Credit Card Secrets Revealed and How to Balance Multiple Loans

Learn handy tips you probably didn’t know about credit cards and why paying off loans could actually lower your credit score.

00:35 Credit Card Tips: What are some helpful credit card tips? Can paying off your student debt negatively affect your credit score? Hosts Sean Pyles and Sara Rathner discuss insider credit card tips to help you understand our options when shopping for and using credit cards. They begin with tips and tricks on navigating interest rate changes, maximizing reward points, limits on applying for new credit cards, and how you can strategically upgrade or downgrade your credit cards. 

6:00 Listener Conversation: Xay from Minnesota joins Sean and Sara to discuss the end of their student loan journey and ask questions about the impact on their credit score as they plan to finance a new car. The Nerds dive deep into how paying off a loan might affect your credit score and share strategies to manage credit card debt for better credit utilization. They provide practical tips on building and maintaining a strong credit score, including the benefits of secured credit cards and credit builder loans. They also share strategies for car shopping, including loan pre-approval and considering a mix of new and used vehicles.

NerdBuild is a credit-building loan designed for those with no or low credit history. Just set your automatic monthly payments and watch your credit score climb. Learn more at https://www.nerdwallet.com/article/finance/how-to-build-credit 

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In their conversation, the Nerds discuss: credit card interest rates, credit scores, student loans, credit card debt, auto loans, financial tips, credit card hacks, credit utilization, credit card points, loan pre-approvals, car loans, paying off student loans, credit card interest rates, credit builder loans, NerdBuild, credit card signup bonuses, credit card companies, how to manage credit card debt, credit limit, Federal Reserve, credit score simulator, debt to income ratio, credit mix, car shopping, product change, loan rates, financial goals, side hustles, credit report, credit score calculation, budget calculator, credit builder loan, car financing, credit union, and mix of credit.

To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.

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