October 1 Finfo Club Kickoff: What is your biggest question or concern about money?

Hey @James Seeks Credit Score ⬆️ 740 , increasing your credit is simply a matter of positive payment reports. Credit reporting is influenced most severely through volume of payments processed and credit history length. While you already have a good credit score if you sit around 700-740, increasing above this level is a matter of increasing the amount you're using your credit cards for, and the amount of time you've had them. Making sure your most recent credit line was opened 2+ years ago can help. Increasing the amount of money you spend and pay off on all lines of credit can help as well. For example if you typically spend and payoff 40% of your credit monthly, increasing that number to 80% (and still entirely paying off your balance) will improve your score after a few months. With the consistent increase in the utilization, successful payments, and credit history your score will climb over a year or two.

PS. This can be influenced by the type of credit cards you use, the numbers of credit lines you have open, as well as what you spend your money on in general.

Hope this helped!

@hee0075 ”saving” and “investing” are not mutually exclusive terms. Saving is the act of putting aside a portion of your income. Investing is the process of using this savings to produce extra income but buying “investments”. Invwatments can be anything from certificates of deposit at a bank, stocks, real estate, etc. If you don’t have savings, you can’t do investing.

I also want to invest in the stock market but I feel like I do not know enough. I fear loosing money and/or not earning anything.

Invest in the stock Market

Start saving and investing now.

Try to set aside a certain percentage of each paycheck and put it into a 401 K. If you need the extra money to pay off some bills, then it's okay to use it, but if you have extra money from your paycheck that you don't immediately need, then you can leave it in a 401 K.

Don't spend your money on things you don't actually need.

I think cash is more efficient but with a credit card you can build credit with way more work