Friday, March 7, 2014

So What is MY Credit Score? -- March 2014

People are always amazed that I can travel for free to so many places and that I earn thousands in cash back every year. I do this through credit cards...that is, I get a lot of credit cards and the bonuses that come along with them...not only for me but also for my wife.

The next thought or question people have is..."okay, then what is your credit score?" "Doesn't getting so many credit cards hurt your credit?"

The answer is if you pay off your credit card every month and don't leave a balance on the card, then NO, getting a lot of credit cards doesn't hurt your score at fact your credit score will improve over time if you pay off your bills.

So what is my score after applying for a lot of credit cards for almost 2 years?

According to these sources, this is what my score is as of today: 797 758
USBank: 744
DiscoverCard: 774
Barclays: 769

So you can see that my scores are actually very good. Any score over 740 will usually get you the best interest rates on loans, mortgages, etc. I now have 20+ credit cards and over that period of time my credit score has actually improved on average about 25 points (see graph below). How is this possible? Well, I now have a larger amount of credit extended to me, I have more excellent credit history, and I make all of my payments on time. Here are some Credit FAQ if you want to learn more.

My goal is no to convince you to go out and start getting credit cards. There is no benefit in that for me. I'm just sharing cause it may be interesting to read about. And maybe this is something you think you would enjoy doing responsibly. I wish I understood these ideas years ago. 

Want to learn more? You can start HERE with some other posts I've made. 

Cheapest Place to get Contact Lenses?

Where to get the cheapest contacts? About 15% of American's wear contact lenses. That's a fair amount of people and I'm one...