Using Credit to Build Financial Stability

As I continue to have conversations with young and seasoned veterinarians, I realize that although most veterinarians know their credit score many have no idea what is behind the number.   I would equate this to me looking at my dogs blood work and trying to assess their health; I  can evaluate if a number is in a normal range but don’t have the ability to take action to impact that value.  Therefore here is your opportunity to learn how you can assess your score and take actions to change it positively or negatively.

Assessing the Score 

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5 Comments. Leave new

  • Thank you for sharing Travis, I learned a lot! I do have a question about credit card usage. Does paying off your credit card more than just once a month effect your credit score at all? For example, making purchases to get points but then paying it off soon after instead of just paying off the credit card amount monthly.

  • Jack…this has the potential to help reflect a lower overall credit usage and reduce the credit utilization reflected by the credit reporting agencies, but is not fool proof as it will all depend on when the data is pulled by the reporting agencies. The best strategy is to request a higher credit limit, but don’t use this additional credit allowing you to reflect a lower percent of credit utilization.

  • Thank you for sharing Mr. York! I am just now taking out student loans and I had no idea that paying them off can actually improve your credit. I do have a question regarding credit cards. Does it hurt your credit to have a store credit card that you only use on rare occasions?

  • Lauren holding a single store credit card that you only use on a rare occasion and payoff within the 30 day window will not have a negative impact on your credit. The situation that can create challenges for you related to your credit is if you were to open multiple accounts with different stores and have available credit at 5 different stores of $1,000 per store. This is due to the fact that the more available credit that you have in different locations could potentially create an increased risk to a creditor. So if you have a favorite store and would like to have a card there go right ahead, but if you have 7 or 8 favorite stores I might pick just one of them to get a credit card.

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