The Financial Journey is a unique series focused on financial education and opportunities. These stories have been created through a strategic partnership between Wells Fargo and Word In Black.After three decades of financial industry work, Heather Philp, Senior Vice President of Credit Card Product Management at Wells Fargo Bank, has seen it all. While some things in the finance industry have changed, many things have stayed the same.
Credit scores span from 300 to 850, and Philp said people should aim to keep their credit score comfortably in or above the 700 range. Better credit scores mean lower interest rates from lenders seeking assurances that a consumer will repay a loan. “If you’re rebuilding your credit, take a look at all the debt that you have outstanding, and always try to pay off the balance that has the highest interest rate because that helps you with starting to save money,” said Philp. “Hopefully, then it’s money that you can use to continue to pay off the debt on a month-to-month basis.”