Even Staff

2016-04-07

6 Tips For Maximizing Your Credit Card

 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 Even Financial 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 Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content

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"... a streamlined consumer experience, helping millennials with no collateral, budget, or saved money. Even’s impressive matching algorithms simplify the process of finding the best personal loans to meet your needs."

"... a truly modern and easy to use platform for the financial services marketing world. They make it easy to develop consumer friendly, innovative products in a space dominated by legacy platforms."

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Even Financial Partners with Figure to Add Blockchain-Enabled Personal Loan Products to its Financial Services Marketplace
EVEN
Even Financial Partners with Figure to Add Blockchain-Enabled Personal Loan Products to its Financial Services Marketplace
New York, New York – June 2, 2021 – Even Financial (“Even”), the leading search, comparison, and recommendation engine for financial services, has announced a new partnership with Figure to launch the company’s personal loan products on the Even platform. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services acquisition by seamlessly bridging financial institutions and channel partners via its industry-leading API and embeddable solutions.   Figure is a fintech company that leverages AI, blockchain, and analytics to deliver innovative consumer financial products with speed and ease. Figure has dramatically decreased the time it takes for consumers to secure loans and has significantly reduced the costs associated with loan origination, servicing, financing, and capital markets execution. The company was founded in 2018 to unlock new access points for consumer credit products that can transform the financial lives of its customers. In addition to personal loans, it provides mortgage refinancing and home equity release solutions, including home equity lines of credit, home improvement loans, and home buy-lease back offerings for retirement.   Figure is an exciting, advanced provider that is driving transformational change in consumer credit,” said Phill Rosen, Founder and CEO of Even Financial. “We’re thrilled to welcome them to Even’s unparalleled network of loan products.”   Shwetabh Gautam, Director of Financial Institution Partnerships at Even added: “We continue to see a strong resurgence in the demand for lending products across the millions of consumers Even surfaces offers for each month. The addition of cutting-edge partners like Figure strengthens our ability to connect consumers with the loans best suited for their unique needs.”   Even offers the largest network of premium, API-connected loan providers. Enterprises and established publishers such as MoneyLion and TransUnion partner with Even to power financial product offers for loans and other financial services including insurance, credit cards, and savings. Within loans, Even continues to expand its vast offering, recently launching products for secured lending, line of credit, and auto refinancing.   The launch of Figure on the Even platform enables consumers to get matched with personal loans of up to $50,000. Figure offers a 100% online application that allows applicants to apply and see their rate in minutes and access funding in as few as two days.   “Phill and the team at Even share our vision of leveraging blockchain technology to make financial services simpler, faster, and personalized. Through the Even platform, we will be able to reach a broader and more diverse set of consumers seeking our innovative credit products,” said Brad Simmons, CMO of Figure.   Even has continued its rapid growth trajectory in 2021, facilitating over $3 billion in consumer credit issued through its API and expanding its platform to over 400 partners. Earlier this year, Even was named one of “America’s Best Startup Employers'' by Forbes for 2021 and placed in the Top 50 of the 2020 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world.    About Even Financial Founded in 2014, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. As the leading search, comparison, and recommendation engine for financial services, Even seamlessly bridges financial institutions (including American Express, Goldman Sachs, and SoFi) and channel partners (such as MoneyLion and TransUnion) via its simple yet robust API and embeddable solutions. Even turns any consumer touchpoint into a comprehensive financial services marketplace with full compliance and security at scale. The company is backed by leading financial services firms and VCs, including American Express Ventures, Canaan Partners, Citi Ventures, Fidelity’s F-Prime Capital, Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Learn more at www.evenfinancial.com.  About Figure Figure is transforming the trillion dollar financial services industry using blockchain technology. In three short years, Figure has unveiled a series of fintech firsts using blockchain for loan origination, equity management, private fund services, banking, and payments sectors – bringing speed, efficiency, and savings to both consumers and institutions. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion dollar business under his leadership as CEO. Learn more at www.figure.com.   Media Contact media@evenfinancial.com
PYMNTS: Even Launches Embedded Finance App on Salesforce
PYMNTS
PYMNTS: Even Launches Embedded Finance App on Salesforce
Now, financial advisors and other businesses will have a way to leverage Even’s platform for their clients. ‘Financial Products for Salesforce’ - Powered by Even, a plug-and-play app available on the Salesforce AppExchange, matches consumers with real-time, personalized financial product offers.   Click below to read more at PYMNTS.com.
Even Named to Forbes’ List of “America’s Best Startup Employers” for 2021
FORBES
Even Named to Forbes’ List of “America’s Best Startup Employers” for 2021
After evaluating 2,500 American startups with at least 50 employees, Even has been named in the Top 500 of Forbes’ second annual list, which recognizes companies that stand out in: employer reputation, employee satisfaction, and growth.   Click below to see full listing.