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and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly Boring since eighteen sixty five is a service mark of the PNC Financial Service Group, Inc. P and C Bank National Association Member FDIC. This is the other part because we talk about the things that credit can affect. Right, obviously your score, but it could affect loans and sometimes employment,
but it also could affect relationships. This is important, right because you said you need to have maybe three to four items on your credit report, and some people when they're in relationships. We've seen I'm going to get a car, I didn't get approved. Can you co sign?
I love this? Yeah, asking a good question. This is this is why.
Yeah, we've been known to do. So talk about that. I mean, yes, co signing could be less.
So one of the things that I do in my day to day is I'm a credit specialist specializing in mortgage scoring. Right, so I deal with a lot of people who can't see the clothes on their home, who need a few more points to to get obtain a home loan. Now, this is one of the things that I see so much, and I and we need to
change it. So when it comes to married couple spouses, make sure that the accounts are evenly distributed, right, So make sure make sure that one spouse does not have all of the is not the primary account holder account owner of all of the accounts, and then the other spouse usually like to stay at home spouse is just.
Signed on all of the accounts.
There is something within the Credit Card Act of two thousand and nine that says on every credit card application, legally you can use what's called household income. So if you're a spouse, if you have a spouse that maybe does not make a lot of money or you know, stays at home, as opposed to them just being a co signer and an authorized user on all of spouse's one accounts, they can apply using the income, they can
apply using their spouse's income. So make sure that they still have credit cards, home loan or not home loans, but loans and installments in their name as owner. Because when you only have co sign accounts authorized user accounts, then you're never going to unleash your true borring power because it's based on someone else, regardless of who it is.
So make sure, yes, I'm glad you asked that question, because that man that happens so often, Like it'll just it'll be one person has great credit and then one person has subpart credit because they don't have any they haven't built any credit.
And that's if you're married. Yeah you broke up, good luck?
Oh well yeah, to speak on that co signing, no no, no, no, I won't co sign. I'm not sign nobody because that affects you. Like if you co sign for someone and you can have amazing credit, if they choose to not pay it or you know, run up your card, you are responsible for that when it comes to co sign and when it comes to authorized users, authorized users, they don't have any legal binding to that account, so they
can run it up. They can spend every dollar, and it still is going to be your fault when you co sign for someone that if that account goes derogatory, it's going to affect both persons credit report.
You can't do nothing about it.
So what about credit consolidation? Is that always the most beneficial way to kind of manish.
Multiple No, it's not that that chips away at your credit age drastically. So now it like when it comes to like student loans and things of that nature, sometimes that it's worth it, right, But when it comes to just consolidating your everyday credit cards, I don't always recommend it, unless like you're just trying to prevent bankruptcy or something like major like that. But consolidation I'm not the biggest fan of, just because it doesn't really aid to you improving your borring power.
So if people will have bad credit and they're trying to improve their credit, what's the steps to actually go from you know, having issues bad credit to having better credit.
Yes, the good thing about having bad credit is you have a lot of points that you can obtain, Like the lower your credit score is, the more points you can grab. Right, So my favorite thing when helping someone with their credit is when they do have a low credit score because it's so easy to get those points. You just have to understand that obtaining those points will not come from just repairing your credit or disputing your credit record.
It's going to.
Come from building credit. That is where the points are released from. Right, So making sure if you have bad credit, if you have collections, charge offs, whatever, there is no nothing that will help you other than building credit. Making sure that you have those those four accounts to credit cards, to installments, one short term, one long term. Making sure you do not pay off that installment early, the short
term installment specifically because you want to build credit. Right. Also, if you are if you do have collections, challenging those right, if they get removed, great, But if they do not get removed, you still can have good credit with collections because the older a collection gets, the less impact that it has on your score. The more credit that you've established since the collection will help you sort of undo
bad credit. Right. I think I had It was one account that I could not get removed, and again that did not stop me from getting credit cards or buying a home and things of that nature because I had established credit that spoke to my financial habits, my current financial habits.
More than those old collections.
Right.
But yeah, so making sure you have your building credit. That's what people will say.
I have bad credits, so I'm just not going to touch my credit for seven years. It's the worst thing you can do because that's seven years of wasted time where you can build credit. You can come back from collections. I've never I've never, and I have helped thousands. I've looked at thousands of credit reports. I have never seen a credit report that is irrepaarable ever, and I haven't seen three hundred credit scores.
That's you know, that's the lowest credit score you can get.
The lowest score that I've seen fyc Go score was a three to eleven, the lowest, right, No, it was so the lowes score you can get is three hundred.
Yeah, the low score you can get three hundred. The highest you can get is a fifty. I've seen a three to eleven credit score.
People think that because they have bad credit, they you know, they're just doomed for the next seven years.
It's not true.
Build credit and you will get credit points when you add your credit card and the first month, the first month that you get a credit card, Please, everybody who's watching this, if this is your first credit card, do not allow that first month to be wasted on reporting a zero dollar utilization because a lot of people get their credit cards and they're scared to use it, so they'll just like whatever, like keep it in their pocket
or keep it in their wallet. When you activate that card, you typically are going to be mid cycle, depending on how long your bank took to mail it to you. Go get some gas, Go buy some chips, Go do something so that you have at least one to three percent reporting that first time. The reason why it's important the first time is because when your credit card hits your credit report for the first time, you.
Open yourself up to utilization because if you.
Don't have any credit cards, you're not getting a single point out of the one hundred and sixty five points that are allotted for you credit utilization. So when you first get your credit card, make sure that you report a very small, a very small balance. So the second that that credit card hits your credit report, which is usually like sixty days after you get it, you'll see you should see a large increase in your credit Go buy your.
Pair of sneakers. Yell so earners, what's up?
Look?
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