Understanding Your Credit Score
In this episode, Luis talks about the five categories of credit data used to calculate credit scores, and tips you can use to improve your credit.
Luis came to the U.S. at age 11 from the Dominican Republic. Growing up in New York City, he noticed the lack of financial literacy in his community and was inspired by his parents to work hard and pursue an education. He founded Build a Better Financial Future LLC and is the host of the On My Way to Wealth podcast. Luis was named one of InvestmentNews 40 Under 40 in 2019 and Financial Advisor Magazine’s 10 Young Advisors to Watch. From participating as an FPA NexGen Ambassador, to speaking at the CFP Board’s Diversity Summit, Luis uses his platform to help spread financial literacy as well as encourage younger and diverse planners to join and thrive in the industry.
In this episode, you’ll learn about the following:
- The five different categories of data used to calculate credit scores
- The percentage allocated to each of the categories
- Things you can do to improve your score
- Things to be aware of that can hurt your credit score