Think About It Thursday

Hello my beautiful KINGS and QUEENS, it’s that time again! It’s Think About It Thursday! First we will start with a recap from last week. I hope you had the opportunity to block some time out of your busy schedule to do some mind mapping for your business venture(s). I also hope that you found that empty container and started the savings challenge. If you are skeptical about starting the savings challenge let me show you my families progress thus far!

Coin Jar

 

This week I want to get your mind thinking about your credit report and credit score. As we all know (or don’t know), our credit score is essential in determining our ability to obtain financing and could affect our ability to get certain jobs or business working capital loans. Often times if the credit score is not a substantial credit score (usually between 650 – 800) you are subject to higher interest rates or not privileged to financing at all. It is imperative that we pay attention to our credit report and credit score. Retrieving our free credit report every year,thoroughly reviewing it for accuracy and disputing inaccurate accounts can help raise awareness of our creditworthiness.

As we think about credit this week I want to challenge you to think about your current creditworthiness and how it is affecting your ability to obtain financing in both your business and personal finances. Our credit score speaks to how responsible we are with paying our bills. If bills are paid late it negatively affects your credit, if bills go to collections that negatively affects your credit as well.

I CHALLENGE YOU….

To block some time out of your busy schedule to retrieve your free credit report (You get one free credit report every year). Review it in detail, make sure that all accounts listed are actually your accounts and the balance on those accounts are accurate. If you have some negative accounts on your credit report don’t be discouraged. If those negative accounts are under 7 years old write down those accounts, call those creditors, and set up a payment plan to get those accounts taken care of (Start with small balance accounts first and once those small accounts are paid off then you take that money that you were paying towards that account and apply it to your next account. Keep doing this until you have taken care of all negative accounts and be sure to request your “paid in full” letter once the account(s) have been paid off). If the accounts are older than 5 – 7 years old dispute those accounts (reason being the statute of limitation to collect on these accounts have passed. Side note: the statute of limitation varies per state and per credit account type)

Be mindful that this task can be overwhelming and somewhat scary. Also know that its going to take some time before you actually see results. Just know that in the end it is well worth it to know that you understand your creditworthiness and have the ability to get those 2% interest rates on great deals!

Remember don’t give up…baby steps my KINGS and QUEENS, baby steps!

Until we meet again!

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