Financial Freedom Pros

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Does paying bills restore your credit?
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How to power down your debt NOW?

It will take you on average between 25 to 30 years to pay off your credit card at the minimum amount.

This will not do 🙅🏻♂️

Make a list of all of your credit cards.

List the following in columns:
👉 type of credit card,
👉 principle amount,
👉 regular payment amount,
👉 power down payment,
👉 interest rate,
👉 the total number of payments left on the card,
👉 estimated payoff date.

Put your list in order of how many payments are left from least to most.

If you make a minimum payment of $55/month on one of your cards until it is paid off in full, you then have $55/month freed up to add to the minimum monthly payment for the next credit card.

After you pay off the second card, the amount you were paying on that one can be applied toward the third card.

By doing this, you will decrease the number of years required to pay off your credit cards from approximately 30 years to nine years.
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If you think credit repair is expensive, try buying something with BAD CREDIT.
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Why is it important to have good credit? 🤔

Establishing and maintaining good credit is vital if you plan to do any of the following:

👉Apply for employment
👉Rent an apartment
👉Open a bank account
👉Set up an account with public service

It used to be that establishing good credit was important only if you planned to
buy a home or car, but not anymore 🤷🏻♂️

The simplest task, such as applying for employment could very much mean that you need good credit.

Having bad credit could affect your ability to survive.

So, what should you do?’

📌 Start by requesting a copy of your credit report in writing.

You are entitled to receive a free annual credit report. If you have already received a credit report for that year, you may also use any letter of credit denial by sending in a copy of that letter within 60 days of its receipt with your written request.
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5 things a poor credit can impact
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How to start building credit and preventing repair

If you want to prevent credit repair procedures, you need to keep your payments up to date.

Financial emergencies may come up.

So it is important that you meet minimal payments on time.

If you are in debt over your head and have very little income and assets it might be wise to do nothing.

Sounds insane, right?

But the reality is when you are taking to court most of the collectors won't be able to collect a dime.

This procedure is called 'judgment proof.'

There are advantages by acting on the 'judgment proof,' such as the Federal Laws protect you against creditors coming to your home and confiscating your belongings.

The downside is you are not resolving anything and in the long run you won't get credit.

So, it’s better to pay your payments on time.
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How many people have a 800+ score?

Here's a quick question: What is the average U.S. credit score?

👉 The answer is 690.

So, how close did you get? 🤔

If you were pretty far off, that's okay.

Before you can make an accurate guess, you need to know a few things.

You need to have some idea of how the economy is doing.
You also need to know what the full range of credit scores is.

A perfect score is 850, and the worst possible score is 300. And a bit of quick math tells us that the average of those two numbers is 575.

But the national average credit score is 690.

This is mostly due to the fact that no matter how tough things get, people still do their best to pay their bills, and pay them on time. Perhaps that can be attributed to the American spirit and the desire to keep one's word.

Whatever the reason, the actual average of 690 is significantly higher than 575.
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Budgeting and why is it important?

If you want to get out of debt you need to come with a solid budget.

Because budgeting is the first step in helping yourself to repair your credit.

So, here is what you need to do:

🔸 Look At Your Previous Spending Habits!

Before actually starting to create your budget, take a look at your spending history.

Be honest and remember you are helping yourself in the end.

So, do you consider yourself a quick spender, someone who sees something they like and just buys it?

Many of us do this, but it becomes an issue if you do this on a regular basis. So, in order to overcome this issue, you will need to create your budget ahead of time.

If you want to get out of debt you need to come up with a solid budget.
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Here's a quick question: What is the average U.S. credit score?

👉 The answer is 690.

So, how close did you get? 🤔

If you were pretty far off, that's okay.

Before you can make an accurate guess, you need to know a few things.

You need to have some idea of how the economy is doing.
You also need to know what the full range of credit scores is.

A perfect score is 850, and the worst possible score is 300. And a bit of quick math tells us that the average of those two numbers is 575.

But the national average credit score is 690.

This is mostly due to the fact that no matter how tough things get, people still do their best to pay their bills, and pay them on time. Perhaps that can be attributed to the American spirit and the desire to keep one's word.

Whatever the reason, the actual average of 690 is significantly higher than 575.
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Do you know how to keep your credit score safe?

If you have a lower credit score that you would like, odds are that the score is caused by some small financial mistake or oversight you have made.

Not every person with bad credit has a low credit score caused by something they did, though 🤷🏻‍♂️

Sometimes, other people’s criminal activity can affect your credit score!

So, here are few tips that can keep you and your credit safe 👇

👉 Look out for identity theft.
👉Practice safe banking, safe computing, and safe business practices.
👉 Check your credit score regularly

Sometimes, these errors are caused by mistakes made at the credit bureau, but they could be an indication that someone is using your identity.

So, in either case, such mistakes could hurt your credit score. Fixing such errors will improves your credit score.

If you Got any questions dm me
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Why is it important to have good credit? 🤔

Establishing and maintaining good credit is vital if you plan to do any of the following:

👉Apply for employment
👉Rent an apartment
👉Open a bank account
👉Set up an account with public service

It used to be that establishing good credit was important only if you planned to
buy a home or car, but not anymore 🤷🏻‍♂️

The simplest task, such as applying for employment could very much mean that you need good credit.

Having bad credit could affect your ability to survive.

So, what should you do?’

📌 Start by requesting a copy of your credit report in writing.

You are entitled to receive a free annual credit report. If you have already received a credit report for that year, you may also use any letter of credit denial by sending in a copy of that letter within 60 days of its receipt with your written request.
-
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How to reduce consumer debt?

Let's face it, the economy is not as strong as it could be 🤷🏻‍♂️

And while it's struggling along, more and more people are finding themselves getting deeper and deeper into debt.

The sad thing is that, most likely, none of this debt is your fault.

After all, you need a place to live and food to eat, but circumstances beyond your control have now left you owing more money than you can payback.

However, consumer debt reduction may just be the silver lining you've been looking for.

So, here are some things you can do to get yourself off to a strong start:

👉Know exactly where you are financially
👉Set your priorities.
👉Reduce the amount you owe.
👉Increase how much you pay.
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Why check your own credit quarterly or if your like me monthly?

Getting and staying in good financial shape is essential.

Even if you never need credit. So, why you need good credit?

Simply because, your credit could prevent you from getting a job, from getting an apartment or rental home, and even from getting good insurance rates and interest rates.

So, make sure to check your credit annually.

It is vital to do this. Once requested your credit report, read through your report thoroughly.

Make sure that you review your report in full Because this is what your creditors see when they pull your credit report.
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🗣️ the power of belief

What does it mean to have good credit? Who cares who sees it?

Well, unbelievably, your credit report is public information to anybody where you are asking for a line of credit.

👉 Any time you apply for employment, an apartment, or attempt to make a big purchase, you are asking for credit and permitting the potential creditor to view your credit report.

Businesses look into your credit report and determine by your ability to pay and follow through on your promises what kind of person you are.

🔸Do you adhere to your promises?
🔸Are you stable, do you follow through on payments?

If so, then you most likely are a good and reliable person. You may be worth giving a chance at that perfect job, or residing in that particular community.

What about good people with bad credit? 🤷🏻‍♂️

You may be a good person, you may even be the most considerate and compassionate person alive;

💁🏻‍♂️ But, if your credit report shows a late payment or no payment on an account at all, your entire being could be perceived as not reliable, unstable, and untrustworthy.
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How to stay financially organized?

Well, we all know that to have good credit, it is important to stay financially organized.

And you won’t miss any payments on your bills.

So, how to do this?

👉Number one advice is to keep all your financial records in one place.

By keeping them in one place helps you to refer to them easily.

Seeing all your financial life in one place also makes it easier for you to see where your credit and your financial life still need work.

Also, you may want to buy a box and keep your separate information in different labeled folders for easy referencing.
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🗣️/ | - Align your actions with what you believe to be true for yourself🤔
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Do you understand the basics of a credit score? 🤔

If you are trying to improve your credit score, you need to understand the basics.

You need to know what a credit score is, how it is developed, and why it is important to you in your everyday life.

Lenders certainly know what sort of information they can get from a credit score.

✔️ But knowing this information yourself can help you better see how your everyday financial decisions impact the financial picture lenders get of you through your credit score.

So, here are few simple tips are to understand the basic principles:

🔸 Tip #1. Understand where credit scores come from.

🔸 Tip #2: Keep the contact information for credit bureaus handy.

🔸 Tip #3: Develop an action plan for dealing with your credit score.

Once you have your credit report and your credit score, you will be able to tell where you stand and where many of your problems lie. If you have a poor score, try to see in your credit report what could be causing the problem.

When developing your action plan, know where most of your credit score is coming from:
👉Your credit history
👉Your current debts
👉 How long you have had credit
👉The types of credit you have

Not being taught about credit and financial literacy is one of the biggest failures of our education system its time to unlearn the old way of teaching and build a new education system that prepares us for the real world

👉 Any time you apply for employment, an apartment, or attempt to make a big purchase, you are asking for credit and permitting the potential creditor to view your credit report.

Businesses look into your credit report and determine by your ability to pay and follow through on your promises what kind of person you are.

🔸Do you adhere to your promises?
🔸Are you stable, do you follow through on payments?

If so, then you most likely are a good and reliable person. You may be worth giving a chance at that perfect job, or residing in that particular community.

What about good people with bad credit? 🤷🏻‍♂️

You may be a good person, you may even be the most considerate and compassionate person alive;

💁🏻‍♂️ But, if your credit report shows a late payment or no payment on an account at all, your entire being could be perceived as not reliable, unstable, and untrustworthy.