In this eye-opening episode of Earn Your Leisure, we had the pleasure of interviewing Shonda Martin, an expert in personal and business credit. Shonda delves into the intricacies of building a robust credit profile, sharing invaluable advice and strategies that go beyond just the numbers. Tune in as we cover essential topics including:
- The significant role of personal credit in business credit development. - Effective ways to handle late payments on your credit report. - Why a healthy credit profile matters more than your credit score. - Achieving financial flexibility with a 680 credit score. - The risks of co-signing and how it affects your credit. - Regularly boosting your credit limit for financial health. - The impact of student loans on your credit score. - Understanding the true nature of credit card usage. - Strategic payments to enhance your credit score. - How high credit card balances can lower your score. - The right time to start building your child's credit. - Common parental mistakes in managing their child's credit. - Knowing when and why to close a credit card. - The optimal age for adding your child to your credit card. - Steps to building a strong credit profile. - Key FICO scores to be aware of. - Solutions for managing credit card debt.
Don't miss out on these crucial insights that could transform your financial journey. Whether you're repairing, building, or maintaining your credit, Shonda's advice is a game-changer.
0:00 Intro 1:22 Shonda’s Start with Credit Repair 3:17 FICO’s Credit Certification 4:52 The 3 Main Credit Bureaus 7:17 Factors that Affect Credit Score 10:33 How Credit Utilization Works 11:49 First Step to Building a Healthy Credit Profile 15:12 How to Effectively Use Credit Cards 17:51 When to Ask For a Credit Limit Increase 19:58 How to Avoid Pitfalls 21:52 Establishing Credit at a Young Age & Authorized Users 28:50 What Credit Score Should Everyone Aim For? 31:49 Credit Myths 34:30 How to Challenge your Credit Report 37:55 How Long Late Payments Stay on your Report 40:27 Common Co-Signing Mistake 42:41 Credit Consolidation Explained 45:22 Any Credit Score can be Fixed 47:00 How Rising Student Loans will Affect our Future Credit 49:27 Options For Dealing with Bad Credit 55:36 Business Vs Personal Credit 1:00:14 How Many Credit Cards Should You Have? 1:01:47 How Often Should You Check Your Credit? 1:03:24 How Shonda Teaches Credit Repair 1:04:39 Outro
