Dollars and Sense

Good Credit Part 1

Three Angels Broadcasting Network

Program transcript

Participants: Yvonne Lewis (Host), Ryan Mack


Series Code: DAS

Program Code: DAS000011A

00:01 What is money for?
00:03 Is it a helpful resource to use for good
00:05 or is the love of it the root of all evil.
00:08 Actually, it's both.
00:10 But God may have
00:11 a different definition of success.
00:13 Real success doesn't come overnight.
00:16 It takes hard work, and faithful planning.
00:20 To use your dollars well,
00:22 it takes more than a little sense.
00:27 Welcome to Dollars and Sense.
00:29 I'm Yvonne Lewis, co-host for this program,
00:32 and the primary host is Ryan Mack,
00:34 our financial literacy expert,
00:37 who has been teaching us so much stuff.
00:40 Hey, Ryan! Having a great time doing it.
00:42 Oh, man, this is exciting to me
00:46 because any time I learn something new, I get excited,
00:49 because it's just, and I know you're learning.
00:51 I know you're learning this stuff.
00:53 So we are going to be talking today about credit.
00:56 Credit, yes.
00:58 And that's super, super important,
00:59 because so many people have bad credit.
01:01 Right.
01:02 And I think it's more important
01:04 than what people realize in this day,
01:07 and in this particular economy and we'll explain why.
01:12 First, I want to just let people know
01:14 what the scripture says...
01:15 Yes. About credit.
01:16 Good.
01:18 Now this is something that there's no question
01:21 that they actually took the law,
01:23 the Fair Credit Reporting Act,
01:25 and they devised a law based on actual scripture,
01:28 and I going to show you here.
01:30 The first scripture is this one that I like to,
01:33 from Psalm 37:21.
01:36 "The wicked borrows but does not pay back,
01:38 but the righteous is generous and gives."
01:41 And so, obviously credit does just that.
01:46 It analyzes.
01:47 The Fair Isaac Corporation, they analyze,
01:52 and we'll talk about what does FICO mean?
01:54 Who was the Fair Isaac Corporation,
01:57 but they want to figure out who's righteous,
02:00 and who pays back?
02:02 And the goal of credit score is almost
02:06 a measure of your righteousness, right?
02:08 And it's from 350 to 850.
02:11 And it really says, okay, well, the higher your score,
02:14 the more righteous you are,
02:15 so, the more prone you are to pay back,
02:17 so the more easy it is to get a loan.
02:19 So now, I'm going to read
02:23 a piece of the Fair Credit Reporting Act first.
02:26 Now, the Fair Credit Reporting Act, FCRA,
02:30 it says this, that most negative items must be removed
02:35 from your credit report seven years
02:38 from the first date of delinquency.
02:40 Some exceptions to the seven-year rule
02:42 include Chapter 7,
02:44 bankruptcy filings, judgments,
02:47 money owed to or guaranteed by the government,
02:49 so there are some exceptions
02:50 but the important part of that is,
02:52 it says, most negative items must be removed.
02:56 Negative items meaning things you owe, right?
02:59 Most negative items must be removed
03:02 from your credit report seven years
03:03 from the first date of delinquency.
03:06 Now, let's go over to Deuteronomy 15:1-2.
03:10 Okay.
03:12 So, Deuteronomy 15:1-2 says,
03:16 "At the end of every seven years,
03:19 thou shalt make a release.
03:22 And this is the manner of the release:
03:25 Every creditor that lendeth ought
03:28 unto his neighbor shall release it,
03:30 he shall not exact it of his neighbor,
03:34 or his brother,
03:35 because it is called the Lord's release."
03:39 So, literally Deuteronomy 15:1-2
03:43 is the Fair Credit Reporting Act.
03:45 Wow.
03:47 This is were they derived the law from,
03:48 from the Word of Christ.
03:52 Many times individuals will say, well, it's derived.
03:55 No, no, this is the actual law.
03:57 And it's the Lord's law, the Lord's release,
04:01 and it's the law that derives our law.
04:03 Isn't it interesting how there are so many,
04:07 like if you look at the Constitution,
04:10 the Constitution is based on the law of God?
04:13 Exactly. Yeah.
04:14 It's really interesting even though...
04:16 I don't know that they necessarily intended for it
04:18 to be like that per se
04:20 because they weren't necessarily Christian
04:22 even though people think they were,
04:24 but it's interesting that, you know, God's law is,
04:29 as we've said before, said on this program, timeless.
04:35 This law applies,
04:38 this word here in Deuteronomy applies to the law.
04:41 Exactly.
04:42 And the other thing that you mentioned,
04:44 I think we should expand on that a bit,
04:46 is the integrity of a person is bound into,
04:52 if you say you're gonna,
04:54 if you buy something with credit,
04:56 with the credit card,
04:58 you're supposed to pay it back.
04:59 Right.
05:00 I mean, it's really about, again, what the Psalm says,
05:04 righteousness, right?
05:06 To be righteous is a man of his word
05:08 or a woman of her word, someone who has integrity.
05:12 They say what they're going to do and they do it.
05:14 They mean what they say and they say what they mean.
05:16 They make a promise, they don't break it.
05:19 They have honor, they have a code, and this, again,
05:23 the credit is essentially a measure of that code.
05:27 So normally, if you have a community
05:33 and the average credit score is higher in that community,
05:36 it's normally a more wealthy community
05:39 because if you just measure by a credit score,
05:41 what it's saying is that this community has practices
05:45 that says they pay back debt, they pay off things,
05:50 they pay off loans, they are more responsible,
05:52 they're paying back on time,
05:54 they have a good credit history.
05:56 So all of these are practices that are not a 100% indication
06:00 but are somewhat of an indication of where
06:03 and how an individual is doing economically
06:05 because they have the practices
06:07 that usually should translate to better economic standing
06:12 in the community.
06:13 And the reason I feel that the credit score
06:16 is one of the most important components
06:19 of financial literacy
06:21 is when you want to talk about
06:23 and introduce a term called gentrification, right?
06:26 Many times individuals think
06:28 that gentrification is more of a black thing
06:31 or a minority thing,
06:32 and gentrification is not necessarily a minority thing,
06:35 it really is just about individuals
06:37 who have a higher level of wealth,
06:40 are able to capitalize on depressed property values
06:43 in an area,
06:44 they're able to move in, and those individuals
06:47 who are there,
06:48 because there are depressed property values,
06:52 as individuals move in that have more of a means
06:54 to pay more,
06:55 property values start going back up,
06:57 and those who are living there
06:59 now can no longer afford to remain there,
07:01 so therefore, they move away.
07:03 Just kind of what happened in Harlem, isn't it?
07:05 Exactly.
07:06 Now, I mean, I was actually a...
07:09 because I was a professional
07:11 who was making a little bit more money than average,
07:14 when I moved to Brooklyn,
07:15 that's why it's not a black thing,
07:17 it's a green thing.
07:18 When I moved to Brooklyn, I'm black,
07:21 I moved into a predominately black neighborhood
07:23 but the means and economic means,
07:25 I was slightly higher than the average
07:28 so I was able to afford that exorbitant rent
07:31 of that little small, little studio apartment
07:33 that I could hardly spin a circle in
07:35 without bumping into myself, right?
07:37 So I mean, but that's what gentrification is.
07:41 So now, when you're talking about gentrification
07:43 as it relates to credit, what does that mean?
07:47 When someone who's living there,
07:49 who's in that community,
07:52 credit says, I have access to capital,
07:55 and in this economy when you're moving into a community
07:58 that has depressed property values,
08:00 where credit is not as prevalent
08:02 as it was before in this economy now,
08:04 banks are not lending as much as they once were before.
08:05 Right.
08:07 So really there are only two individuals
08:09 who are at better situation to be able to capitalize off
08:12 of depressed property values,
08:14 that is people with high levels of liquidity,
08:17 meaning have cash in their pocket,
08:19 have a lot of money,
08:20 I can go in, and I don't care about loans
08:23 and what not, I can just buy a piece of property.
08:24 And that's what a lot of investors
08:26 are doing in cities like Detroit
08:27 and areas around the country that have depressed values.
08:31 So people that have a lot of cash, investors go in
08:33 and just buy up everything,
08:35 or people that have good credit,
08:36 because now they have access to capital,
08:39 they can get loans,
08:40 so they can purchase pieces of property,
08:42 so if you're living there, and you don't have good credit,
08:45 then you're one of the ones who's saying if I'm renting,
08:49 if you wanted to buy a piece of property you couldn't
08:51 because you more than likely don't have the cash to do it,
08:54 and you couldn't buy it
08:55 because your credit is not good to do it.
08:56 So what's going to happen? You're going to be left out.
08:59 Individuals are going to be moving in
09:00 with good credit and cash
09:02 and then they'll be purchasing property around you
09:05 and what's happened is you're going to have to then leave
09:07 because the rents are going to get so high,
09:09 it's gonna get well beyond your means to afford
09:11 and you don't own anything so you can't control anything
09:14 and you're gonna have to move out,
09:15 so literally credit is one of the central components
09:19 to how our property value is,
09:22 and I mean how are our communities
09:24 are going to recover, and whether or not
09:26 they're going to look like those individuals
09:28 who are currently there versus individuals
09:31 who can afford to move there and then price out individuals
09:34 who are currently living there.
09:36 And this is not a, and I mean, a lot of individuals say,
09:39 well, you know, we should have more policy.
09:43 This isn't related to policy.
09:45 This isn't related to what the politicians are doing.
09:48 This isn't related to, and there are systemic issues,
09:51 don't get me wrong, but when it comes to credit,
09:53 this is purely related based on our own habits,
09:57 our own practices.
09:59 What we do every single day which is what makes me excited,
10:02 which gives me faith that says,
10:04 "We can make a difference by just changing
10:06 how we operate and change.
10:08 We have control over our own financial destinies
10:11 by good credit."
10:12 And I think, I had to put that definition of gentrification,
10:14 as it relates in here
10:15 because I know it's a big concern to a lot of people
10:18 in many areas all across this country,
10:21 and I think it's about that time
10:22 that we start understanding where the solutions come from.
10:25 It comes from within and that comes from
10:28 laid-out foundation from Christ.
10:30 Absolutely.
10:32 We can't blame others. Right.
10:36 One of the things that I've learned is that
10:40 when the buck stops with me, if I make a mistake,
10:45 if I mess up then it's my fault,
10:47 yet we're not discounting systemic issues,
10:50 institutionalized racism, we're not...
10:54 Those things are real. Yeah.
10:56 But there's also personal responsibility,
10:59 and when you talk about
11:00 the righteousness associated with this,
11:04 you're now talking about it's right doing,
11:08 it's the right discipline, it's the right habits.
11:12 That's what we're talking about,
11:14 so we don't want people to misunderstand
11:15 when you said this is righteousness.
11:17 We know that Christ is our righteousness.
11:20 That's the righteousness of Christ over here.
11:22 We're not talking about that.
11:24 We're talking about right doing and these discipline
11:27 and habits that have to come into play in order for us
11:31 to have integrity.
11:33 Right. Exactly.
11:34 And then the beautiful part about basing your life
11:36 on the Word is this level of righteousness
11:39 comes from the Word.
11:41 It teaches you that. That's right.
11:42 It shows you the roadmap of,
11:45 "Okay, if you want to be righteous,
11:48 this is what you do."
11:50 The wicked borrows but does not pay back.
11:52 If you want to be wicked, borrow,
11:54 and then don't pay back.
11:56 And you'll be measured
11:57 according to the worldly standard,
11:59 FICO, there as a credit,
12:02 it measures the level of wickedness
12:03 and also measures the level of righteousness.
12:06 But it also indoctrinates the Deuteronomy
12:10 inside the actual law,
12:12 this is a case where this is not, this is close
12:17 or this is something that's happenstance.
12:19 No, this is the law. Right.
12:21 This is the law of Christ that the world copied
12:25 and made it the law of the land.
12:28 And I think that we ought to just take heed
12:30 that it has to be that...
12:31 I think they're doing something right in the Bible.
12:33 Right.
12:34 To have people copy them and say,
12:36 "We're going to make them law of the land."
12:37 Absolutely.
12:38 And so I will choose to believe the law of Christ.
12:40 Amen.
12:41 So I wanted to just go over some things
12:44 of how we break down credit.
12:48 And one, what does it mean,
12:50 we talked about the importance of it.
12:52 How is it measured again?
12:54 It's the FICO, the Fair Isaac Corporation.
12:59 It's a private corporation
13:01 and they have a monopoly over essentially
13:05 how credit is being measured.
13:08 There are other measures out there called the VantageScore
13:13 but because the VantageScore is not as prevalent,
13:17 most lenders do not even use the VantageScore,
13:20 and the only point of having a credit score
13:22 is to make sure you can get a loan,
13:24 or have yourself evaluated by someone
13:26 who can give you some capital
13:29 and if Vantage is not being used by the lenders
13:32 then it kind of makes it null
13:34 and void as opposed to just may be it could be an ego boost
13:36 to say I have a bigger VantageScore
13:40 and what have you.
13:42 So the VantageScore don't necessarily look at that,
13:45 but the FICO score is very important.
13:47 And the FICO score as well as your credit report.
13:50 Now, you have access to be able to go
13:52 to
13:55 At least once a year for every...
13:57 You have three credit bureaus, Equifax, TransUnion,
13:59 and Experian.
14:01 Now, the way the system is set up is that
14:03 there are local credit bureaus,
14:05 many individuals don't know this
14:06 but there are local credit bureaus set up
14:08 across the country.
14:10 So whenever you pay your bill,
14:11 many of your bill providers report
14:14 to these local credit bureaus,
14:16 and these local credit bureaus and then turn around,
14:17 and sometimes the bill providers
14:19 report directly to the national credit bureaus,
14:22 but many times they'll go to these local credit bureaus
14:25 and then they report to the national credit bureaus.
14:28 This is why when you go to Equifax, TransUnion,
14:30 or Experian most of the time
14:32 you'll have different credit reports,
14:33 or credit scores.
14:35 Right.
14:36 Because sometimes this bill provider
14:38 or service provider did not report
14:40 to that local credit bureau,
14:42 and they didn't get up to the national credit bureau,
14:44 so that's why you have to check all three,
14:45 not just one.
14:47 But you get one free credit report per year
14:49 from annual credit reports,
14:50 so I urge everyone to go out to,
14:53 and get your free credit report every single year.
14:56 And maybe even consider paying for the next one.
14:59 But we have other good sources. Yeah.
15:01 I was, I don't know where I found,
15:04 maybe on television or something
15:06 and watched the commercial
15:07 and I've tried it the Credit Karma.
15:09 Yeah. I use that.
15:11 You can get your credit report every day if you want it.
15:14 Right.
15:15 You can see what your scores are with two of the agencies,
15:20 two of the credit agencies and it's amazing
15:25 because I've watched my credit score get better
15:29 and it really wasn't good for various reasons,
15:32 it really wasn't good,
15:34 but the Lord has really helped me to bring it up
15:38 and it's much better now
15:40 and now I'm really concerned about it.
15:42 So I'm always looking on there and checking it,
15:45 seeing where it is, seeing when it went down,
15:47 why did it go down, it tells you all of that,
15:49 so I mean it's just worth it.
15:51 But there was a time when things were,
15:55 because I was self-employed, things were just really low.
15:59 Right. It happens. Yeah.
16:01 I didn't pay some debt when I started
16:03 Optimum Capital Management back in 2004.
16:07 There was a couple of years I didn't pay off some debt,
16:09 took out from credit cards, and I had some hard times.
16:14 Did your credit score go down?
16:16 Oh, yeah. It was, it was dismal.
16:18 It was back then.
16:20 I mean, that was all the days
16:21 where I literally had 12 months living expenses
16:26 and I had to take out a credit card
16:28 in order to cover the additional
16:29 after that 12 months ran out,
16:31 I had a few clients,
16:33 and as things were slowly trickling in,
16:36 I had faith in God,
16:38 and that's when 2006 or '07 rather,
16:42 I broke into Black Enterprise magazine
16:44 that gave me a good marketing boost,
16:46 and then CNN hit 2007 and '08,
16:49 and then that's when things shot up
16:51 and I paid off all my debt.
16:52 Wow.
16:53 But for those couple of years it was,
16:55 you know, cheese nips and tuna fish.
16:57 Yeah.
16:58 It was...
17:00 It was hard times, man, it was, and I remember that.
17:03 You're absolutely right,
17:04 sometimes we go through those times,
17:06 and everybody does,
17:07 no one is above that, you know.
17:09 Right, right, and there are times when,
17:12 you know, the threat will be made,
17:14 "Well, we're going to report this
17:15 to the credit agency."
17:18 I mean, if your credit rating is really low,
17:20 it's like, you know, do whatever you have to do,
17:22 but you really work against yourself.
17:25 Right.
17:26 Because that credit is so important,
17:29 that credit rating is so important,
17:31 and you are going to explain why.
17:32 Absolutely.
17:33 So the way it's broken down,
17:36 and as the Fair Isaac Corporation breaks it down,
17:38 where 35% of your FICO score
17:42 is essentially the record of you paying your bills on time.
17:46 So, your payment history. Yes.
17:48 So as you pay your bill
17:49 and if they report to a credit bureau,
17:51 now that does not always necessarily
17:53 include like a rent bill, now it is,
17:56 more and more property managers are now starting to include
18:00 or report rent payments so that individuals can now,
18:03 and many banks, I remember, Carven Make in New York,
18:06 they had a system where they allowed individuals
18:10 to have their rent payments reported
18:13 so that individuals paying rent
18:14 can now start establishing a credit history.
18:16 Nice. Which is a good service, it's very good service.
18:18 Yeah.
18:20 So, I mean, kudos to Deborah Wright
18:21 for putting that all together, a good friend of mine.
18:24 So 35% is paying your bills on time,
18:28 so using automatic bill payment, I think is key.
18:31 That has been a lifesaver for me, a lifesaver,
18:36 because for me, I don't want to think about,
18:39 okay, this bill is due on the first,
18:41 this one's due on the fifth,
18:42 this one's due on the tenth, you set it up one time
18:45 and then after that it automatically gets paid,
18:48 and that boosts your credit.
18:49 If anything that has boosted my payment history, that has.
18:53 There's a book called "The Automatic Millionaire"
18:55 it's by David Bach and I think it's a great book,
18:59 and he talks about
19:01 how millionaires are made by just automating their savings.
19:06 And when you automate your savings it,
19:09 as a financial adviser, I mean,
19:11 I used to thank God for automated savings
19:14 because that helped me work with clients
19:17 to say this puts you on this track,
19:20 where you don't have to think about it.
19:21 You can put money in your 401K, your IRA,
19:24 and all of the savings accounts automatically.
19:27 And it became just boom and so...
19:30 If you're doing as you said,
19:31 35% of paying your bills on time,
19:33 your score starts to boost up overtime.
19:34 Right.
19:36 Now, 30% of your FICO score is your balance
19:39 to your lending limit ratio.
19:41 Okay.
19:42 So if you owe $5,000
19:46 and you can borrow up to $10,000,
19:49 your balance to your lending limit ratio is 50%.
19:53 You owe five, you can borrow 10, it's 50%.
19:56 So now, if you pay down some debt, okay,
20:01 and you pay down $2,500 of that in that same scenario.
20:05 Your balance to your lending limit ratio
20:07 goes from 5,000 to 10,000 to 2,500 to 10,000.
20:14 So it goes from 50% down to 25%.
20:17 Right?
20:19 And your credit score goes up because as your balance
20:21 to lending limit ratio decreases,
20:23 your credit score increases.
20:25 So paying down your bills is one of the fastest way
20:27 that you can dispute
20:29 or to increase your credit score.
20:31 Now, a lot of individuals will say
20:32 once I pay that $2,500 off,
20:35 if you close an account what happens is your balance
20:39 to your lending limit ratio and we follow scenario again,
20:42 it goes from 5,000 to 10,000, it was 50%.
20:46 You paid off 2,500, it's 2,500 to 10,000 it's 25%.
20:51 Now let's just say you cancel a $5,000 debt.
20:56 That goes from 50% to 25%,
21:00 and then you cancel $5,000 worth of credit card debt,
21:03 it goes from 2,500 to 5,000,
21:06 your balance to lending limit ratio goes back up
21:09 because you cancelled the credit card.
21:12 When you cancel that credit card,
21:14 essentially what the Fair Isaac Corporation
21:16 is saying is that you have less ability to take on risk
21:21 and it gets you coming and going,
21:22 and this is the part that's almost unfair
21:26 because as you take out additional credit cards,
21:30 then additional credit increase are 10% of your FICO score,
21:35 so as you apply for additional credit cards,
21:37 applying for debt,
21:38 and so if you're on an airplane
21:40 or you're in the mall, and you see a special,
21:44 a credit card special,
21:45 when you apply for that credit card,
21:47 your FICO score goes down five to six points automatically,
21:50 because they have to check, it's a hard check,
21:52 they have to check to see
21:54 if your credit is worthy of getting this additional loan,
21:57 additional ability to loan.
22:00 And then now, they're saying that
22:01 you're taking on more risk, so your credit score goes down.
22:04 So when you take on more risk and apply for more,
22:07 your credit score goes down.
22:08 You cancel old, your credit score goes down
22:11 because now you have less ability
22:13 to take on as much risk,
22:14 so that gets you coming and going
22:16 and really doesn't make a lot of sense.
22:17 Yeah.
22:18 But that's just the rules and that's how we have to...
22:21 And have a monopoly,
22:22 there is nothing that we can do.
22:24 But if you pay it off...
22:25 Yes.
22:26 So the more you close your credit cards.
22:29 So does it pay you then to just keep a low balance
22:32 on all of them?
22:33 No.
22:34 And I'll tell you the reason that doesn't
22:36 is because the way the Fair Isaac Corporation operates,
22:39 is that it operates month to month, right?
22:42 They take a snapshot of what your credit amount is
22:45 for the month of August,
22:48 they're going to take a snapshot of
22:49 what it is in September compared to August.
22:52 So as you pay it down,
22:54 what happens is your credit score goes up
22:57 because you're paying it down, so carrying a balance
22:59 really doesn't have any additional value
23:03 because that month to month is the same.
23:05 So if you carried 2,000 and you carried over the 2,000
23:08 the next month and you just pay the minimum
23:10 then it's still the same when they took that snapshot.
23:13 It's not going to be any different
23:14 but if you paid it down, it's going to go up.
23:17 So now, I'll tell you, one of the fastest ways
23:20 of getting your credit score to increase is making sure
23:25 that 75% of all credit reports have errors on them.
23:30 And this means you have a wrong name,
23:32 it could be your name was spelt wrong,
23:34 you know, you have a junior, had a senior,
23:39 if you have a father, and you are second or third,
23:43 more than likely there's probably an error
23:46 on your credit report
23:47 because they probably might have gotten mixed up
23:49 between your father and you,
23:52 in some form or the other and as many.
23:54 I mean, these are just people
23:55 at the end of the day putting information
23:57 and it's mostly automated,
23:58 but there are individuals
24:00 who insert a lot of information,
24:01 so 75% have these errors.
24:03 So go and clean up these errors and by all means,
24:06 disputing anything that you feel is wrong
24:09 on those credit cards,
24:10 on that credit report, is a very fast way,
24:13 because now they passed legislation
24:15 that they now have 30 days to respond
24:18 to that dispute.
24:19 I actually like disputing.
24:21 One way of disputing via letter.
24:23 I've done a few letters,
24:25 I mean that's the old school way,
24:26 but a easier way not to dispute,
24:28 you can go right on,
24:30 and pull up your Experian, Equifax TransUnion report
24:34 and you can dispute right on the website,
24:35 you put an explanation and it goes automatically.
24:38 Now, from that point they have 30 days
24:40 to remove that information.
24:41 If they don't then,
24:43 then that report is automatically removed.
24:45 And if you dispute something and, now, again,
24:49 I'm not saying don't pay because it says in Romans,
24:53 "Let no debt remain unpaid except for the debt
24:55 to love one another."
24:56 So I guess, that might be a strict interpretation
25:00 of what the law says, according to the Lord's law,
25:05 you need to follow that.
25:06 If you have debt, you got to pay it back.
25:08 That's right.
25:09 So you pay it back and even though you can get it removed,
25:13 still pay it back because you owe that.
25:15 Okay?
25:16 So that's what I've done
25:18 whenever I've counseled my clients
25:20 and with Crown Financial Ministries.
25:23 But you still should know the law
25:25 of exactly how to dispute items,
25:27 because there may be many items,
25:29 you might have an item for on there,
25:32 so the 50% of your FICO score
25:35 is your length of credit history
25:37 and then 10% of your FICO score
25:39 is essentially the types or different types of debt
25:44 on your account.
25:45 So all those together makes up 100%.
25:49 And so, very quickly, what I would say for those
25:52 that are suffering from identity theft,
25:54 and I guess, we can love to do a part two on this to do.
25:58 There's still part two.
25:59 Yeah, seven steps
26:00 on how to improve your credit card,
26:02 I definitely want to get into that,
26:03 is dealing with identity theft.
26:04 Okay?
26:06 And matter of fact, we can save that for part two as well.
26:07 Ah, let's do a little cliffhanger.
26:09 Okay, we definitely will
26:10 because there's a lot of individuals out there
26:13 that are suffering from identity theft
26:15 and, I mean, I've been a victim of it
26:17 and especially now that we are in an era of,
26:22 you know, you're using the Internet at Starbucks
26:26 and it's a public internet.
26:28 Individuals can break into your domain
26:30 and they can take all your personal information.
26:32 That is becoming more and more prevalent now than ever before.
26:35 Cyber theft. Exactly.
26:36 So, that's becoming so easy now that individuals have,
26:39 they can steal your information by just walking by you
26:42 and using magnets to pull all your credit card information.
26:45 That's right. That's right. Well, we have to do a part two.
26:48 Absolutely, would love to. All right.
26:49 And let's do a takeaway. All right.
26:51 Great.
27:00 Your credit score is your ticket
27:02 to many things in your life,
27:03 whether you can buy a house, rent an apartment,
27:06 the interest rate on your mortgage,
27:08 your car payments, your insurance premiums,
27:10 your ability to get business loans,
27:12 all of these and more
27:13 are impacted by your credit score.
27:15 If you analyze, many areas across the country
27:18 with the highest levels of crime,
27:20 substance abuse, and poverty
27:21 you'll find all of these are negatively correlated
27:24 with credit scores.
27:25 The higher the credit score, the lower the crime,
27:28 substance abuse, and poverty.
27:30 The reason is simple.
27:31 With good credit, you have access to capital,
27:33 and we must demand access to capital to purchase homes,
27:37 start businesses, and build wealth.
27:39 So start today.
27:40 There are too many free resources you can use
27:42 which can help build your credit.
27:44 We'll be posting these resources continuously
27:46 on the Dare to Dream Network Facebook page.
27:48 Email me at,
27:52 with any questions.
27:53 As always, be the change and remember,
27:55 the purpose of life is a life full of purpose.
27:58 Be blessed.


Revised 2017-07-31