Stretch Your Dollar: What impacts your credit score

Stretch Your Dollar

(WTNH)– As we continue Financial Literacy Month, experts have found many people don’t understand a lot about what impacts your bottom line.

April is Financial Literacy Month which is all about freshening up your finances and learning something that can help you moving forward like what really impacts your credit score.

“66% thought that income has an impact on your credit scores. But it doesn’t … it does factor in when you apply for new credit, they look at your income and debt to income ratio,” said Nathan Grant.

Credit Card Insider’s Nathan Grant says it’s important you look at your credit report to ensure there are no errors … and know your score so you know where you stand and if you need to make improvements for any big purchases you’re planning.

He also says this month is about making changes to secure your money. He says 57% of those recently surveyed have never made a payment with Apple or Google Pay.

“Mobile wallets and digital wallets carry even more security. They use tokenization to create a one-time number for each transaction so your actual card numbers aren’t even on the line when you pay with those methods. It’s not available everywhere but most websites provide that as an option,” said Grant.

And remember to strive for that healthy relationship with credit cards … use them to reap the rewards, benefits and conveniences. But be sure to pay them off in full to avoid becoming tied to mounting interest.

Using credit is also a safety net, it offers protections your debit card does not.

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