Maintaining a Good Credit Score

You and I should maintain good credit scores. Today, I share why and how.

Good stewardship means we are wise money managers especially when it comes to borrowing and repaying. If you have a low credit score, it could mean you have borrowed too much, are struggling to pay it back or have been in default on your obligations. Let’s look at what make a great credit score.

Credit line utilization
0-9% is excellent; 10% – 29% good, 30% – 49% ok, 50 – 74% poor, 75%+ bad
Derogatory Marks
0 excellent 1 ok, 2-3 poor, 4+ bad
Payment History
100% excellent, 99% good, 98% ok, 97% poor, less than 87% bad
Age of Credit
9+ years excellent, 7-8 years good, 5-6 years ok, 2-4 years poor, less than 2 years bad
Total Accounts
21+ excellent, 11-20 good, 6-10 poor, 0-5 bad
Hard Inquiries
0 excellent, 1-2 good, 3-4 ok, 5-8 poor, 9+ bad

These are areas where God’s stewards need to operate with absolute integrity and faithfulness.

If you want to improve your finances but don’t know where to start, I want you to enroll in the online Money Life Personal Finance Course. It’s just 7 weeks but you’ll do a deep dive into what the Bible says about your money and it will help you improve your financial skills. Start today at crown.org/onlinestudy

If you have more questions about money, call us at 800-722-1976