MoneyWise


Credit Card Balance Myth

July 27, 2018

What do Santa Claus, the Easter Bunny and carrying-a-balance-on-your-credit-card-to-improve-your-FICO-score all have in common? Hint: fewer people believe in Santa and the loveable furball that fills up Easter baskets.  I’m sure you’ve guessed by now that all three are myths but that doesn’t stop a lot of folks from believing in them. Your credit score is one of the most important factors of your financial life. Banks use it to decide whether to give you a credit card or loan. Unfortunately, many consumers have bought into a lie that carrying a credit card balance improves their FICO score which couldn’t be farther from the truth. Steve Moore and Rob West detail the factors that impact your credit score.  On this edition of MoneyWise Live, what really affects your credit rating.  

Next, they answer your questions at (800) 525-7000 and questions@moneywise.org about the following:

  • What is Medi-share and do you know anything about Christian Care Ministries?
  • If you have a disagreement with your spouse about paying a $220000 mortgage off vs. paying your child's $130000 student loan, what should you do?
  • If your Christian husband doesn't have much interest in tithing, should you tithe for him?

Be sure to check out our new website at moneywise.org to connect with a MoneyWise Coach or access our books, videos, or any of our free helpful resources.  You can also find us on Facebook and get notifications about what we’re up to. Thanks for your prayerful and financial support that helps keep MoneyWise on the air.  And if you'd like to help, just go to the website and click the Donate tab at the top of the page.