Get Smart About Credit Day with financial advisor Galen Bargerstock

Good Morning CT at Nine

Did you know? Thursday, October 17th is Get Smart About Credit Day! To help you better understand your credit score and deal with credit card debt, we spoke with financial advisor, Galen Bargerstock of Government & Civil Employee Services.

A recent survey found nearly 40 percent of Americans say they have no idea how credit scores work. Another survey from found that Connecticut residents carry, on average, $6,876 in credit card debt.

As credit card debt and credit illiteracy continues to rise, please consider allowing financial advisor, Galen Bargerstock of Government & Civil Employee Services, to come in on Get Smart About Credit Day so he can share with Good Morning Connecticut viewers how they can jumpstart and sustain excellent credit. 

Galen says to pay on time. On-time payments affect your credit score more than anything else. Make it a habit to pay bills on time every month.

Move credit card debt. Take advantage of a low-or-no interest introductory offers. You should only do this, however, if you plan on paying off the debt before the offer expires.

Seek a partner. Consider asking a family member or friend with good credit to add you as an authorized user on their account. Their good credit can help build or repair yours. However, remember to be respectful, as their credit score could be affected by your mistakes.

Keep old accounts minimally active. The older the account, the more impact it will have on your credit score. Use older accounts minimally, paying off the balance every month.

Avoid possibility of new credit. While new credit can feel good, applying for credit lowers your credit score. Stay away from new credit applications.

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