‘Credit means pay over time – JM.’
Hey lovelies, hope you are all doing great :). In today’s post, I’m going to talk about the importance of having a good credit and how I increased my score.
I can’t stress out how important it is for one to have a good credit score. I learn that building and maintaining a high credit score will impact my life now and in the future. Nowadays, a lot of things a bought by credit rather than cash. For example, buying a house, car, business loans, getting a job or to benefit from low interest rates. A good credit will open doors for you as credit is taken into consideration in most works of life today.
At university, I was totally independent and in control of my finances, I was paying bills, buying food, clothes etc by myself. Basically, the ball was in my court lol, I didn’t really know the importance of having a good credit or paying my direct debits on time. For example, I will cancel my direct debit for my phone bill (the only DD I had at the time lol) for silly reasons like wanting to spend the money on something else not very important or because T-mobile over charged me by £5. Before university, my credit was really good but as I mentioned earlier on, everything got messed up whilst I was at uni. I got offer a £500 limit credit card in my 1st year of uni but as soon as I received it, my brother said to me ‘send it back, you don’t really need credit card at this time,’ so I sent it back because personally, I didn’t understand the purpose of having a credit card and I just assumed I was going to be in dept by having one. So I didn’t have my 1st credit card until I was 24 years old.
‘Like the saying goes: everything happens for a reason.’
Yes it was a good decision to not take a credit card at 18 years old because I didn’t really know anything about credit cards and I would have probably be in debt now (thank God I dogged the bullet lol).
This is the right time: because I’ve had a lot of knowledge about how credit cards work by going to seminars, watching YouTube videos and doing general research about credit cards.
Having a reason for taking out a credit: this will motivate you to be responsible with how you use your credit card. My main reason for having a credit card is to start-up a business and to buy a good home: this has really motivated me to use my credit card in a mindful way because I know I have it for a reason and I really want to develope a successful business and buy a home.
‘I REPEAT, DO NOT TAKE OUT A CREDIT CARD BECAUSE YOU WANT TO BUY ALL THE NICE CLOTHES, SHOES OR GO ON FANCY HOLIDAYS, YOU WILL END UP IN DEBT AS YOU ARE NOT INVESTING.’
No matter how good you are with cash, the bank or anyone wouldn’t give you a loan because they have no proof that you can control your money or make payments on time. Having a good credit card history will make this possible and open new doors for you.
HOW I INCREASED MY CREDIT SCORE:
Realistically, it wasn’t magical to increase my credit score, so you can do it too :). I set up direct debits where I have to, ensure that all payments are paid on time and use my credit card responsibly.
To be honest, it’s my motivation and strength that has helped me learn and increase my score, but I have to give credit to the main sources that I’ve got my inspiration from.
1. Couple of months ago, I went to a Rich Dad, Poor Dad workshop where I learnt a lot about building your credit with credit cards, loans and buying properties. I also followed this up by listening to the Rich Dad, Poor Dad audio book which was free on YouTube: this basically kicked start me and I got my 1st credit card. Just Google Rich Dad, Poor Dad workshop for more information.
2. Recently, I was on YouTube watching Wendy Williams Show, my eyes rolled down the comment section and caught a comment by a ‘bald head girl’ lol I didn’t read her comment but I clicked on her name to see who she is. She happened to be a you-tuber by the name of Fly Won, I browsed through her videos and one of them caught my smile eyes again titled: TOP 3 WAYS I INCREASED MY CREDIT SCORE OVER 100 PTS!!! I found this very useful and believe that it will be useful to anyone trying to maintain or increase their credit score.
Here is the link to the video: http://youtu.be/ytjqdsZ5J4c
3. I was so fascinated after watching that video so I began to search for other related videos and I found another amazing one by Jay Morrison titled HOW TO GET A PERFECT CREDIT SCORE.
Here is the link to this video that inspired me: http://youtu.be/OVdt6jzl37k
Thank you very much for always showings so much love and for motivating me :).
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