YOUR FICO SHOULD BE 700 OR ABOVE

I was watching Black Enterprise Business Report this morning and one of the first ways mentioned to create wealth was to have a credit score of 700 or higher.

Most people don't understand credit and how their credit score is calculated. I watched an episode of Washington Watch with Roland Martin about credit score and it was determined that no one can truly tell you how your credit score is calculated.

Let me be clear when you have money $$$$$ you don't need credit. What do I mean by that. Roland Martin spoke on how he paid cash for his car, pays his credit cards off immediately and doesn't have any revolving credit or debt therefore his credit score is low. However, he pays cash for everything!

If you are not in a position to pay cash for your new car, home, investment property etc. It is important that your credit score is as high as possible, as the highest the credit score the lower the interest rate, usually.

So what is my advice:

Pay yourself/Yahweh 1st
Save
Invest (IRA, insurance, stocks, bonds)
Pay your bills on time
Avoid store credit cards
Use credit cards for emergencies only
Have an emergency savings fund
Live below your means
Keep your debt to income ratio low

If you do these things you should have a nice savings, good investment fund, and good credit.

Keep in mind this is just a general post, a starting post, by all means do your research and dig deeper.

NOTE: WHEN YOU OBTAIN YOUR CREDIT SCORE MAKE SURE YOU OBTAIN YOUR FICO SCORE. THERE ARE A LOT OF COMPANIES SELLING CREDIT SCORES HOWEVER WHEN DETERMINING YOUR INTEREST RATES, BANKS USE YOUR FICO SCORE. KNOW YOUR FICO SCORE!!!!


Be a blessing and be blessed,
Epiphany Essentials