What is credit and how to improve your credit score?


  • Aniya Faulcon

Pensioner holding credit card for internet banking and entering security details. Senior woman making online payments using laptop. Mature woman shopping online with credit card.

Air date: October 26, 2022

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Higher credit scores benefit consumers and borrowers, but 35% of Americans don’t know their credit score and don’t know how it affects their purchasing power.

Twenty-six million adults are considered invisible credits, according to the Consumer Financial Protection Bureau.

Shelley Peterson, Housing and Financial Literacy Program Director for the Community Progress Council and Rebecca Gramuglia, TopCashBack Consumer Expert joined us on Wednesday Smart talk to discuss credit and advice on how to improve it.

Peterson said credit represents financial power and creditworthiness to be able to borrow money with the promise to repay it.

She also said that an excellent credit score is 720 and above; in order to maintain a good credit rating, it is important to limit the number of inquiries over a twelve-month period.

“The benefits of having good credit are that it can open up a plethora of opportunities for a person, whether it’s getting a low interest rate on a mortgage or a car, as well as get opportunities and benefits from different credit cards,” Gramuglia said.

Bad credit presents barriers to self-sufficiency because it comes with higher interest rates and fewer loan approvals, Peterson said.

The Community Progress Council offers a housing and financial education program where financial counselors work with people of all income levels to help them achieve their financial goals, including improving their credit. For more information about this program, visit yorkcpc.org/housing-financial-education.


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