A free “Credit Score Boot Camp.”

Concerned about your credit score? You should be. Like it or not, that three-digit number can make a big difference in your life. Credit expert Beverly Harzog can help, with a free e-mail course called “Credit Score Boot Camp.”

Every week for six weeks, you’ll get true, actionable advice from Harzog on how to increase your score. Already have a decent FICO? Her tips can help you keep it that way.

The course author is a consumer finance analyst for U.S. News & World Report. But she’s no talking head who looks down on those who have credit issues. In fact, she freely admits she’s had issues of her own: The title of one of her books is “Confessions of a Credit Junkie: Everything You Need to Know to Avoid the Mistakes I Made.” (As an Amazon affiliate, I may receive a small fee for items bought through my links.)

 

Beverly may have a highfalutin title, but she’s one of the most down-to-earth people I know. And yep, I know her in real life, as the kids say. I’ve even stayed in her home and petted her impossibly cute pup, Marshall.

Again, this course is 100 percent free. Why not sign up? Please share the link with anyone you know who’s having financial issues.

To be clear: This is not an affiliate deal for me. I won’t get paid if people sign up for the course. I’m writing about it because I think it will help readers learn something useful.

Fact is, a lot of credit score myths still exist, so this is your chance to find out if any of them are bringing down your score – or at least keeping it from going up.

Beverly is wise. Listen to Beverly!

Credit score (and more) at risk

This is not a good time for credit in this country. Well, it’s a good time for those who issue credit. According to the New York Fed’s quarterly report on household debt and credit, consumers in the United States set a new record for balances carried: $986 billion.

This report is based on the fourth quarter of 2022. Wanna bet that the amount hasn’t dropped by much? Or, maybe, that it’s risen?

Compare that to the $770 billion we owed in the first quarter of 2021. According to Ted Rossman, senior industry analyst for Bankrate, many Americans were spending less during the pandemic and also receiving stimulus checks. Some of them made “major progress” in reducing consumer debt.

Seems that we’re back to spending like drunken sailors post-pandemic, though, which combined with high inflation has pushed card balances back up. Bonus: Credit card interest rates have risen as well.

A year ago, 39 percent of cardholders carried balances. As of Q4 2022, that number was at 46 percent. The more debt you carry, the more your credit score could be affected – to say nothing of the opportunity cost of all those dollars paid in interest. That’s money that can’t work for you in any other way.

“If you have credit card debt, it’s crucial to prioritize your interest rate,” Rossman says. He suggests applying for a 0% balance transfer card, which could allow you to “pause the interest clock for up to 21 months.”

If you’re having money troubles, this might help you clear the slate – but only if you address any issues that caused the unpaid balances in the first place.

Readers: How’s your credit score? If you are carrying a balance, do you have a plan to pay it off?

Related reading:

• Cards and consequences
• What’s the weirdest thing you ever charged?
• How to make an ID thief’s day
• Nearing retirement? Check your credit