We ❤️ Steve Harvey – Part 2

1006_JASMINE_STEVE_smCredit Advice by the Decades


Your 20’s

Most people in their 20s are struggling for credit card approval. 20s have the lowest average credit score, most likely related to time, so there’s room to build a better score. You can do this even before you are in the work force – unemployment doesn’t affect scores.

But the score might affect you getting hired. Employers look at this as a gage of responsibility. 20-somethings should get a secured credit card. A secured credit care is a credit card with a deposit. Make sure to get one that reports to all 3 agencies to establish a line of positive credit history. Also, parents with good credit can add a child to their account without giving them a card to establish a good credit basis.

Don’t jump on any purchase that offers a finance plan. Beware of the promise of 0 down, interest free for a year! This is a big no-no because they go unpaid they appear on your credit score as a maxed out account.


Your 30’s

As people get into their 30s, their lives start to get busier and they have more responsibilities and more bills – people get overwhelmed.

Most just meet the bare minimum of their payments when it comes to credit cards. Plus, missing monthly bills with varying income can add to the problem.

Even one single late payment can decrease scores up to 110 points, so it’s extremely important to pay bills on time! That should be your top priority. If there is a late payment on your account, followed by a few on-time payments, call the creditor and ask to have it removed. Also, credit cards are important in building credit, but maxing them out can quickly sink you. Rule of thumb- keep balances below 30% of limit.


Your 40’s

People in their 40s are struggling with bills/mortgage in this economy.

The first step is to learn your credit score. Don’t bury your head in the sand and think it will all go away. After building a credit history, good or bad, for many years it’s important to really go through and sort out errors, fight them and make sure any collection notices aren’t being doubly noted & penalized.

After years of having credit card accounts and loan history, it’s important to pay things down, but you shouldn’t do a mass closing of accounts, as the length of time affects about 15% of your score. It’s a step by step process, but important to turn around at any age.