Tee-Time Episode 9 | Credit Reporting

mentsTee-Time! I'm Wendy And I'm April

Welcome to Tee-Time Coming to you live from The Black Star World Headquarters

It is November What is November? Amongst many things it's Financial Literacy Month Let's talk about financial literacy It feels like we don't learn enough about it in school and that people need to learn more So let's do that

Let's talk about their credit reports Because credit determines absolutely everything you can do with your financial life Can you buy the house What rate you get on your car All those things and yet it seems to be this mysterious thing that gets pulled when you go to apply and people just don't even know what's going on and how it works

Well I think even more than that people don't realize what affects their credit score and it is a lot more than it use to be It sure is, yes So not only is it your mortgage or your car payment but now it's also your phone, obviously any utilities you have and I think the biggest mistake is people think is: "okay well, I may not have all the money that I needed to pay off that credit card" but what do we know they have to do? Well maybe the minimum payment is small so they say: "Oh let's just get it next week or next time" but you have to make you minimal payments They measure that so carefully and they measure how many months you're late and that all affects your score

Other things that can affect your score are how many credit products have you applied for How many times you've actually checked your credit score If it's just you doing it online that's okay But it's more about if you've gone to say "Oh I want to buy a car" and you go to three different places and all three of them do a credit check on you That's true there is a soft credit check and then there is credit check that would again if you're buying a big purchase

So you have to be wary of the two Absolutely Also if you're doing things like, let's call them more B lenders You know sometimes that can affect your score that you're not using a high quality vendor, if you will That can affect your score but really the other thing I'd really like people to know is that they need to be checking their score because they can do it online through Equifax

ca You don't need to pay any money if you're just checking how your payment score is You don't want to find out that there's something wrong with your credit bureau when you're trying to make that big purchase So go check it Make sure no one's stolen your identity and do it at least annually

Speaking of scores Oh hello Shall we We shall Oh, come on! Oh dear

So you were robbed Christian did you get that it popped in and popped out That doesn't count though It's still not a score Well you know what they say at Black Star

Progress, not perfection Until next time See you later

Source: Youtube

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