Photo by Travis Hinkle
Many people don't realize there is a such thing as good debt, we have been conditioned to fear debt or believe that all debt is bad but its simply not true! In order to create credit, a credit line or a credit score, one must acquire some sort of debt or line of payments to an agency that reports to one of the major credit bureaus. A great example of good debt are school loans. I know what your thinking, many of us are behind and regretting that we borrowed for school loans but if we found a way to manage our payments it would be considered a good debt because it can also be seen as an investment, assuming you get a nice paying job in your field of study. Other forms of good debt are, real estate, investing, or a small business start up. Each of these factors are actions that can possibly provide more income and higher net worth.
Lets explore the small business initiative. Many young entrepreneurs are finding it easier to take the first steps to starting their very own business. But what many of us face, are the issues with obtaining a small business loan for inventory, location, or even paying employees because our personal credit score is the only history they have to speak for the company we plan to build. And unfortunately, many of us dont have the dollars to fund the business out of pocket. Not yet, anyway! This could be a problem if you have fair or bad credit. Make it a habit to request your credit report from all three major credit bureaus once a year. This is free only once a year. But it is a great way to keep up with your credit score and be able to dispute anything that may be an error, but affecting your score. You do not have to live with a low credit score and debt up to your ears! You can have a savings account even though your not making alot of money.Start asking questions, and taking steps, now so that you dont have to "pay" later. According to NBC the average american credit score in 2016 was between 669 and 699. Where do you fall in this chart? Are you below average? And what are you striving for? Average? Since when were we praised for being average? Time to be more then average and get those numbers up. This world is ran by credit, from your job application to living in your own home. So lets master it!
I urge you to hit the contact but in the menu and let me help you! Once you are aware of your credit you can move forward in being the best CEO you truly are!
Stay tuned for more credit talk in the future.
Feel free to contact me with any questions or help with repairing your bad credit or obtaining good debt!
Tips on Unconditional Beauty, Financially!
Iammahoganij
P.S. Follow me on twitter: iammahoganij
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