Your Credit Score Matters: Why You Should Start Improving It Now!

Your Credit Score Matters: Why You Should Start Improving It Now!

This is a sponsored campaign in collaboration with Chase Slate and The Mom It Forward Influencer Network. However, all the opinions expressed are solely my own.

As a small town girl from Bayamón, Puerto Rico who moved to New York alone at 18 years old, I was unaware of many things about the importance of my credit and how, in the future, it would impact my life personally and professionally. When I was raised, I was not taught anything about finances by my mom or family.  As I became more independent, I realized that life in the U.S. was not only difficult, but that by not having a good credit score, it was becoming even more challenging. You might be able to relate, especially how it directly impacts your ability to find a good apartment, get an emergency loan, or even be approved for a credit card with benefits.

My Amazing Guide to Traveling as an Independent Woman

As I started studying, working and dreaming about becoming an entrepreneur, I started checking my credit score for practical reasons and developing a plan of action to improve it over time, in order to gain financial success. I wish I’d known this earlier in life, but I knew that it was never too late to start building my credit. That is why I have partnered with Chase Slate because I truly believe in their recent study’s findings (and I agree) that we Hispanic millenials should continue the money/credit conversation and chat about why it is important to check your credit score, especially for strategical reasons, and develop a plan of action for improvement.

Your Credit Score Matters: Why You Should Start Improving It!

Findings and data points of the 2017 Chase Slate Credit Outlook Survey (#ChaseSlate) revealed that many Hispanic millenials are most motivated to check their credit scores, they do it for tactical reasons and are putting credit improvement plans into action.  Here are some of the findings: Less than half of Hispanics (47%) are very satisfied with their credit score compared to 55% of Americans nationally who have checked their credit score, but 72% of Hispanics would like to improve their credit score and more than half (57%) have a plan to do so. They are more likely to be motivated to check their credit score out of specific financial concerns rather than because the information is provided as a free service.

Your Credit Score Matters: Why You Should Start Improving It!

As a Latina millennial, I can totally related to these findings. I have noticed other Latina millennials, including myself, care more about credit because we learned from the “mistakes” of our families. Nowadays, given our education and resources, good credit is critical for everything that we want to achieve in life, such as becoming an entrepreneur, qualifying for a loan for education or purchasing a car/home or, for those like myself, to become digital nomad travelling the world. In order to achieve any or all of these goals, we need to be very strategic about increasing and improving our credit. For example, I find that having good credit allows me to qualify for credit cards that offer me more miles and benefits when I travel; also, it helps improve my business (with regards to loans and business accounts too). This is why it is important to have a credit improvement plan.

Your Credit Score Matters: Why You Should Start Improving It!

Some other key findings by Chase Slate Credit Outlook Survey, different from the ones I had already discussed above, highlight that:

    • Money and love do mix. In relationships, most Hispanics believe that having credit transparency in the couple is important
    • Hispanic parents want their children to learn about credit.

I am definitely a big believer of transparency in relationships. My partner and I talk about money, have a plan, and we are always saving towards our travel fund and also for business developments (since we’re both entrepreneurs). In addition, we, and most millenials I know, have a long-term goal of owning a home (or several properties) and good credit is key for this. I also love hearing from friends, and even from people on the facebook community I own for Latina Travelers, that they are optimistic about improving their credit score this year. Also, if they want to have kids, or the ones who already have them, they totally care about teaching their kids about credit since they do not want them to make the same mistakes as some of their parents or grandparents. I am happy because it is about time that we grow as a community personally, financially and professionally. It is all about planning and executing. We need to be proactive.

Your Credit Score Matters: Why You Should Start Improving It!

In summary, because of these and many other reasons, regularly checking your credit score and creating a credit improvement action plan are key to securing your financial and personal future.

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By | 2017-08-09T08:32:43+00:00 August 8th, 2017|Lifestyle, Travel Tips|27 Comments

About the Author:

Dreams in Heels
Dreams in Heels is a Trendy Blogazine focusing on Fashion, Beauty, Travel, Culture and Lifestyle. Dreams in Heels was created for those adventurous souls that travel to be free, to enrich their mind, body and soul. For those dreamers who are wondering if traveling is for them and/or where to go on their journey. Brought to you by a free spirit traveler fashionista that is living her dreams in heels. Dreams in Heels adds a touch of fashion, glamour, flavor and passion for life. It delivers budget tips, exclusive deals, elite festivities and worldwide culture!

27 Comments

  1. Raeesa August 9, 2017 at 12:54 pm - Reply

    Very relatable! Thanks for posting!

    • Dreams in Heels
      Dreams in Heels August 10, 2017 at 3:36 am - Reply

      I am glad to hear Raeesa!

  2. Radhelyne polanco August 9, 2017 at 3:06 pm - Reply

    Hey Olga I totally agree with this article. The only reason why I know so much about credict score is because my parents messed up theirs when we first arrived to the USA. So I had to get informed in order to help them Fix it, I am the one that constantly checks their credict scores and recently I taught them how to check by themselves. It is extremely important to constantly check your credict scores.

    I agree with you, It is so hard in the USA to obtain anything if you credict score isn’t good. It is extremely important for people to be aware of this specially upcoming generations.

    Thanks for writing this article I really relate to what you are saying and I’m glad to know this didn’t only happened to me but that it is a problem among the Hispanic community.

  3. Alex Tabar August 9, 2017 at 4:02 pm - Reply

    This is a very important conversation to have within our community. I moved to Miami almost 10 years ago, with no credit history and it was challenging even to buy a phone. Now as entrepreneurs, it is very important to keep track of our credits and create a plan to improve it or maintain it on a good score.

  4. Angie August 9, 2017 at 7:40 pm - Reply

    I was also one of those people who learned from the mistakes of my parents. I don’t see myself getting property anytime soon, but I know I will sometime in the distant future, and I want to be ready for it.

  5. Diana August 10, 2017 at 8:36 am - Reply

    Credit score is so important, and many ppl don’t understand that it isn’t about not having credit , it is about having and knowing how to manage it!

    • Dreams in Heels
      Dreams in Heels August 11, 2017 at 2:29 pm - Reply

      So so true. This is so important Diana! Thank you for commenting.

  6. DLJkitty August 10, 2017 at 7:13 pm - Reply

    I think that this is such an important topic. I got my first credit card in college and I made lots of mistakes (high interest, paying minimum, etc) and it took me a long time to clear the debt. I’m so happy that millennials are learning from our mistakes! Thanks for writing about this and helping our community!

    • Dreams in Heels
      Dreams in Heels August 11, 2017 at 2:30 pm - Reply

      Yeah I can totally relate. I made the same mistakes when I got my first credit cards in US. My mom never taught me about this. I saw credit cards as money to spend shopping. I did not know the consequences.

  7. Delana Marie August 16, 2017 at 7:59 am - Reply

    Wow this is very interesting, did not know there were so many avenues to consider in this capacity! I need to learn more!! THANKS SO MUCH FOR THIS ARTICLE XO

    • Dreams in Heels
      Dreams in Heels August 16, 2017 at 8:03 am - Reply

      I am glad that we can help 🙂 Thank you for reading!

  8. Fabiola Rodriguez August 16, 2017 at 8:26 pm - Reply

    I live in Mexico, and I have to say credit history here is important mostly if you want to take out a loan or make a large purchase, like a house. Buying a phone, for examply, isn’t difficult even without a credit history.
    However, debt is certainly a problem, and that’s one reason people should be financially educated from childhood. I learned about credit the hard way, and I’m determined to teach my kids these lessons before they go out into the world.

    • Dreams in Heels
      Dreams in Heels August 17, 2017 at 5:08 am - Reply

      This is so so true! Debt is a huge problem. I see this a lot in US as well. It is important to teach the next generation.

  9. Elayna Fernandez August 16, 2017 at 9:56 pm - Reply

    Credit is definitely an important topic and I am happy that you are proactive about it. I also think you are brave for moving to a different country at a young age. Keep it up!

    • Dreams in Heels
      Dreams in Heels August 17, 2017 at 5:09 am - Reply

      Thanks so much Elayna! Yeah, it has been a long journey, but it has pay off. 🙂

  10. Fely August 17, 2017 at 12:05 am - Reply

    Like you I was never taught how manage money or check my credit or any of that. I learned it all on my own. Those are some interesting findings by Chase as well.

    • Dreams in Heels
      Dreams in Heels August 17, 2017 at 5:10 am - Reply

      Then you can related. Yeah the findings by Chase are very interesting.

  11. Tabitha Serrano August 17, 2017 at 12:31 am - Reply

    Great post. I like how you pointed out that your credit can have a say on your travel abilities. I had never thought of that! Fortunately I always had a mom who stressed how important credit was because she never had a great one. I check my credit a month ago and I’m proud to say it was great.

    • Dreams in Heels
      Dreams in Heels August 17, 2017 at 5:11 am - Reply

      Yeah it definitely does. You can earn more miles with an amazing credit. I wish everyone knew this. I am glad to hear that you take care of your credit. Best wishes!

  12. Meryland Cuevas August 17, 2017 at 4:34 pm - Reply

    A very important topic of discussion, our credit score are so needed for many things and we need to start taking care of this. I take advantage of the free monitoring services some of my credit cards provide.

    • Dreams in Heels
      Dreams in Heels August 18, 2017 at 3:17 pm - Reply

      That is a great tip! I also use that. Thank you for commenting.

  13. Oscar August 18, 2017 at 12:43 pm - Reply

    Improving our credit is always a good thing. There is so much education about this now online that everybody should be doing it. It’s one of those things that takes a long time so we need to start as early as possible and maintain it. Thanks for your post!

    • Dreams in Heels
      Dreams in Heels August 18, 2017 at 3:16 pm - Reply

      I totally agree Oscar. It is a work in progress, but there so many great resources and tools online.

  14. MashaB August 21, 2017 at 7:44 pm - Reply

    Mil gracias por compartir, estoy de acuerdo, es muy importante cuidar nuestro historial crediticio como una manera de tener unas finanzas sanas

    • Dreams in Heels
      Dreams in Heels August 29, 2017 at 8:00 am - Reply

      Si es super importante! Gracias por comentar.

  15. Danay August 22, 2017 at 7:49 am - Reply

    Financing a business can rely heavily on your credit score. It’s so important and I’m glad this conversation is being had within our community.

    • Dreams in Heels
      Dreams in Heels August 29, 2017 at 8:00 am - Reply

      Yeah it is difficult for sure. I am happy to be able to inspire our community,

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