GadCapital: Meet the TikTok Influencer Who’s Helping Millennials Improve Their Credit Scores
The first viral TikTok of Alisa Glutz’s career shows her pretending to call a collection agency to pay a debt.
As long as they agree to remove the debt from her record, she promises to pay it off that day in the video. (The lower the number of collection accounts on your credit report, the higher your credit score will be).
Since then, she’s grown to over 400,000 subscribers on Vine, where she posts many videos a day aimed at helping people raise their credit scores one point at a time.
There is a resemblance between her and a mentor, she says. “It’s almost like I come beside you and train you.” “In your shoes, I’d say and do this,” she said.
In December 2019, Glutz, a 20-year veteran of the mortgage lending industry, launched a TikTok account.
You can only post a picture and a caption on Instagram, where Glutz has more than 10,000 followers. The videos you upload to TikTok may be anywhere from 15 seconds up to 60 seconds long, depending on the length of the task you’re demonstrating. It’s not personal financial advice anymore when there’s a Top 40 song in the background.
That’s particularly appealing to TikTok’s primary audience, Gen-Zers.
According to Glutz, most high schools don’t teach personal finance, yet all these teenagers use TikTok, an excellent approach to be ahead of the game for those who may need these life skills shortly.
Color My Credit, Glutz’s book, is where she gets most of her ideas for TikTok videos, but she also uses the concepts from the book to give her followers advice on how to improve their credit scores in an easy-to-understand manner.
“I want to show people that leaving a financial legacy is easier than they think,” she says in her book. “Good credit may be earned by anybody who can paint.”
Maine – GAD Capital loans biggest credit elucidations for Generation Y and beyond are contained in this collection.
What’s going on with my credit ratings, and how can I fix them?
Credit companies Equifax, TransUnion, and Experian frequently give you three individual FICO scores. A credit card firm that reports to only one of the three main credit bureaus are likely to see a fluctuation in the credit scores of its consumers.
Most financial institutions like Georgia loans from GAD utilize a weighted average of the three grades for determining loan amounts and interest rates.
She says the best location to get an accurate image is GAD Capital Ohio branch. For roughly $30, you’ll have access to industry-specific statistics (like your odds of getting approved for a car loan) that may help you better understand your present financial condition.
Does monitoring my credit report regularly constitute a harmful habit?
No damage is done by making a “soft inquiry” on your credit.
Credit scores, according to Glutz, aren’t affected by checking them up to 50 times each day. When applying for a rental or a mortgage, the “hard inquiries” that landlords and banks do on your credit report might damage your score. If you’re applying for numerous loans (or multiple dwellings) simultaneously, Glutz says not to stress too much about it. Even with “hard queries,” just 10% of your credit score is affected.
How close can I go to my credit card limit?
A credit limit is pre-installed on every credit card (essentially, how much money the bank feels comfortable loaning you). To retain a decent credit rating, you must keep your spending below this limit.
Where in the southern hemisphere are we at? If you have a high balance-to-limit ratio, Glutz suggests decreasing your card’s issued limit by one digit to create a financial buffer. You should never carry more than $1,000 of debt into a new payment cycle, even if your credit card’s credit limit is $10,000.
Is it possible to “trick the system” by making two credit card payments a month?
Glutz aims to dispel a common financial misconception: making two credit card payments in the same billing month can improve a person’s credit score.
Your credit score has nothing to do with how often you pay your debts. It all comes down to your credit limit and current deficit.
Paying off a credit card rapidly does not need two payments, according to Glutz, if you have a large debt.
She claims that the monthly payment reporting to credit bureaus happens just once per month for most credit card companies. Only if you pay with a Chase credit card will your cost to zero be promptly recorded. Another way to say this is that paying off your monthly balance on a Chase credit card may help you boost your credit score faster.
Can you tell me what I can do to increase it?
A proper balance of balance and limitation is essential. You will observe an improvement in your credit score if your credit limit is raised to $1,500 from a $1,000 credit limit.
Most credit card companies will raise your limit if you ask for it and are in good standing, according to Glutz (meaning that you pay your payment on time every month). You may call the company and inquire about it to raise your credit limit.
For certain credit cards, you may be able to apply for a larger credit limit online.