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*taps mic*
“Personal Finance Expert Tori Dunlap does not use a debit card.”
*audible gasps from the audience*
Ok, maybe you didn’t literally gasp or clutch your pearls, but you’re probably a little shocked that Tori, internationally recognized money coach and career expert, doesn’t use what is perhaps the most popular payment method next to cold hard cash.
Of course, there is absolutely a reason she chooses to operate this way. One, credit cards are way more secure than debit cards. Two, Tori LOVES the travel and rewards points she gets with our favorite travel credit cards.
But the most important reason Tori uses credit cards is to keep her credit score up. Your credit score is like your adulting GPA, and banks and lending institutions use it as a sizable factor in determining everything from car loans to mortgages and so much in between.
Credit and credit scores have gotten a bad rep for a while in the financial space, and it’s completely understandable why. Many people get credit cards with no idea how to use them effectively and instead use them as an emergency fund or, even worse, “free money.”
There is a way to utilize credit cards and other kinds of debt positively.
In this episode, Tori goes over what a credit score is, the factors that determine your score, and what you can do to increase it. She also debunks a few credit score myths that keep people in the dark and afraid of taking out credit.
Not sure where to start with your finances? Take the free Money Personality Quiz to get tailored resources for your financial journey.
Special thanks to Trust and Will for sponsoring this episode! Get 10% off your estate plan for Financial Feminist listeners!
Time Stamps:
2:00 – A little background on credit scores (aka your Adulting GPA)
2:57 – Why you need to have a credit score (despite what other financial gurus tell you)
3:50 – The three factors that make up your credit score
9:12 – What defines a “good” credit score
11:20 – Does checking your credit score decrease it?!
Resources:
Our HYSA recommendation
Blog: Why I Don’t Have a Debit Card
Blog: How to Increase Your Credit Score
Meet Tori
Tori Dunlap is an internationally-recognized money and career expert. After saving $100,000 at age 25, Tori quit her corporate job in marketing and founded Her First $100K to fight financial inequality by giving women actionable resources to better their money. She has helped over one million women negotiate salary, pay off debt, build savings, and invest.
Tori’s work has been featured on Good Morning America, the New York Times, BBC, TIME, PEOPLE, CNN, New York Magazine, Forbes, CNBC, BuzzFeed, and more.
With a dedicated following of almost 250,000 on Instagram and more than 1.6 million on TikTok —and multiple instances of her story going viral—Tori’s unique take on financial advice has made her the go-to voice for ambitious millennial women. CNBC called Tori “the voice of financial confidence for women.”
An honors graduate of the University of Portland, Tori currently lives in Seattle, where she enjoys eating fried chicken, going to barre classes, and attempting to naturally work John Mulaney bits into conversation.
