ILAB 102 – Understanding Credit Score and Comparing the Best Credit Cards

“If you have a score above 740, you’re going to qualify for the best terms on credit cards and other products.”

Ted Rossman

Ted Rossman is an Industry Analyst at CreditCards.com and writes the “Wealth and Wants” column. He has seven years of experience in the credit card and personal finance industries as a member of the award-winning communications department at CreditCards.com and its sister sites, The Points Guy and Bankrate.

During the episode, Ted gives away the tricks and tips in choosing the perfect credit card that will suit your lifestyle. Since credit cards are used by most of the people, understanding its use is of great benefit. He explains how credit score works and what its associations are. He also helps us understand the credit points, reward redemptions, and credit bonuses for different people with different needs. This is surely an episode we all can relate to!

Listen to ILAB 102 on iTunes here or subscribe on your favorite podcast app.


ILAB 102 Show Notes


Links:

Recommended:

ArtofFX – start with just a $10,000 account (reduced from $25,000)

Fundrise – start with only $1,000 into their REIT funds (non-accredited investors OK)

Wealthfront – get your first $15,000 managed free

Betterment – get up to 1 year managed free

PeerStreet – get a 1% yield bump on your first loan

 

Where we are:

  • Sam – Tampa, Florida
  • Johnny FD – LA, California
  • Ted – New York City

Time Stamps:

  • 05:13 – How he got involved in the Credit Card Industry
  • 07:33 – The impact of applying more credit cards to your credit score
  • 10:50 – Tricks in improving credit scores
  • 103:36 – Negative information and its impact on credit score
  • 15:42 – Monitoring credit report
  • 19:34 – Best credit score
  • 21:02 – Major considerations in choosing a credit card
  • 22:23 – Reward redemption and credit points
  • 31:18 – Point redemption and bonuses
  • 39:33 – Cards for travelers
  • 41:23 – Matching your cards to your lifestyle
  • 47:30 – The Best card with no annual fee
  • 52:45 – Improvements and trends in the credit card industry
  • 56:11 – Juggling multiple credit cards
  • 57:13  – Priority Pass hacks
  • 01:01:00 – Riding Bird Electric Scooters in LA
  • 01:02:54 – Flying from credit card points and flyer miles
  • 01:04:44 – What credit cards are in Johnny FD’s and Sam wallet?
  • 01:08:28 – Going down 100 points on Sam’s credit score

 

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