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Welcome to NerdWallet’s SmartMoney podcast, where we answer your real-world money questions — in 15 minutes or less.
This week’s question is from James in Oakland. He says, “Hey, Nerds, I know it’s important to have good credit, and I finally got my credit score into the mid-700s. What happens next?” We talked with Liz Weston, a NerdWallet columnist and certified financial planner, to help James out.
- Know what an excellent credit score is. Depending on the scoring model, any score above 720 to 760 is excellent.
- An excellent credit score means big savings. As Liz points out in her book “Your Credit Score,” an excellent credit score can lead to lifetime savings of $250,000 on things like lower interest rates and more affordable cell phone promotions compared to someone with a lower credit score.
- Work to maintain your score. Once you get a high score, you can keep it up by making all payments on time and using less than 30% of your credit limits. Protect your score by checking your credit regularly.
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