Homeownership is the key to generating wealth, but in today’s time, the way the financial system has evolved one can not purchase a home without having good credit. Infact, it’s pretty hard to live in today’s society with bad credit. J&G Credit Recreations, a local Mississippi credit repair company was created to help families overcome financial hardship and create generation wealth through affordable credit repair services that aids in helping first time homeowners. The company’s owner Jakneceya Womack believes that the best stability that parents can leave their children are assets and credit education. By teaching families the importance of credit and homeownership Jakneceya hopes to break the homeownership gap between African Americans and Whites, she now helps individuals in a multitude of ways.
The 22 year old African American Woman, Wife, Author and owner of J&G Credit Recreations has assisted over 500 families overcome financial struggles and become first time homebuyers. The company’s mission is “ Recreate the Future by repairing the Past. She shares that “Over 80 percent of credit reports contain inaccurate information”. J&G Credit Recreations’ ensures that all its clients have accurate report credit files as FCRA law requires.
Growing up, Credit was not a common topic. It wasn’t taught in black communities nor was taught in black schools. It wasn’t until Jakneceya tried to purchase her first car at the age of 20 with a 419 credit score that she learned how important credit truly was. The feeling of being denied was something she never wanted to experience again. “How can you be ashamed of something that was never taught or enforced, “ said Jakneceya. Now had I not fixed the problem once I learned that it was truly a problem then I could see a reason to be ashamed. Through tons of research on fixing credit, Jakneceya was able to take her scores from 419 to 704 within a six months time period.
Jakneceya began helping people who were close to her. With the influence of social media, it was then that she learned how not being taught about credit within the black community was a major issue. Jakneceya began making a name for herself by helping others just like her who were once financially illiterate to understand the importance of credit.
She has authored a book, A Bougie Girl Must Have “The Guide To Excellent Credit“ to share details about credit score and how it can impact in anyone’s life. To know more about credit repair anyone can visit jgcreditrecreations.com or their Instagram handle @jgcredit to directly get in touch with them.
As the financial industry continues to evolve it is clear that it will require initiative and hard work from those who wish to stay on top. One thing is for sure, however the space changes, it is certain that Jakneceya Womack will be there, leading the charge.
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Ask Gareth Shaw: ‘I’m scared I’ll get rejected for credit card because of mistakes I made in the past’
Answer: Well done to you for getting back on your financial feet. Climbing your way out of debt is a marathon – it takes sacrifices and planning, so you’ve taken some really important steps in your financial journey.
The good news is that the negative information – the records of missed payments, defaults and even county court judgments – won’t stay on your credit report forever. Details of your late payments can be viewed for six years after they were settled. Searches and rejections of credit typically disappear after 12 months. So this dark cloud won’t hang over you forever.
Before we talk about applying for credit again, there are steps you can take to improve your credit health. Firstly, you should review your credit reports and make sure there are no errors that could be holding your score back. You can get your credit report for free from each of the three credit reference agencies – TransUnion, Equifax and Experian – and can ask them to investigate errors. Lenders and credit reference agencies have 28 days to respond to disputes.
Registering to vote by getting on the electoral roll can boost your credit score, while you may even be able to add the record of your monthly rent payments to your credit score by asking your landlord to report rental payments to firms like The Rental Exchange, CreditLadder or Canopy.
Experian has launched a new tool that allows you to share information about your banking habits and subscriptions – information which is not traditionally factored into your credit score – in order to increase your score. That means paying your council tax or even paying for Netflix and Amazon Prime could give your score a boost.
If you still want a credit card, your choice is likely to be limited to a particular set of cards designed for people with poor or ‘thin’ credit histories. These are known as ‘credit-builder’ cards, or sometimes ‘bad credit’ cards.
These cards have higher interest rates compared to the most competitive products in the market, to reflect the risk that a lender is taking in by providing credit to someone with a history of repayment problems. You can expect to find an APR of around 29 per cent. They also have lower limits, so when you apply, don’t be surprised to find that the lender will initially only give you £250 to £500.
However, these cards can be used to demonstrate that you are a responsible borrower, can repay on time and stay within your credit limit.
Here’s the golden rule – avoid borrowing money on these credit cards. Purchases tend to be interest-free for 55 days, after which you’ll be charged a considerable amount of interest. So limit the use of these cards, and when you do use them, try to pay them off in full. If you don’t pay on time, you will lose any promotional offer, be hit with a fee and your provider will report your missed payment to the credit reference agencies, reversing any good work you might have done. Set up a direct debit to ensure that your minimum payments are met in advance of the credit card payment date.
When you apply, use an eligibility checker first. This will ask for some basic information and carry out a ‘soft search’ on your credit file, returning a list of cards and the probability of your application being successful. That would be a helpful guide to find a card that is likely to accept you.
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