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If you are looking to get a home, car or a loan, you will need to be in great credit shape. You need to make sure you are checking where you stand with the 3 credit reporting organizations and all of your FICO scores. Once you see where you stand, you may need to improve your scores. To help you in your credit journey, award-winning speaker, author and entrepreneur, Dr. Lynn Richardson gives tips on how to boost your credit score and how to budget your money.
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READ DR. RICHARDSON’S TIPS BELOW
ERICA CAMPBELL: Let’s talk about credit. Can you give us some simple tips on how to improve our credit scores, man and how to change it real fast if you need some?
DR. LYNN RICHARDSON: Well, the first thing is to “change your mind about credit.” And I want everybody to treat your creditors as you’d have your debtors treat you remember the last time you could have you know your friend or your nephew or your auntie borrow $50 and promised to pay you back on Friday. And when Friday rolled around, you have not heard from them. And you when you call them on the cell phone, they don’t answer the phone. But when you talk to other people, they talk to them, and guess what you want to kill them right? And you say it’s not the money, it’s the principal. Had the person just called you, you probably wouldn’t have forgiven the debt, but give them extra time. So I want us to change our mind about credit. So many people are running from their creditors. You’ve grown but you’re not answering the phone. So when the creditors call you, this is what I want. You tell them “listen, I ain’t got it.”
Just tell the truth. Because if you are running from your creditors, chances are the person who’s on the other end of the phone, that’s not the CEO of the company, that’s probably somebody who’s working minimum wage. And if you tell them your situation, they will understand. Almost every person who is breathing can get a two or three month deferment. On your car note, every person breathing can get a two or three month difference on your installment loans, your student loans, your furniture bills, so you want to speak up and ask the person and if you happen to have a late payments or you’ve gotten a repossession or you’ve gotten a judgment and now your credit score has been impacted. The first thing that you need to do if you want to improve your credit score is to get on a reasonable plan to pay those creditors back. Now if you owe somebody from 1722 and they have not been calling you do not call them until you can pay because if you call them they’re going to be expecting the money. Get on a payment plan, get a secured credit card or a secured loan. pay that on time so your credit scores can increase rapidly.
ERICA: I love it and your financial fitness bootcamp you talk about “changing your money mind.” What does it mean to change your money mind?
DR. RICHARDSON: You know, to change your money mind is really to understand this basic concept. There are two: more money doesn’t solve the money problem. Everybody needs more money thinks that more money will actually get you to a solution. Well the truth is, you know my story is I was living check to Monday I was making 30, 40, 50, 60, 70, $80,000 a month, not a year, I always found a way to be broke. So if you make $50,000 a year but you spend $70,000, you live in check with Monday. If you make 200,000, but you spend 300,000, your living check to Monday. Can you make 10 million and you spend 20 million you living check to Monday. So the first thing is to understand that and to remember that he who is faithful with little will be faithful with much. He who is unfaithful with little will be unfaithful with much. So however free the dollar is how you will treat 1000 of them. So we want to start to live below our means.
ERICA: We are talking to financial expert, Dr. Lynn Richardson. Tell the people where they can go to follow you and get information on this financial bootcamp.
DR. RICHARDSON: If you want to know more just go to AskLynn.org. Thank you all.
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