Cortburg Speaks Retirement

Understanding Credit Scores: What Really Affects Your Number?

• Miguel Gonzalez, MBA, AIF®, CPFA®, CRC® • Season 2025 • Episode 270

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What is a credit score, really—and how do you keep it healthy? In this episode, Miguel Gonzalez breaks it down in simple terms and gives you practical tips to build and protect your financial reputation.

Cortburg Retirement Advisors is a boutique financial planning firm committed to helping you grow, protect, and preserve your assets from your first job to retirement. We specialize in wealth management, estate and tax planning, group retirement, employee benefits, insurance, and retirement planning to navigate any economic climate.

Miguel Gonzalez, a Retirement Specialist with 20+ years of experience, offers expertise in retirement income planning, investment management, and retirement plan design. With an MBA from Columbia Business School, and professional experience with JP Morgan Chase, Merrill Lynch, and more, Miguel is a trusted advisor for his clients.


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Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

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Welcome to Cortburg Speaks Retirement

An audio podcast about investing in the stock market, financial planning, money management and retirement planning.  Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.

Now here is your host, Miguel Gonzalez.


Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.   

 

This week, let’s talk about something that quietly affects almost every financial decision you make—your credit score.

Most people know it’s important, but few understand how it really works—or how much control they actually have over it. So today, let’s break it down in simple terms and talk about how to keep your score in good shape.

1. Why It Matters

Your credit score tells lenders how reliable you are when it comes to paying back borrowed money. It’s not just about getting approved for loans—it can also affect the interest rate you pay, your insurance premiums, and even the deposit you owe on things like cell phones or utilities.

Think of your credit score as your financial reputation—it doesn’t define you, but it definitely influences your opportunities.

2. The Key Ingredients

There are several scoring models out there, but most use a range from 300 to 850. The higher the score, the more confidence lenders have in your ability to repay.
Here’s what really goes into it:

  • Payment history: Do you pay your bills on time? This is the biggest factor—missed payments can lower your score quickly.
  • Credit utilization: How much of your available credit are you using? Try to stay below about 30%. For example, if your credit limit is $10,000, keeping your balance under $3,000 shows good discipline.
  • Length of credit history: The longer you’ve had credit accounts open, the better. So, keeping an old credit card open—even if you barely use it—can help.
  • Types of credit: Lenders like to see a mix—such as a credit card, auto loan, or mortgage.
  • New credit: Opening too many accounts at once can raise red flags.

3. Simple Ways to Strengthen It

The best part is—you don’t need to be perfect to have good credit. Small, consistent habits make a big difference over time.
 – Pay bills on time, even if it’s just the minimum.
 – Set up automatic payments so you never miss a due date.
 – Review your statements for errors or suspicious activity.
 – Check your credit report once a year at AnnualCreditReport.com—it’s free, and it helps you catch mistakes before they cause harm.

4. Focus on Progress, Not Perfection

Many people think they need an 850 to be “safe.” But anything above 760 is generally considered excellent. You don’t have to chase perfection—focus on steady progress. A strong credit score isn’t built overnight; it’s built through habits that reflect consistency and responsibility.

In Closing

Your credit score is more than a number—it’s a reflection of the small decisions you make every month. With good habits and awareness, you can keep it healthy and create more financial freedom down the road.

This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.  

End of video disclosures:
CRC conferred by The International Foundation for Retirement Education.


 Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through Private Advisor Group, LLC, a registered investment advisor.
 
 

Private Advisor Group, LLC and Cortburg Retirement Advisors, Inc. are separate entities from LPL Financial.
 
 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
 
 

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

 

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Miguel Gonzalez, MBA, AIF®, CPFA®, PPC®, CRC®

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