• Credit is the trustworthy promise that a lender can provide money or a line of credit to you and you will PAY BACK. Sometimes circumstances interfere with your promises. Now, you need help to get back on track.

• Credit is BIG BUSINESS! You have a right to take your CREDIT BACK!

• 5 Credit Score Facts You Need to Know

• 90% of lenders use FICO scores. FICO scores have been around since 1989.

• FICO is the standard, but THERE are a few other scoring systems.

• Poor credit scores could cost you hundreds of thousands of dollars.

• FICO scores range from 300 to 850. 

• Five underlying credit factors matter.

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• A consumer has better credit when they understand money management and implement strategic methods of spending, saving and investing.

•  Set financial goals

•  Become financially educated

•  Set a financial plan for your dreams.

•  Create TRUE personal budgets.

•  Never let your wants outweigh your needs.

•  In the time of emergency, DO NOT CHARGE YOUR WAY OUT. Find other solutions which may just becoming patient until the hard times are over so you will not regret your decisions in the long run.

• The federal Fair Credit Reporting Act (FCRA) is designed to promote accuracy, fairness, and privacy of information in the files of every “consumer reporting agency” (CRA). At your request, a CRA must give you the information in your file, and a list of everyone who has requested it recently. 

• If your credit is below 620, you are considered to have bad credit.

• If your credit is anywhere between 620 and 680, you have fair credit. It’s not so bad.

• If you are 680 to 740, you are crossing the threshold of good credit.

• When you reach 740+, you have EXCELLENT credit.

• Poor credit affects your buying power. 

• Poor credit affects your hiring status

• Poor credit affects the purchase of your DREAM HOME.

• Poor credit affects almost every lending decision made to you – from prime lenders and even subprime lenders.

• These scores can be affected at any time. Therefore, it’s a great idea to keep a monitoring system to be sure you are maintaining a great credit profile.

• HOW MUCH DOES CREDIT COST YOU?

• Credit can cost you thousands depending on your credit score. Most Americans do not understand that CREDIT IS DEBT. Yes. In order to have credit, you will most likely accrue debt. The sticky part of acquiring debt is the ability to manage your debt properly. Of course, you never want to overextend your credit where you cannot pay back what you have borrowed or pay for what you have charged on your line of credit.

•  As a consumer, you still have rights! No one can inaccurately report your transactions. Almost 80% of all American’s credit reports are inaccurate. Shekinah Credit Division helps you get back on track.

• If you find yourself with bad credit or no credit, a $20,000 auto loan could cost you $32,000 whereas excellent credit, could save you $12,000 by walking off the parking lot with $0 interest rate.

• If you want to purchase a home, obtain a student loan, or apply for credit cards and you do not have fair credit, you may be denied. This is not the outcome you want to have.

• The real cost of credit is not having enough money to set aside for emergency funds and investments. Ultimately, stealing you of a comfortable retirement future.