Using credit cards is a little like flying a plane: pretty awesome if you know what you’re doing, disastrous if you don’t. Unfortunately, many millennials don’t get to see all the benefits of having good credit, either because they are afraid of credit cards (63% don’t have one) or they mismanage the ones they do have. And yet, having good credit has never been more important; poor credit can hurt your ability to get a loan or a job. Because there are so many things that go into building strong credit, here are 6 tips for get you started.
1) Choose rewards that best suit you Credit cards come with rewards to incentivize you into using them. The most common credit card rewards are cash back on general purchases, hotel and airfare points, and cash back on gas. When looking at a credit card’s rewards program ask yourself two questions: “Which reward is most valuable?” and “Which makes the most sense for me based on my lifestyle?” Discounted airfare may have the potential to save you more money, but if you rarely travel you won’t be able to take advantage of those savings.
2) Always pay your bills on time Next to having a long credit history, making timely monthly payments on your credit card is probably the most important key to building strong credit. This can be undoubtedly tricky for millennials when you take into account other financial obligations like student loan debt. That’s why it’s critical you budget and plan correctly before you buy a round for everyone at the bar. Speaking of debt…
3) Consider consolidating your debt For people who’ve fallen into credit card debt, a common solution is consolidating--or refinancing--their old debts into new loans with more favorable interest rates. This helps you save money by rolling all of your debts, which you’ve probably incurred over a long period with different accounts, into a manageable one that can have a lower interest rate and scheduled repayment period. Be sure to search and compare loan rates from multiple providers to find the best deal.
The faster you can get out of any debt, the better your credit will look.
4) Know when to close a card Part of building strong credit means constantly taking stock of your situation. What made sense for you 5 years ago may not still apply today. Have your fees gone up? Do you no longer get the most out of your reward? Or have you just found several better options? These are all reasons to consider closing a card. However, be sure before you do it. Closing a credit card could hurt your credit score by nature of lowering your credit utilization ratio (the amount of all your available credit that you’ve used), and the amount of credit available to you.
5) Don’t get bogged down by fees Credit card fees are as sure a thing as death and taxes. These could be for anything from late payments, to exceeding your credit limit, to Credit card companies may surprise you with their ability to come up with creative fees, but some have more than others.
6) Up your credit limit A great way to build up your credit is by increasing your credit limit--or the maximum amount you can spend on a credit card. An increase shows that you already have decent enough credit in the first place, and it also lowers your credit utilization so long as you don’t take this as a sign to spend beyond your means. Building credit doesn’t have to be a scary thing that will hurt your financial situation. In fact, as long as you’re responsible with your money it could actually hurt you not to start building credit now.
Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Engine by MoneyLion product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Engine by MoneyLion through hyperlinks, from third-party websites, are provided for informational purposes only. While Engine by MoneyLion finds these sources to be accurate, it does not endorse or guarantee any third-party content.
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MoneyLion’s consumer and enterprise businesses were recognized as winners of Benzinga’s 2022 Global Fintech Awards at this year’s Fintech Deal Day
New York, December 14, 2022-- MoneyLion Inc. (“MoneyLion”) (NYSE: ML), the go-to destination for personalized financial content, products and advice, is proud to announce that it has been named “Best Financial Literacy Tool” at Benzinga’s 2022 Global Fintech Awards. MoneyLion’s enterprise business, Even Financial, was also named as the winner for “Best API.”
MoneyLion and Even Financial were honored alongside other top Fintechs, banks, research companies and more. MoneyLion’s consumer business continues to push financial literacy through innovative and personalized content. With the MoneyLion app, users can view personalized financial content in short-form video format and receive personalized financial product recommendations such as loans, insurance and investing. As MoneyLion’s enterprise offering, Even Financial digitally connects and matches consumers with real-time personalized product recommendations from banks, insurance carriers, and Fintech companies on mobile apps, websites and other digital touchpoints through its financial product search engine and Embedded Finance Marketplace technology. This technology powers both the MoneyLion Marketplace, in the MoneyLion app, as well as more than 1,000 enterprise partners.
“We’re thrilled MoneyLion’s consumer and enterprise businesses were recognized by Benzinga,” said Dee Choubey, Co-Founder and CEO of MoneyLion. “Both awards showcase MoneyLion’s every time you money approach to helping our customers. The financial literacy gap is a huge problem for millions of Americans and we remain committed to reducing its effects through engaging, informative content and key partnerships designed to bring an elevated educational experience to all.”
These awards follow the October announcement of MoneyLion University, where MoneyLion launched its latest initiative aimed at closing the gap in money and financial education across the United States.
“We could not be more pleased with Benzinga’s recognition of our company’s API technology,” stated Phill Rosen, CEO and Founder of Even Financial. “Our technology natively integrates real-time credit decisions and product recommendations from the industry’s largest network of connected financial services providers, offering access and choice to consumers searching for financial products. Our elegant Embedded Finance Marketplace, API and search engine enable any company to add trusted, personalized financial products and services to their business, reaching people when and where they need it.”
Even Financial has been named a listmaker for the Benzinga Global Fintech Awards for the last two years and was a previous award winner. In 2021, Even was selected as a listmaker for Best API and, in 2020, selected as a listmaker for both Best API and Best API Platform. In 2019, Even was awarded the Benzinga Rocky Award.
The annual Benzinga Global Fintech Awards take pride in recognizing and honoring the companies and individuals who are propelling the Fintech and financial services industry forward with the most impressive technology advancements and innovations. A panel of industry experts from a wide range of companies reviewed and judged the nominations. Winners were announced at Benzinga’s Fintech Deal Day on December 8, 2022, where MoneyLion’s Chief Customer Officer Cynthia Kleinbaum spoke on the panel, Expert Growth Hacks For Reaching Underserved Markets.
About MoneyLion MoneyLion is the go-to destination for personalized financial content, products and advice. MoneyLion’s mission is to rewire the financial system to positively change the path of every hard-working American. MoneyLion uses its proprietary data advantage and technology to empower its customers. MoneyLion engages and educates its customers with daily, hyper-personalized money-related and money-adjacent content that is delivered through each customer’s own content feed. MoneyLion provides its customers a full suite of financial and non-financial solutions, bundling its proprietary, low-cost financial products with products that are offered through its marketplace technology and network affiliate partners. MoneyLion also leverages its distinct data, technology, and network advantages to deliver leading embedded finance and marketplace solutions for enterprise customers. Since its founding in 2013, MoneyLion has empowered millions of Americans to take control of their finances and live their best financial life, every day.
For more information about the company, visit https://www.moneylion.com/ and https://www.evenfinancial.com. For investor information and updates, visit investors.moneylion.com and follow @MoneyLionIR on Twitter.
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Even Financial [email protected]
New York, Jan. 11, 2023 -- Even Financial ("Even"), an independent subsidiary of MoneyLion Inc. (NYSE: ML), and a leading embedded finance marketplace platform, is proud to announce that it was honored in Built In’s “2023 Best Places To Work” Awards. Specifically, Even earned a place on the Hybrid Best Places to Work in New York.
The Best Places to Work Awards, now in its fifth year, honors companies across numerous categories, sizes, remote-first employers as well as in person and hybrid working companies across the U.S.
Built In determines the winners of Best Places to Work based on an algorithm, using company data about compensation and benefits, and also weighs criteria like remote and flexible work opportunities, as well as other people-first cultural offerings.
This announcement follows Even’s recent win at the Benzinga Global Fintech Awards for “Best API.”
About Even Financial
Even is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. (“MoneyLion”) (NYSE: ML). MoneyLion is a leading digital financial services and lifestyle content platform serving both consumer and enterprise customers. As part of MoneyLion’s enterprise offering, Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to its business, with full compliance and security at scale. Even was named one of "America's Best Startup Employers'' by Forbes for 2022 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Learn more at www.evenfinancial.com and investors.moneylion.com.