Let’s get your credit living its best life
Your credit doesn’t have to suck, and we made you a card to prove it.
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Probably not the words you want to read at the moment. That’s because the big old system your credit currently falls under is pretty important, and pretty unfair. Either that or you have no clue why you should even care about your credit score so this seemed boring. Let’s tackle both.
Right now the system is broken, but we’re building something pretty exciting to fix it (as you probably know). So while we work on beating the banks, the lenders and the tax evaders, let's get you clued up on all things credit.
Think of it like a key that gets to decide which doors you can open (literally, it affects whether you get that new car, first house etc, but we’ll get to that).
It’s a score from 300-850, and ultimately measures how ‘trustworthy’ lenders think you are.
It’s important.
A ‘bad’ credit score – anything under about 580 can make life harder.
You want to rent somewhere to live? Your landlord will want to see a credit report including your score to decide whether or not you’re reliable when it comes to paying rent on time. Buying? Let’s be honest, most of us are gonna need to be borrowing some money. You go to your lender, you ask them really, really nicely for a mortgage to help you get things moving, and again it’s up to them to decide whether or not you’re the perfect candidate for paying them back pronto, based on your score. Not how nicely you asked.
Then there’s that car you’ve been saving for. You’re not quite there and you need a little loan. Who gets to decide? The lender, and your credit score.
And let’s not even talk about potential employers using it as a measure of reliability.
That big helpless feeling in your stomach? It’s days are counted. We’ll keep you updated on the card that’s gonna change things. Until then, there are some things you can do to bump your score in the right direction.
Like most actually important things in life, there’s no overnight fix. But the sooner you start shifting your spending patterns, the better. By doing any of the below that you can, you could see an improvement within a month.
Your credit doesn’t have to suck, and we made you a card to prove it.
How to understand and master your credit score 🚦
Alright y'all, ready for some boring adult talk? No? Too bad, it’s important! On the real though, even though nobody really likes credit scores, we have to adhere to some unavoidable societal norms and everything and this is one of those very unavoidable ones. Understanding your credit score is by no means the easiest endeavour, but once you have a good handle on it, your financial life will be a lot easier. Today in the Cleo blog, we’ll break down how these scores work, what they’re used for, how they’re calculated, and how you can raise them. You ready to get this over with? Top off that coffee and let's do it to it.