As for our contributor’s take on precious metals-backed crypto Kinesis Money, a reader’s skeptical:
“How are you going to access your funds if things go south and the government shuts down the internet?
“Don’t think it can’t happen here? Socialists have done so in other countries when they get control.”
Not just socialists. Communist governments including China go to draconian lengths to regulate the internet. Same goes for many countries in the Middle East. So, certainly, it’s plausible… but probable?
Another reader says: “Thanks for the information,” but he’s looking for some practical advice: “How to improve on credit rating and score?”
More on that below…
Your Rundown for Thursday Dec. 19, 2019:
The reader’s question above is eminently practical: How to improve credit rating/score?
First, there’s a difference between a credit rating and credit score. In general, a credit rating is a letter grade that speaks to a company or government’s creditworthiness.
An individual’s credit score — expressed as a three-digit number — is determined by three major credit bureaus: Equifax, Experian and TransUnion. These companies compile reports on anyone who’s ever applied for or taken out a credit card or loan.
Your credit score, in short, indicates how likely you are to pay back debt. So… if you want to improve your credit score, you’ll have to pay off debt. Easy, right? (We kid.)
Taking a glance back this year at The Rundown, we mentioned Americans’ top financial resolutions for 2019, according to a Fidelity survey:
- 48% (save more)
- 29% (pay down debt)
- 15% (spend less)
So if paying down debt was your financial goal in 2019, it’s time to take inventory and perhaps put it on your list of goals for 2020.
Some more specific ways to improve your credit score? Check your credit score regularly. (A word of caution: Your credit report should always be free.) Your bank might be able to assist with this process.
And, if there are any mistakes on your credit report, call the reporting agency to make corrections.
Also, pay your bills on time. Late payments and even “slow pays” can ding your score.
Last, keep a low debt-to-income ratio — below 35%.
Market Rundown for Thursday, Dec. 19, 2019
S&P 500 futures are down 3.5 to 3,191.
Oil’s pat at $60.94 per barrel.
Gold is up $2.20 per ounce to $1,480.90.
Bitcoin’s down 2% this morning to $7,140.08.
Have a great day. We’ll talk tomorrow.
For the Rundown,