After graduating from college, John Schmoll racked up $25,000 in credit card debt. That’s a lot for anyone to deal with, but John also owed $25,000 on his student loans.
“I was definitely in trouble,” he recalls. “I was using credit cards to fund a lifestyle I wanted but could not afford.”
It took John almost five years to chip away at his debt, and in that time his credit score plummeted.
He wasn’t sure how to get it back on track, but then a credit counseling service recommended that he try using Credit Sesame to get a free credit score and credit strategy. It was a total game-changer.
Credit Sesame analyzed John’s credit report and gave him personalized advice on how to increase his score — things like which bills to pay off first, when to bump up his credit limit and how to cut down on his spending.
“It [helped] me to monitor the number of accounts I have and to be mindful of the importance of having a good mix of credit,” says John.
When John started using Credit Sesame his score was in the mid-500s — today it’s over 830.
Whether you know your credit score or not, it’s probably having a major impact on your life right now. These three digits can impact your ability to borrow money, rent an apartment or even get a job.
What is a credit score? Well, big companies called credit bureaus monitor your financial habits and use that info to assign you a number. That number tells people how risky you are to deal with and directly affects the interest you’ll pay on things like credit cards, car loans and mortgages.
Basically, the lower your score, the harder it will be to achieve your goals — and the more it will cost you.
But don’t worry, your score isn’t etched in stone. With the help of a service called Credit Sesame, you can get your free credit score in just minutes, along with personalized advice on how to boost it fast.