20 Jun Build A Legacy: Credit Matters with Bonita Grant
In our continuation of the Build A Legacy. Credit Matters series, I invited my friend Bonita Grant, Owner of Cure My Credit Scores to share some information and tips with us on understanding credit. As a former public school teacher and non-profit development professional, Bonita brings an integrated approach to her work, which changes client’s lives through credit counseling.
In her business, Bonita helps people get their credit scores to 700 and above. She also helps small businesses establish a business line of credit so they can stop using their personal credit. Many people don’t realize how different business credit is from personal credit, and how close they may be to qualifying for it. However, in order to even qualify for business credit, your personal credit must in the 700’s or greater.
During the discussion, Bonita dropped many useful nuggets of information that we can all apply towards building, improving, and managing our credit scores. If you missed the live session, catch the replay below and be sure to Subscribe to the YouTube channel for more helpful videos.
Bonita shared how the Covid-19 pandemic was a game changer in terms of how credit agencies work. For example, pre-Covid-19 you could send dispute letters to the various credit agencies without any rhyme or reason in the hope of removing items from your credit reports. Today, you have to be more strategic and provide detailed information as to why these items should be removed.
Another helpful tip was learning that the negative items on your credit report affect 35% of your score. This includes late payments, charge-offs, bankruptcy, collections, and foreclosures. How you pay your bills builds your payment history, and shows your credit worthiness.
For me, the game changer was when Bonita explained how 30% percent of your score has to deal with your limit vs. the balance on your credit cards. Having a low balance on your credit cards improves your credit score. A balance of 1%-10% is ideal with credit cards. So, a credit limit of $1000 means your balance should fall under $100 per month.
All of this information is explained in detail in the video, and is definitely MUST SEE TV! Be sure to watch and share the video with anyone you think needs these valuable tips.
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