Even Staff


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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Haven Life’s All-Digital Life Insurance Application Experience Launches on Even Financial’s Leading Life Insurance Search Engine
Even features the industry’s largest multi-carrier, all-digital life insurance marketplace New York, New York – August 16, 2021 – Even Financial (“Even”), the leading search, comparison, and recommendation engine for financial services, has announced the launch of Haven Term and Haven Simple on its life insurance marketplace platform. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services customer acquisition by seamlessly bridging financial institutions and channel partners via its industry-leading API and embeddable solutions.   With the addition of Haven Term and Haven Simple, Even has further expanded its extensive network of premium life insurance offerings, strengthening its position as the industry’s largest multi-carrier, all-digital life insurance marketplace. Haven Life, which offers Haven Term and Haven Simple, and is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), is known for its customer-centric approach and for its commitment to making life insurance more affordable and accessible. Haven Life’s term life insurance offerings will be available on Even properties and via its wholly owned subsidiary LeapLife.   “In these uncertain times, the majority of U.S. adults want the financial security of high-quality life insurance, but are often dissuaded by the complex application process and need to complete an in-person medical exam,” said Phill Rosen, Founder and CEO of Even Financial. “Haven Life’s groundbreaking, all-digital application experience brings tremendous accessibility and peace-of-mind to consumers. 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"On the heels of introducing even more affordable pricing for the Haven Term product, our partnership with Even Financial allows us to marry that affordability with greater accessibility to offer comprehensive financial protection to shared clients with ease and efficiency.”    Even entered the life insurance industry in 2020 through its acquisition of LeapLife, a leading insurtech and licenced life insurance agency. Since that acquisition, Even has worked with its large network of channel partners to make the process of getting personalized life insurance fast, easy, and accessible for consumers. In addition to Haven Term and Haven Simple, products offered by leading insurance companies including Lincoln Financial Group, Pacific Life, and Mutual of Omaha are available through LeapLife, Even’s life insurance platform. Companies such as TransUnion and Lantern by SoFi rely on Even’s embedded finance marketplaces to power 100% digital personalized life insurance policy quotes for their customers, with live agent support.   Even has continued its rapid growth trajectory in 2021 by reaching over $3 billion in consumer credit issued through its API and expanding its platform to over 800 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 (such as SoFi) and channel partners (such as 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 Haven Life Insurance Agency   Haven Life Insurance Agency, LLC (Haven Life) is re-thinking how people financially protect the ones they love. Haven Life is committed to delivering exceptional products, delightful purchasing experiences, and meaningful moments of service to the modern life insurance customer. Haven Term is a Term Life Insurance Policy (ICC21 Haven Term in certain states, including NC) issued by C.M. Life Insurance Company (C.M. Life), Enfield, CT 06082. In New York (DTC-NY), and California (DTC-CA), and other states, it is issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.    Policy and rider form numbers and features may vary by state and may not be available in all states. Haven Term is available through Haven Life Insurance Agency, LLC (Haven Life), whose agency license number in California is OK71922 and in Arkansas, 100139527. Both Haven Life and C.M. Life are wholly owned subsidiaries of MassMutual.   Please note that issuing the policy or paying its benefits depends on the applicant’s insurability, based on their answers to the health questions in the application, and their truthfulness.   MassMutual and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company are rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of June 1, 2021 and is subject to change. MassMutual has received different ratings from other rating agencies.   Media Contact media@evenfinancial.com    
Yahoo! Finance: Even Financial Reaches $3 Billion In Credit Issued Milestone
Even has surpassed a significant threshold in credit issued, having now facilitated over $3 billion in consumer credit as of July 2021. The milestone is significant in the financial services industry, as Even has also expanded its platform to over 800 partners.    Click below to read more at Yahoo! Finance.
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.