodes and you're into what we're talking about, 0:02:25.840 --> 0:02:29.640 it's helpful. I would ask you kindly to please leave 0:02:29.720 --> 0:02:32.919 us a rating and or review on Apple Podcasts or 0:02:32.919 --> 0:02:35.840 wherever you listen to your podcast. It's super helpful and 0:02:35.880 --> 0:02:38.960 just um helps other people that love craft, beer and 0:02:39.120 --> 0:02:42.800 money talk find our podcast. Yeah, Joe, so Atlanta United. 0:02:43.280 --> 0:02:46.840 We are both big fans uh and we were recording 0:02:46.840 --> 0:02:48.840 this a little bit ahead of time as we haven't 0:02:48.840 --> 0:02:53.600 had our first match against uh DC United. Oh Atlanta United. 0:02:53.600 --> 0:02:55.960 By the way, it's it's our soccer team, right, It's 0:02:55.960 --> 0:02:59.760 our Atlanta soccer team. I wanted to talk about jerseys, 0:02:59.760 --> 0:03:03.040 like the expensive jerseys. Yeah. The reason I asked I 0:03:03.040 --> 0:03:05.040 want to bring that up is because I grew up 0:03:05.080 --> 0:03:09.040 not not wearing jerseys. It's just wasn't part of my childhood. 0:03:09.240 --> 0:03:11.480 I wasn't huge into sports. You didn't even grow up 0:03:11.480 --> 0:03:13.840 wearing pants, So I grew up in the in the 0:03:13.880 --> 0:03:17.799 woods naked. You're one of the woodland people. Is that 0:03:17.880 --> 0:03:21.080 a boy that lives in his eyes? Every once in 0:03:21.080 --> 0:03:26.160 a while, they're like feral children. No, but dude, jerseys 0:03:26.160 --> 0:03:28.520 are so expensive. And I was curious because I was 0:03:28.520 --> 0:03:30.600 thinking about it. Back when we used to go to 0:03:30.600 --> 0:03:32.920 the Braids all the time when they're in town. You know, 0:03:32.960 --> 0:03:36.240 you always had Atlanta Braves jersey. Uh and you would 0:03:36.240 --> 0:03:38.040 always rag me if for not having any any of 0:03:38.080 --> 0:03:41.360 like team gear. But I wasn't gonna spend the money 0:03:41.680 --> 0:03:44.600 on I mean close to like a hundred bucks on 0:03:44.640 --> 0:03:46.920 a on a nice jersey, you know. And this past 0:03:47.000 --> 0:03:51.040 Christmas scored a sweet you know, official jersey, which I'm 0:03:51.040 --> 0:03:53.880 super stoked about. Uh So, how do you justify that? 0:03:54.000 --> 0:03:56.480 You know, you've got something you support and love your team, 0:03:56.680 --> 0:04:00.200 but then on the other hand, you've got crazy ments 0:04:00.240 --> 0:04:02.160 of jersey and they changed to you. That's what's so 0:04:02.240 --> 0:04:05.280 crazy is that every every couple of years. Uh. I 0:04:05.280 --> 0:04:08.840 mean some some leagues they're even required to update their jerseys. Yeah, 0:04:09.000 --> 0:04:11.840 give me your thoughts, all right. So here's how I 0:04:11.880 --> 0:04:15.080 approach stuff. Like buying a jersey. That is something I 0:04:15.120 --> 0:04:17.680 typically will not buy for myself because of the expense. 0:04:18.080 --> 0:04:21.320 And I usually ask for something like a jersey or 0:04:21.360 --> 0:04:23.359 a hat or something like that for a team that 0:04:23.440 --> 0:04:27.640 I love and follow, for Christmas or for my birthday. 0:04:27.680 --> 0:04:30.120 So that's usually like I did, yeah exactly, I like 0:04:30.200 --> 0:04:31.800 put it on the list and I know that I 0:04:31.839 --> 0:04:33.359 want something like that. So you know, it was my 0:04:33.440 --> 0:04:38.159 birthday in February and my folks got me one Atlanta 0:04:38.240 --> 0:04:41.000 United jersey. And then I had some birthday money and 0:04:41.160 --> 0:04:43.280 I decided found a sale and I bought another one. 0:04:43.360 --> 0:04:46.039 So those are the two that I'll need for hopefully 0:04:46.040 --> 0:04:48.920 the next three seasons because I don't mind wearing last 0:04:49.000 --> 0:04:51.359 year's or two years ago jersey, but um, it is 0:04:51.440 --> 0:04:53.279 nice to have that just to support my team, and 0:04:53.320 --> 0:04:55.400 then to have an alternate one in case I like 0:04:55.480 --> 0:04:58.200 completely sweated that one out or something. True, I feel 0:04:58.200 --> 0:04:59.880 like I can wear an old jersey as almost like 0:04:59.920 --> 0:05:01.400 a point of pride and be like, yeah, I'm not 0:05:01.440 --> 0:05:04.560 gonna buy that new one. And as well, we're not 0:05:04.760 --> 0:05:07.000 super super cheap. We we're not willing to spend money 0:05:07.160 --> 0:05:10.000 on something that we really love. All right, let's move 0:05:10.000 --> 0:05:13.680 on to the beer. We're over at my house tonight 0:05:13.760 --> 0:05:17.800 recording and a palatial alt Mixed studios. We've been over 0:05:17.839 --> 0:05:21.240 at your place that like past three three or four episodes, 0:05:21.440 --> 0:05:23.720 and I actually have really liked it because it's a 0:05:23.839 --> 0:05:25.839 nice pick me up to bike over to your place 0:05:26.000 --> 0:05:28.040 in the in the cool night air. But I've been 0:05:28.040 --> 0:05:30.719 biking a lot lately, so I'm actually glad to not 0:05:30.760 --> 0:05:32.000 be on the bike today. See. I like doing it 0:05:32.000 --> 0:05:33.560 at your house because when I get bored looking at 0:05:33.560 --> 0:05:35.440 your face I can look at your great Dane in 0:05:35.480 --> 0:05:39.159 the corner there and just yeah, she's she's a good dog. 0:05:39.200 --> 0:05:41.960 She's sweet. But yeah, you so you brought over a 0:05:42.000 --> 0:05:47.040 beer oak aged vanilla worldwide stout yep from dog fish 0:05:47.040 --> 0:05:50.479 Head Doctor's Head, and they're freaking awesome and big thanks 0:05:50.560 --> 0:05:53.120 to my friend Ryan. Yeah he he hooked you up. 0:05:53.400 --> 0:05:56.720 Yeah he. His wife is from Delaware, and so when 0:05:56.720 --> 0:05:58.440 he goes up there every once in a while, which 0:05:58.480 --> 0:06:00.159 that's where doctor Shed is, and he picks up some 0:06:00.200 --> 0:06:04.640 good beers, and super kind of him to uh to 0:06:04.960 --> 0:06:08.760 donate these uh, these beers to the podcast. And this 0:06:08.800 --> 0:06:12.320 one weighs in at a super stout seventeen and a 0:06:12.320 --> 0:06:16.919 half percent. Yeah, so if we start, I'm excited that 0:06:16.960 --> 0:06:19.320 we each have our own, our own twelve ounces of 0:06:19.360 --> 0:06:21.080 beer of this mom also a little worried by the 0:06:21.080 --> 0:06:22.240 time we get to the end of the podcast. I 0:06:22.240 --> 0:06:24.040 was gonna say, yeah, it fights ourselves a little bit 0:06:24.080 --> 0:06:25.760 if at the end of the podcast we're slurring our 0:06:25.800 --> 0:06:28.600 words as we deliver our final thought. That is I mean, 0:06:28.640 --> 0:06:30.640 that's bigger than a lot of wines. Right, I don't 0:06:30.720 --> 0:06:32.480 drink a ton of wine, but isn't wine like around 0:06:32.520 --> 0:06:36.120 fifteen Yeah, exactly, it's beastly. Are you gonna crack these open? 0:06:36.200 --> 0:06:43.560 Let's crack it? Mm hmmm, gonna be honest, as soon 0:06:43.600 --> 0:06:46.640 as you crack it, you get like a boozy waft 0:06:46.720 --> 0:06:50.880 through the air. It just smells like dark, dark beer. 0:06:51.839 --> 0:06:53.480 And if I were to start a rock and roll band, 0:06:53.480 --> 0:06:58.200 I call it boozy Waft. Hey man, you're going to 0:06:58.279 --> 0:07:01.719 the Boozy Waft show tonight. Yeah. Those guys are awesome. 0:07:01.760 --> 0:07:04.640 They do all justin Bieber covers. Right, I thought I 0:07:04.680 --> 0:07:08.599 was the only fan. You know them too? So this 0:07:08.720 --> 0:07:15.200 poores pitch black, nice caramel brown head. Oh man, it 0:07:15.280 --> 0:07:19.480 smells sweet too, which makes me very excited. Yeah, it's 0:07:19.640 --> 0:07:22.240 dark as night and I just had my first ship. 0:07:22.800 --> 0:07:26.800 It's lovely. It's lovely, It's wow. The oak and the 0:07:26.880 --> 0:07:29.920 vanilla come through super nicely, and the base stout is 0:07:30.840 --> 0:07:34.400 just kind of that perfect level. It's not overly viscous. 0:07:34.440 --> 0:07:36.720 And some of these like bigger stouts, they're like you 0:07:36.760 --> 0:07:39.400 almost have to choose them because they're so big and burly. 0:07:40.160 --> 0:07:42.200 That's a nice body for for such a big beer. 0:07:42.240 --> 0:07:43.960 I was expecting it to be a little superhier. Yeah, 0:07:44.000 --> 0:07:48.600 this one's this one slides down nice and uh, really 0:07:48.640 --> 0:07:52.320 really beautiful. Yeah. I mean, look at the carbonation for 0:07:52.320 --> 0:07:54.640 for such a big stout like this, I'm actually surprised 0:07:54.640 --> 0:07:57.040 at the amount of carbonation I've got coming up. Yeah. 0:07:57.080 --> 0:08:00.920 Sometimes these beers like this poor with almost zero had 0:08:00.960 --> 0:08:04.559 like no carbonation, and so you're just like literally feels like, um, 0:08:04.600 --> 0:08:06.640 it looks like old oil, it looks like motor oil, 0:08:06.640 --> 0:08:07.800 and it kind of has that feel in your mouth 0:08:07.840 --> 0:08:09.480 to this one does not. It's got a kind of 0:08:09.520 --> 0:08:12.600 a nice lively jump. Dude. I'm really glad you brought 0:08:12.640 --> 0:08:15.720 this over too, because it's been pretty cold lately. We've 0:08:15.800 --> 0:08:18.320 kind of had a cold streak here late in the spring, 0:08:18.960 --> 0:08:21.320 and you know, when it's cold outside, it's nice to 0:08:21.320 --> 0:08:24.280 have a big kind of warming beer like this because 0:08:24.400 --> 0:08:27.960 I can already feel it in my belly. Yeah, like 0:08:28.000 --> 0:08:30.480 a stout booze in my belly. I'm not really feeling 0:08:30.520 --> 0:08:33.960 stouts in July and August, but when it's you know, 0:08:34.040 --> 0:08:37.640 thirty five degrees outside, I'm all about it. Stouts and 0:08:37.640 --> 0:08:41.320 barley wines are two of my favorite winter style beers. 0:08:41.720 --> 0:08:43.880 Um And actually one of our listeners wrote in and 0:08:43.920 --> 0:08:46.120 he had some questions about barley wines. So if you 0:08:46.160 --> 0:08:48.760 have questions about beer styles or you just want to 0:08:48.760 --> 0:08:50.760 talk more about it, I feel free to join our 0:08:50.800 --> 0:08:53.719 Facebook group or email us. But our Facebook group is 0:08:53.760 --> 0:08:56.720 the perfect place to ask questions and kind of engage 0:08:56.800 --> 0:08:59.839 on topics related to beer and money. Um. But bar 0:09:00.120 --> 0:09:02.480 wines and stouts two of my favorites to drink during 0:09:02.520 --> 0:09:05.280 the cold months. So thanks to Ryan for donating these 0:09:05.320 --> 0:09:09.040 beers to the podcast. Dude, it's awesome. I really appreciate it. Uh. 0:09:09.040 --> 0:09:11.960 And on that note, Matt, let's get into how to 0:09:12.080 --> 0:09:15.280 improve your credit score. So the credit score, let's first 0:09:15.320 --> 0:09:19.560 talk about actually what that is, right, Yeah, So it's yeah, 0:09:19.559 --> 0:09:22.360 it's important to note the definitions and a credit score. 0:09:22.720 --> 0:09:25.240 It feels like the super secretive thing. And for years 0:09:25.240 --> 0:09:28.800 and years and years, it kind of was secretive. It 0:09:28.840 --> 0:09:31.280 was really hard to get your credit score. Back before 0:09:31.280 --> 0:09:34.560 the Internet, people didn't know what made up a credit score, right, Yeah, 0:09:34.559 --> 0:09:37.200 they didn't know what made it up, and they didn't 0:09:37.240 --> 0:09:39.440 really have access to it. And that's changed over the years. 0:09:39.480 --> 0:09:42.640 I mean I even remember ten years ago, I used 0:09:42.679 --> 0:09:46.360 to bank with a bank called Washington Mutual that is 0:09:46.400 --> 0:09:49.400 now difficult. Yeah, I remember them, and they one of 0:09:49.400 --> 0:09:51.640 their parks was we'll give you access to your credit score, 0:09:51.679 --> 0:09:53.440 and nobody else was doing that. And I was like 0:09:53.480 --> 0:09:55.880 super pump because I'm a nerd and I wanted to 0:09:55.920 --> 0:09:58.080 know about it, um and so that was really fun 0:09:58.080 --> 0:10:00.320 for me, Like, I want to see that stats. And uh, 0:10:00.440 --> 0:10:03.080 fortunately now we live in an age where you have 0:10:03.200 --> 0:10:06.319 access to it and will tell you kind of how 0:10:06.360 --> 0:10:08.320 that works later on and where to go to get 0:10:08.360 --> 0:10:12.640 that um. But essentially, a credit score is a tool 0:10:12.679 --> 0:10:16.120 that financial institutions use in order to decide whether they 0:10:16.160 --> 0:10:18.480 should lend you money or not, and typically is referred 0:10:18.480 --> 0:10:21.440 to as as the FICO score f I CEO. There's 0:10:21.520 --> 0:10:24.360 three main players that you've heard of, and all those 0:10:24.440 --> 0:10:26.840 kind of play into they're all weighted and create your 0:10:26.840 --> 0:10:32.360 FICO score. But experience TransUnion and Equifax, the ladder of 0:10:32.360 --> 0:10:36.440 which had a huge UH data breach last year and 0:10:37.440 --> 0:10:41.760 stunk it up bags Yeah, good jog bays. This episode 0:10:41.800 --> 0:10:45.719 is brought to you by Equifax. Yeah. And the other 0:10:45.760 --> 0:10:47.400 thing is too, is there are are a lot of 0:10:47.400 --> 0:10:50.520 different credit scores out there. There's different algorithms, Different companies 0:10:50.559 --> 0:10:53.640 have their own sort of proprietary scores. They're all roughly 0:10:53.679 --> 0:10:56.720 the same. They all typically have UH fall sort of 0:10:56.760 --> 0:10:59.959 within the range of like three hundred or three fifty 0:11:00.040 --> 0:11:02.760 to up to fifty and some go up to nine. Yeah, 0:11:02.800 --> 0:11:05.320 there's there's they're all sort of different, but they all 0:11:05.360 --> 0:11:08.319 operate around the sort of the same principles. And that's 0:11:08.360 --> 0:11:10.320 what we're gonna be talking about today. And so yeah, 0:11:10.360 --> 0:11:13.200 you might get UH one credit score from one place 0:11:13.240 --> 0:11:15.680 and one credit score from another place, and they're gonna 0:11:15.720 --> 0:11:17.360 be a little bit different, and you're like, well, what's 0:11:17.440 --> 0:11:20.439 going on? Uh? And it's just because these different credit 0:11:20.480 --> 0:11:23.000 bureaus have their, like Matt said, their own algorithms, and 0:11:23.040 --> 0:11:26.360 they are essentially waiting things slightly differently but there are 0:11:26.360 --> 0:11:29.720 a ton of principles that you can lean in in, uh, 0:11:29.760 --> 0:11:32.319 in order to help you understand how to how your 0:11:32.320 --> 0:11:34.880 credit score is made up and therefore how to make 0:11:34.880 --> 0:11:36.880 your credit score great. So, like we said, your credit 0:11:36.920 --> 0:11:40.559 score is how financial institutions are going to decide whether 0:11:40.600 --> 0:11:44.079 to lend you money. So good credit score means more 0:11:44.120 --> 0:11:47.120 favorable interest rates. It means yes, you're going to get 0:11:47.160 --> 0:11:49.080 that long and I mean that's why this is important 0:11:49.400 --> 0:11:51.880 is because this affects how much you're paying an interest 0:11:52.559 --> 0:11:55.800 based on the right that the bank or whatever financial 0:11:55.800 --> 0:11:58.960 institution you're working with is going to give you back. 0:11:58.960 --> 0:12:01.680 In old school human society, a credit score was essentially 0:12:01.760 --> 0:12:05.120 knowing somebody and knowing their trustworthiness. And now, because like 0:12:05.160 --> 0:12:08.079 there's three million people in this country, you have to 0:12:08.080 --> 0:12:11.240 have a score assigned to you because you walk into 0:12:11.240 --> 0:12:13.600 your local bank and they don't know, you know, Matt 0:12:13.600 --> 0:12:15.719 all makes pays his bills or not. Uh, And that's 0:12:15.720 --> 0:12:18.599 why there's this score assigned to you to kind of 0:12:18.679 --> 0:12:21.040 let them know, oh, well, Matt's paid all these other 0:12:21.040 --> 0:12:23.640 bills on time and uh, and he's he seems to 0:12:23.640 --> 0:12:25.480 have used it well his credit Well, so you know 0:12:25.520 --> 0:12:27.840 what he's trustworthy and we can lend to him, whereas 0:12:27.920 --> 0:12:31.439 you know before in early human days, it's like that 0:12:31.480 --> 0:12:34.679 guy sleeps in really late and he was really contribute 0:12:34.920 --> 0:12:37.080 to the meals at night. So he's saying, back then, 0:12:37.240 --> 0:12:40.000 I would not have gotten a good a good loan, 0:12:40.080 --> 0:12:43.240 but but maybe today I would exactly exactly what I'm 0:12:43.280 --> 0:12:47.520 trying to say, jerk. Why do you need a good 0:12:47.520 --> 0:12:49.680 credit score? Yeah, I mean so essentially, I mean, just 0:12:49.720 --> 0:12:53.640 like you're saying it, it establishes basically your financial reputation 0:12:53.920 --> 0:12:55.760 is maybe the best way to kind of describe it. 0:12:56.320 --> 0:12:59.920 And it's not to be overlooked. I used to be 0:13:00.160 --> 0:13:03.280 huge into Dave Ramsey, maybe about ten years ago, and 0:13:03.360 --> 0:13:05.560 he used to call the FICO score the I Love 0:13:05.640 --> 0:13:08.400 Debt score, because this whole thing is obvious. You know, 0:13:08.480 --> 0:13:10.880 everybody knows get out of debt, that's the inside debt, 0:13:10.920 --> 0:13:13.840 that's his whole stick. And I was all about that. 0:13:13.920 --> 0:13:15.720 I was like, Oh, that's cool. I mean, I had 0:13:15.760 --> 0:13:17.800 a FICO score because I we'd always used I use 0:13:17.840 --> 0:13:20.000 credit card since I was a teenager. But I didn't 0:13:20.000 --> 0:13:23.920 really care about my score until we started applying for 0:13:24.000 --> 0:13:26.960 loans to buy a house and then I realized, Oh, 0:13:27.120 --> 0:13:30.040 I'm glad I've got a pretty good credit score, because 0:13:30.440 --> 0:13:33.839 otherwise that would affect me negatively big time and the 0:13:33.960 --> 0:13:37.040 kind of loan that we could get, and especially as 0:13:37.040 --> 0:13:40.560 a self employee person, we don't have regular income, and 0:13:40.600 --> 0:13:43.160 so because of that, banks are super nervous when it 0:13:43.200 --> 0:13:46.360 comes to lending to someone like me. I've got a 0:13:46.480 --> 0:13:50.600 very variable income and they do not like that. It's 0:13:50.720 --> 0:13:53.600 very hard to get alone when you're self employed, and 0:13:54.000 --> 0:13:57.320 because of that, having a good credit score is huge. Yeah, 0:13:57.360 --> 0:13:59.439 it means even more for you than it does for 0:14:00.000 --> 0:14:02.680 the average person that can kind of rely a little 0:14:02.679 --> 0:14:05.920 more on their paycheck history and they can say, listen, 0:14:05.920 --> 0:14:07.959 this is how much I have coming in every month 0:14:08.440 --> 0:14:10.760 and point to that. And granted they still need a 0:14:10.760 --> 0:14:13.000 decent credit score as well, but for you, the credit 0:14:13.040 --> 0:14:15.679 score means even more. Yeah. When they're employed by g E, 0:14:16.200 --> 0:14:19.920 you know, the bank's like, okay, it'll be cool, Yeah, okay, 0:14:19.960 --> 0:14:23.600 you're you have written normal employment and steady employment for 0:14:23.960 --> 0:14:26.080 UH an employer that is going to be around for 0:14:26.080 --> 0:14:28.360 a while, and that that helps a lot. But like 0:14:28.440 --> 0:14:31.120 you alluded to as well, Matt, this credit score has 0:14:31.160 --> 0:14:34.880 actually spidered its way into almost every element of life. 0:14:35.200 --> 0:14:38.680 So essentially your credit score will affect your loan rate. 0:14:38.800 --> 0:14:41.320 So you apply for a mortgage, a car loan, anything 0:14:41.360 --> 0:14:44.720 like that credit card, you're that makes sense, Yeah, you're right, 0:14:44.760 --> 0:14:47.000 that makes sense. It's gonna affect that you. You know, 0:14:47.040 --> 0:14:50.560 if you have a credit score of seven eighty, you're 0:14:50.880 --> 0:14:54.600 going to essentially probably get the best mortgage rate possible, 0:14:54.960 --> 0:14:58.440 which might be let's say four percent, and someone with 0:14:58.960 --> 0:15:02.520 much lower credit score six twenty might essentially be paying 0:15:02.600 --> 0:15:04.600 four point seven five, like a huge gap, which it 0:15:04.600 --> 0:15:06.760 would have have a point or full point onto a 0:15:06.840 --> 0:15:10.160 prime which could cost you dollars over the life of 0:15:10.240 --> 0:15:13.480 loan over thirty years. So that's easily it's a huge factor, right, 0:15:13.520 --> 0:15:15.240 So you want to make sure that your credit scores 0:15:15.280 --> 0:15:18.080 buttoned up for things like that. Also renting a home, 0:15:18.320 --> 0:15:20.160 So if you haven't bought a home, if you're not 0:15:20.200 --> 0:15:23.360 interested in buying home, and you're a renter, your perspective, 0:15:23.400 --> 0:15:29.280 landlord is probably likely should be checking your credit. As 0:15:29.280 --> 0:15:33.200 we talked about in our Laura Investment Property episode Investment 0:15:33.200 --> 0:15:36.240 Property Basics, we touched on it then, uh and even 0:15:36.280 --> 0:15:38.560 now though, would you consider running though two two renters 0:15:38.560 --> 0:15:40.480 that have kind of low or like a bad with 0:15:40.480 --> 0:15:42.760 with bad credit. Yeah, I totally would if they check 0:15:42.760 --> 0:15:43.880 out in some of the other ways that I do 0:15:43.920 --> 0:15:46.560 tenant screening, And eventually we'll do a whole podcast on 0:15:46.600 --> 0:15:48.640 tenant screening, because that's what I want to do a 0:15:48.680 --> 0:15:52.520 big thing too. But yeah, essentially I would, but they'd 0:15:52.520 --> 0:15:55.120 have to meet some other parameters and probably provide a 0:15:55.120 --> 0:15:58.880 bigger security deposit so that you know, I'm ensured essentially 0:15:58.920 --> 0:16:01.720 in that way. And so yeah, just be ready for that. 0:16:01.760 --> 0:16:03.640 If you're running home if you have a low credit score, 0:16:04.160 --> 0:16:06.760 you might especially be paying a larger security deposit, and 0:16:06.800 --> 0:16:10.560 some landlords might turn you away altogether just because you 0:16:10.720 --> 0:16:13.200 have a bad credit score rating. Yeah. And and then 0:16:13.240 --> 0:16:16.880 I saw too how different companies and even employers are 0:16:16.920 --> 0:16:19.040 taking your credit score and account when it comes to 0:16:19.320 --> 0:16:21.680 like getting a job. Man, I didn't actually even realize 0:16:21.720 --> 0:16:26.000 this until recently. Um, but employers are literally checking your 0:16:26.040 --> 0:16:29.640 credit score when they're I mean when in the hiring process, 0:16:29.680 --> 0:16:33.080 which seems really weird. In some jobs, it makes sense, 0:16:33.080 --> 0:16:35.320 like if you are handling a lot of money or 0:16:35.400 --> 0:16:37.960 could be. I guess essentially the way it started off 0:16:38.000 --> 0:16:40.680 with certain employers said, you know, what this person needs 0:16:40.720 --> 0:16:43.560 to have good credit and good financial standing because they 0:16:43.560 --> 0:16:46.280 can be subject to blackmail and they're handling company funds, 0:16:46.480 --> 0:16:49.040 they might be forced into using company funds to cover 0:16:49.160 --> 0:16:51.800 up for some of their financial indiscretions. And so that 0:16:51.920 --> 0:16:54.960 was why it started, but it's really breached out into 0:16:55.000 --> 0:16:58.440 other areas of hiring and people are having to give 0:16:58.480 --> 0:17:01.840 their credit scores for jobs that really they shouldn't have 0:17:01.880 --> 0:17:04.159 to be giving their Yeah, letting their employer to know 0:17:04.200 --> 0:17:06.240 their credit score for yeah, to me, that just seems 0:17:06.240 --> 0:17:07.840 really weird. I totally get it. I guess in some 0:17:07.920 --> 0:17:10.600 financial institutions that you know, if you're like getting for 0:17:10.640 --> 0:17:13.359 a major stockbroker or something like, yeah, exactly exactly, But 0:17:13.400 --> 0:17:15.120 what does the credit score have anything to do with, say, 0:17:15.160 --> 0:17:17.879 like like a doctor, or like a hospital hiring a doctor, 0:17:17.960 --> 0:17:21.280 or a lot of positions where money just really isn't 0:17:21.280 --> 0:17:23.479 that important when it comes to how well they can 0:17:23.480 --> 0:17:26.399 do their job. Honestly, a big reason that you were 0:17:26.400 --> 0:17:28.800 maybe even able to get that job, they had to, say, 0:17:28.880 --> 0:17:31.639 finance their student loans and you know, things like that, 0:17:31.680 --> 0:17:33.280 and maybe they're a little bit behind and they're not 0:17:33.359 --> 0:17:35.960 doing the the different programs that are offered out there. Yeah, 0:17:35.960 --> 0:17:37.240 I think it should be out of bound. Kind of 0:17:37.240 --> 0:17:41.359 weird for for most employers, and and obviously for some 0:17:41.720 --> 0:17:45.160 employers in some positions that should be waived. But yeah, 0:17:45.160 --> 0:17:46.840 I agree with you. I think it's it's kind of 0:17:46.840 --> 0:17:49.000 messed up that it's that much a part of the 0:17:49.080 --> 0:17:52.159 hiring process more and more. And another way that we 0:17:52.200 --> 0:17:55.040 think is kind of messed up that your credit scores 0:17:55.119 --> 0:17:58.960 used is in setting your insurance rates, and so your 0:17:59.119 --> 0:18:02.840 insurance premium him are going to be based sometimes in 0:18:03.040 --> 0:18:06.320 large part, based on your credit score. We're talking like 0:18:06.520 --> 0:18:09.720 health insurance, life insurance, car insurance, car insurance, and home 0:18:09.760 --> 0:18:13.119 insurance most especially. Yeah, and so so some studies have 0:18:13.160 --> 0:18:16.040 shown that someone with a great credit score and a 0:18:16.200 --> 0:18:18.359 d u I on the record will get a better 0:18:18.520 --> 0:18:22.560 insurance rate than someone with really poor credit but no 0:18:22.720 --> 0:18:24.840 d u I, no bad driving record. And that's for 0:18:24.880 --> 0:18:30.840 car insurance, for car insurance. It seems so backwards, dude. Yeah, man, 0:18:31.040 --> 0:18:33.560 So that's how far the credit score has gone into 0:18:33.560 --> 0:18:37.359 our society. It means so much, and it goes everywhere. 0:18:37.760 --> 0:18:39.400 It affects you know, whether you can get a job, 0:18:39.440 --> 0:18:43.119 and your insurance premiums, and it's crazy, whether you can 0:18:43.200 --> 0:18:44.760 run a home, and how much you're gonna pay on 0:18:44.760 --> 0:18:47.280 your mortgage if you buy a home, and so it's 0:18:47.320 --> 0:18:51.280 so far reaching that that's the importance behind having a 0:18:51.320 --> 0:18:53.200 good credit score. Yeah, I mean like it, like it 0:18:53.280 --> 0:18:56.080 or not. Basically, it's becoming something that you need to 0:18:56.080 --> 0:18:58.560 pay attention to. Even if say you buy homes in 0:18:58.560 --> 0:19:00.760 cash and you're just kind of flush. It's something that 0:19:00.800 --> 0:19:02.880 you need to consider because it does affect a lot 0:19:02.920 --> 0:19:05.600 of aspects of your life. Yeah, if you are like 0:19:05.720 --> 0:19:08.760 Richard Branson, rich you probably don't need to worry about 0:19:08.760 --> 0:19:12.199 your credit score, but otherwise you need to know. And 0:19:12.240 --> 0:19:16.359 one last thing randomly, I read this story recently that 0:19:16.560 --> 0:19:18.960 having bad credit can actually hurt you when it comes 0:19:19.119 --> 0:19:21.720 to you dating. So, Matt, we don't have to worry 0:19:21.720 --> 0:19:23.680 about this because we're married. But if you're out there 0:19:23.680 --> 0:19:26.439 and you're still flipping through tender trying to find a 0:19:26.440 --> 0:19:29.320 significant other, or is there a field like on tender 0:19:29.359 --> 0:19:31.199 where you like, you like enter ear and enter in 0:19:31.240 --> 0:19:33.160 your age and then after that, like your credit score, 0:19:33.240 --> 0:19:34.800 don't I don't know. I'm happily married, so I haven't 0:19:34.840 --> 0:19:36.920 been on tender yet, but uh, you know, I don't 0:19:36.920 --> 0:19:39.639 think so. But it was interesting that most people said, 0:19:40.080 --> 0:19:42.240 because again, you know, we we we talked about how 0:19:42.320 --> 0:19:46.200