Finance is the #1 cause of divorce, so we’re being proactive by becoming financially fluent NOW. Many times, we suffer blows to our credit score due to pure ignorance- we simply do not know how to help ourselves. I for one do NOT want to have the awkward and embarrassing conversation with a potential husband about my low credit score and high debt. No thanks! If you’re like me and want to get things in check NOW, take a look at these quick facts that you may not have known. These facts are courtesy of Arnita Johnson, Certified Credit Consultant and CEO of AMB Credit Consultants:
1. Only 1% of Americans have an 800+ credit score
So, calm down if you aren’t close!! Arnita says that a good score is between 640-700. If you fall short, a secured credit card may be an option to consider. These cards use your funds as opposed to lending funds with interest.
2. Avoid Being 30 Days Late..
It takes 12 months to redeem yourself from ONE payment that”s 30 days late. THREE (30) day late payments can negatively effect your credit just as much as a bankruptcy! Do all that you can to pay at least your minimum payment on time. If at all possible, pay more than the minimum due.
3. Never Settle a debt with a collection agency…
Unless they are able to prove that the debt is accurate and actually yours. Many times, they purchase your debt without the proper documentation needed to collect because uneducated and uninformed consumers often pay without requesting proper proof. Don’t be a victim!
4. You are entitled to a free credit report each year!
It’s important that you actually know what’s on your report so that you can ensure that everything is accurate. Request yours by visiting AnnualCreditReport.com!
5. Credit cards count!
Credit cards have the largest impact on your credit score! Please note: These (revolving) accounts do not ever close on their own. You or the lender must choose to close it.
Do you have specific credit questions? Join our LIVE chat on Instagram tonight at 8pm EST with Arnita Johnson of AMB Credit Consultants. You’re a step away from becoming financially healthy when you meet your mate!
With So Much LOVE,