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Welcome to the first episode in this brand new season. This is a special one.

Kristy Kim is a South Korean immigrant and the founder of TomoCredit, the fintech company offering the smartest consumer credit card that doesn’t require a credit score for approval.

Nicole and Kristy get into conversation about how Kristy solved her own credit problem, how she went all founding a startup, and how a sense of humor helps in every aspect of life.

And if you love listening to Humans of Fintech, please leave me a 5-star review on Rate My Podcast: https://ratethispodcast.com/humansoffintech

Thank you so much!

Follow Kristy:

LinkedIn: linkedin.com/in/kristykim7

Twitter: https://twitter.com/kristykim1015

You can keep up-to-date with everything Humans of Fintech at https://workweek.com/brand/wtfintech/

And if you’ve enjoyed Humans of Fintech why not try: Chicks of FinTwit, Tech Unlocked, Breaking Banks or Fintech Insider

Timestamps:

0:00 Intro

01:43 Always Feeling Like The Outsider

03:55 Taking On The Startup Challenge

07:02 What Ambition Looks Like

11:31 The Rejection Experience

15:29 Big Bank Challenge

16:39 Going All In

19:15 When The Product Clicked

21:34 The Thousand Per Cent Commitment

28:48 Raising Women Up

Credit History: Strategies for Improving Your Credit Score

Your credit history is important. It can determine whether you’ll get approved for a loan or credit card, or even be able to rent a house or apartment. That’s why it’s important to have a good credit score and understand how your credit history affects your financial life. Here we’ll discuss the factors that impact your credit score, strategies for improving your credit score, how to monitor your credit history, and common credit mistakes you should avoid.

Factors That Impact Your Credit Score

Your credit score is a three-digit number that summarizes your credit risk. It ranges from 300 to 850 and is based on your credit history. Lenders use it to determine whether to approve you for a loan or credit card, and what kind of interest rate they’ll charge you. There are several factors that impact your credit score, including:

• Payment History: Your payment history is the most important factor in determining your credit score. It looks at whether you’ve made your loan and credit card payments on time. Late payments can have a major impact on your credit score.
• Credit Utilization: Credit utilization is the amount of credit you’re using compared to the total amount of credit available to you. It looks at how much of your credit limit you’re using on your credit cards. It’s important to keep your credit utilization low, as having too much credit can lower your credit score.
• Length of Credit History: Your length of credit history looks at the age of your oldest account and the average age of all your accounts. Having a longer credit history can help your credit score, so it’s important to keep older accounts open.
• Types of Credit: Your credit mix looks at the different types of credit you’re using, such as loans, credit cards, and store cards. Having a mix of different types of credit can help your credit score.
• Recent Credit Activity: Your recent credit activity looks at the number of new accounts you’ve opened in the last six months. Opening too many accounts in a short period of time can lower your credit score.

These are the five main factors that impact your credit score. Understanding these factors can help you make the right decisions to improve your credit score.

Strategies to Improve Your Credit Score

There are several strategies you can use to improve your credit score. Here are some of the most effective strategies:

1. Pay Your Bills on Time: One of the best ways to improve your credit score is to make sure you’re paying your bills on time. Late payments can have a major impact on your credit score, so it’s important to stay on top of your payments.

1. Reduce Your Credit Utilization: Another strategy for improving your credit score is to reduce your credit utilization. Try to keep your credit utilization below 30 percent, as having too much credit can lower your credit score.

1. Don’t Open Too Many Accounts: It’s important to avoid opening too many accounts in a short period of time, as this can have a negative impact on your credit score. Instead, focus on paying off your existing debt and building a positive payment history.

1. Monitor Your Credit Report: Staying on top of your credit report is important. Make sure to check it regularly to make sure there are no errors or fraudulent activity. You can request a free copy of your credit report once a year from each of the three credit bureaus.

1. Dispute Errors: If you find any errors on your credit report, make sure to dispute them as soon as possible. Errors can have a negative impact on your credit score, so it’s important to get them resolved as quickly as possible.

These are some of the most effective strategies for improving your credit score. It may take some time to see results, but if you’re consistent and disciplined, you should be able to improve your credit score.

How to Monitor Your Credit History

Monitoring your credit history is important for several reasons. First, it can help you stay on top of any errors or fraudulent activity. Second, it can help you spot any potential credit score issues. Finally, it can help you stay up to date on any changes to your credit score.

Being vigilant is the key to staying on top of your credit history, checking statements regularly and disputing any errors that arise before they adversely affect your credit.

Common Credit Mistakes and How to Avoid Them

It’s important to avoid making common credit mistakes, as they can have a major impact on your credit score.

Make efforts to avoid missing payments that can have a major impact on your credit score. Make sure to set up automatic payments for your credit cards and loans so that you don’t miss any payments.

Avoid too, maxing Out Credit Cards. Try to keep your credit utilization below 30 percent, as having too much credit can lower your credit score.

Applying for lots of credit accounts over a short period of time may also make an impact, so instead focus on paying down your debt and making your payments on time. In the same way make sure to shut down old accounts that no longer serve you.

These are some of the most common credit mistakes and how to avoid them. Understanding these mistakes can help you make the right decisions to improve your credit score.

Conclusion

Your credit history is important. It can determine whether you’ll get approved for a loan or credit card, or even be able to rent a house or apartment. That’s why it’s important to have a good credit score and understand how your credit history affects your financial life. Here we discussed the factors that impact your credit score, strategies for improving your credit score, how to monitor your credit history, and common credit mistakes you should avoid.

Taking the time to understand and improve your credit history can have a major impact on your financial life.

If you’re looking to improve your credit score, make sure to keep these tips in mind. Pay your bills on time, reduce your credit utilization, don’t open too many accounts, monitor your credit report, and dispute any errors you find. Taking the time to understand and improve your credit history can have a major impact on your financial life.