Ha ha made you click, lol! With over 2 million blogs posted daily, I had to pick a juicy title to get you clicking. See what trouble I go through to save the world from debt. But I digress. This week I’ve had the pleasure of attending the HOPE Global Forum here in Atlanta. It is a international multicultural gathering of individuals, corporate and private sector entities joining together to stir conversations, ideas and solutions to “Reimagine the Global Economy” and build a more inclusion economy (quite a tall order). Operation HOPE is special to me because I was once part of the “HOPE family” here in Atlanta. My time with HOPE was one of many opportunities i’ve had to work in my passion. During the forum, several conversations have surrounded the fact that “people” (this could be you) just don't know the “rules” to the money game. As well, how the lack of knowledge is widening the wealth gap exponentially. Having been near the top of the credit chain with a 790 credit score,
falling from grace during the recession and rebuilding back to the 700’s personally, I’ve seen every side of credit. Most often we hear absolutes and negatives concerning credit which serve to suck the financial confidence right out of us.
So today in honor of creating a new and brighter financial future I wanted to share 3 quick secrets you don’t often hear!
Credit can actually be forgiving - I know, long blank stare. Although an account will remain on your credit report for seven years, generally only the last two years of payment history are listed. Which means if you missed a payment 1 year ago, as every month passes that missed payment has less of an impact on your score and profile. So when life happens, get back on track as soon as possible and let time heal those credit wounds.
Non-traditional credit, a possible plan B - I’m a living witness and homeowner again thanks to Plan B. Non-traditional credit includes items such as insurance, utilities and cell phone payments. And if you didn’t know (I didn’t), there are mortgage lenders who will consider non-traditional accounts to qualifying you for approval. You definitely won’t see this advertised but if your credit profile and score don’t make the cut, ask your mortgage person if using non-traditional credit could be an option.
Credit is not an all or nothing - You know those heart stopping seconds which “slooooowly” tick away as you wait for the dreaded credit approval or DENIAL. Yeah, I’ve been there, done that. No one wants to feel like your life is at the mercy of a credit report. But staring (if you’re brave enough) at the trail of damage from one's college days feels overwhelming when imaging having to fix it all to re-build a score. But who says it’s all or nothing? Choosing a few smaller items to work on can get the score moving up while you’re working on larger items. I’ve worked with clients who’ve paid $50 collections and got a 25 pt. score increase.
So no more excuses, the secrets are out! Get busy working on your new financial future Today!
Was this news to you? How could you make these secrets work for you?
See you soon!