Navigating Your Money: Credit Score Tips, Retirement Plans, and Budgeting Strategies

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode, we cover two quick credit score tips, 403b and 529 plans, delinquencies on old loans, and budgeting when paid once a month.

Hosts Sean Pyles and Sara Rathner kick off the episode with two quick tips for improving credit scores. The first tip focuses on credit utilization, which is the amount of available credit that you’re using. They also discuss the option of asking for an increased credit card limit. The second tip delves into the benefits and risks of becoming an authorized user on a friend or family member’s credit card. They emphasize the importance of checking your credit report for accuracy and explain why worrying about your exact credit score may not be necessary if it’s already above 720.

Next, NerdWallet’s Liz Weston joins Sean to answer several listener questions in a lightning round. They discuss 529 plans and their impact on financial aid eligibility, the persistence of delinquencies on credit reports after refinancing old loans, tax-advantaged retirement savings options when a 401k plan is unavailable, managing money when paid once a month, and deciding whether a 403b retirement plan is worth using compared to other retirement plans.

Listeners are encouraged to share their financial wins for a special end-of-year episode and can do so by leaving a voicemail on the Nerd Hotline or emailing their stories to NerdWallet.

Overall, the episode provides valuable insights and practical tips for managing credit scores, retirement savings, and budgeting strategies. Listeners are reminded to take control of their finances and make informed decisions to secure their financial future.