What is credit and how can one make their credit score better?

• Aniya Faulcon
  BioRecent Stories

  

  Aniya Faulcon is The Spark Host/Producer for WITF. She has a passion for shining a light on unique people, experiences, and perspectives within the community.
  
  Previously she worked as the People and Social Trends Reporter/Video Anchor for LancasterOnline | LNPNews. During her time there, she created video packages, provided Facebook Live coverage at community events, and wrote data-driven stories with census data and feature stories on local leaders, non-profit organizations, events, and people with unique talents and experiences within Lancaster County.
  
  Aniya also worked at WMAR ABC 2 News as a Sales Assistant and at the AFRO American Newspapers as an Executive Assistant and Media correspondent. Aniya interned at WEAA Gospel Grace 88.9 and worked at her alma mater’s radio station, WWPJ at Point Park University, where she gained skills and a passion for radio.
  
  Aniya grew up in Baltimore, Maryland and attended the Baltimore School for the arts for high school with a concentration in acting. She continued to hone her skills and passion for storytelling and later graduated from Point Park University in 2018 with a Bachelor of Fine Arts in Acting and Broadcast Reporting. Aniya is eager to continue her journey with storytelling in her role with WITF, as she aims to shed a light on real people and real stories within Pennsylvania in a variety of mediums.

Pensioner holding credit card for internet banking and entering in security details. Senior woman making online payments using laptop. Mature woman shopping online with credit card.

Airdate: October 26, 2022

Higher credit scores are benefiting consumers and borrowers but there are 35% of Americans who don’t know their credit scores and are unaware of how it affects their purchasing power.

Twenty six million adults are considered credit invisible, according to the Consumer Financial Protection Bureau.

Shelley Peterson, Director of the Housing and Financial Education program for Community Progress Council and Rebecca Gramuglia, TopCashBack Consumer Expert joined us on Wednesday’s Smart Talk to discuss credit and tips on how to improve it.

Peterson said, credit represents financial power and having the credit worthiness to be able to borrow money with the promise of paying it back.

She also said, an excellent credit score is 720 and up; in order to maintain a good credit score its important to limit your amount of inquiries within a twelve month period.

“The benefits of having good credit are that it can open a plethora of opportunities to a person, whether it’s getting a low interest rate on a mortgage or a car, as well as getting opportunities and benefits from different credit cards,” Gramuglia said.

Bad credit presents barriers for self-sufficiency, as it comes with higher interest rates and less approvals for loans, Peterson said.

The Community Progress Council offers a Housing and Financial Education program where financial counselors work with individuals of all income levels to help meet their financial goals – including improving their credit. For information about this program visit yorkcpc.org/housing-financial-education.