Earlier this month, TransUnion released findings from its poll of 3,000 American adults. It stated that nearly six in 10 people say the pandemic has negatively impacted their income. Roughly 78% are worried about paying their bills and making good on loans. In 2019, it was reported that the average FICO score in America was 695, with the average Vantage score standing at 673. Today, people who normally pay their bills and credit cards on time are not only worried about where or when they’ll receive their next paycheck, but how this pandemic will affect their credit score.
As people navigate this unprecedented time, some companies are able to help individuals monitor their credit scores and help them take action. For instance, TransUnion offered free weekly credit reports through the end of this month, along with its TrueIdentity app, which offers credit monitoring and alerts.
For a more one-on-one approach, Sypreme Essence, founder of Credit Warriors, offers both educational and emotional support to her members working on raising their credit scores. Her organization helps individuals understand the right and wrong way of addressing bad credit while dealing with debt collectors. With over 500,000 members in her private Facebook group and roughly 1,400 new members joining last week, Essence wants to help others gain control of their finances.
“Credit Warriors’ mission is to help people become creditworthy by teaching them how to repair their credit themselves,” she states, “and teach them how to create a legacy and pass it on to their family.”
Essence’s entrepreneurial mindset developed while incarcerated. During her second and last time in prison, she knew she had to create a better life for herself. In 2016, she and her husband were working at a franchise restaurant. When the owner sold it to another franchisee, the new owner reduced the number of hours. She went from making roughly $800 a week to $300. During this time, she also operated a mobile boutique store, a clothing store on wheels. The last time the vehicle broke down, the repairs were estimated to cost $4,000.
“I didn’t have the money,” Essence shares. “I walked into a bank. I felt like I was a business owner who could go to the bank and get a loan. They told me ‘no.’ I just remember them saying it was just my credit. My credit was horrible. So, in February 2016, I made a conscious decision to fix my credit. Since I couldn’t afford to pay someone, I had to learn on my own. But, being that I didn’t have a computer, I had to go to the library. I just couldn’t get a computer, so I started checking out books. Those books changed my life forever because I was able to learn the history of credit and dig deeper.”
In three months, she moved her credit score from 519 to 720 while documenting her journey on Facebook. Individuals began messaging her asking advice and how they could raise their credit scores. “When I started Credit Warriors,” she states, “it wasn’t even making money. I didn’t start generating income until the following year, which was 2017.”
Although there is no quick fix to improving a credit score, Essence shares that starting the process doesn’t have to be overwhelming. First, understand that credit bureaus are not government agencies. The bureaus are all subject to regulation by the Federal Trade Commission (FTC) and applicable consumer protection statutes. “They’re regular businesses like Coca Cola,” she explains. “They’re in the business to report data.” Then, research as much as possible. Start by accessing a free credit score report; apply for credit monitoring because a credit score fluctuates throughout the year.
Starting this journey making $300 a week, to now earning a six-figure salary, Essence shares that her biggest mistake, in the beginning, was not telling people no. “When my friends and family would ask, I would be their hero,” she states. “I gave away so much of my money because I felt guilty because I made it and they didn’t. I had to change my way of thinking; I had to know that I deserve this. I am worthy. I had to know that my service, it’s what brought my six-figure income. It’s the service that I have. I’ve given away so much knowledge, everything for free. The only thing people have to pay me for is if I have to actually do the credit repair. I just stopped feeling guilty. I started saying no.”
As she continues to expand her brand, she focuses on these essential steps:
- Focus on long-term gain. If you’re starting a business just for the financial rewards, there’s a high probability that it will be a short-term business. Money can only take you so far. It’s the hard work and passion that help keep you in the game for the long run.
- Treat your idea as a successful business from the start. Don’t wait to trademark your idea or build your business credit. Make that a priority, so when you’re ready to expand, you already have everything in place.
- Look beyond friends and family for support. Develop relationships with mentors and advisors in the industry you want to work in.
“It’s more than just pushing numbers,” Essence concludes. “How I manifest in my life comes from within. My thinking is positive. I go through a lot, but I don’t let those things weigh me down. I use my energy and I keep pushing.”
Facts Every Applicant Needs to Know – The Black Chronicle
Army veterans have some glorious choices in relation to their looking for a mortgage to purchase a house. Even when the veteran has a poor credit score document, there are nonetheless choices. For one, getting a VA dwelling mortgage with a bad credit score is thought to be essentially the most accessible choice.
That is definitely true, with the Division of Veteran Affairs (the VA) basically guaranteeing a share of the mortgage loan utilized for, enormously serving to to safe approval regardless of a bad credit score. However there are components that anybody contemplating making use of for these loans ought to concentrate on.
Traditionally, these VA dwelling loans solely took place on account of the 1944 GI Invoice, which was launched to assist conflict veterans settle again into civilian life. By the VA guaranteeing these mortgages, veterans had a greater likelihood of getting their very own dwelling. However there are nonetheless standards for candidates to fulfill.
The Worth of a VA Assure
The largest drawback for mortgage candidates is convincing lenders that they may get their a refund. Even when looking for a VA dwelling mortgage with a bad credit score, the lender must know that the borrower could be trusted to make the repayments that must be made. Since VA loans include a assure, that safety is supplied.
Unsurprisingly, the backing of the VA is a large increase to anybody seeking to safe approval regardless of a bad credit score. And for the debtors, a assure from the VA additionally removes the necessity for a big down cost, and usually signifies that the rate of interest charged is decrease.
However the VA shouldn’t be keen to ensure 100% of the sum being borrowed – actually, it solely covers 25% of the worth of the house. So, whereas the curiosity on a VA dwelling mortgage is decrease, and a down cost is often not wanted, there’s nonetheless 75% of the sum borrowed that’s not assured.
Qualifying For A VA Mortgage
Since a VA mortgage is reserved for navy veterans, qualifying for a VA dwelling mortgage with a bad credit score depends on assembly some strict standards. In fact, there are fundamental situations to satisfy too, like age and nationality, however the VA want affirmation of navy rank and deployment historical past earlier than they’re keen to ensure the mortgage.
There are monetary situations too. For instance, candidates can’t have defaulted on a mortgage with any lenders inside the earlier 12 months, and can’t have been declared bankrupt at any time inside the earlier 24 months. In spite of everything, lenders are solely keen to grant approval regardless of a bad credit score if they are often certain repayments shall be made.
One other situation to fulfill earlier than qualifying for a VA dwelling mortgage embody proving they’ve full gainful employment. As with every different mortgage, repayments need to be revamped many years, so monetary safety is essential.
Put together Your Software Correctly
Lastly, it’s tempting to consider that it’s straightforward to get a VA dwelling mortgage with a bad credit score, however the reality is that there isn’t a assure that approval shall be given. Many navy veterans are rejected as a result of their software was deemed unconvincing.
Keep in mind that the VA solely agrees to ensure a 25% share of the mortgage after the lender has authorised the appliance. The precise software is submitted to the lender, so securing approval regardless of a bad credit score relies on their evaluation.
There are methods to enhance a credit score rating, and so decrease rates of interest, like utilizing a consolidating mortgage to clear present loans in a single go. When an effort is made, a lender is extra comfy granting a VA dwelling mortgage.
A principal learned one student’s family is getting evicted. Now she’s working to find them a home
CAPE CORAL — A school principal is working this holiday season to find a home for some of her students.
Shelly Homan posted a plea to Facebook after she learned one of her students’ families was being evicted with nowhere to go. Homan is the Principal here at Heritage Charter Academy. She was helping families in need by telling them about the turkey giveaway sponsored by Cape Coral Police, when she met Vincent Ponzo’s grandchildren.
“When I asked them about the Thanksgiving dinner that the police department was giving away, I found out that they were also going to be homeless,” said Homan.
Ponzo has been looking for a new home for months, but he has bad credit, and doesn’t have enough saved for first and last month’s rent plus a security deposit.
“We’re just running out of time and options at this point, and we’re not bad people. We work hard. I’m the general manager at a restaurant, my wife works for Instacart. My daughter is trying to raise her three kids in our home,” said Ponzo.
So Homan posted an SOS on Facebook, looking for a landlord willing to rent to them. It got a lot of attention.
“Shelly called me, and I was like what did you do? And she was, oh I just put a post out, and next thing you know I’m getting all this feedback from it,” said Ponzo.
“My focus is that the kids are in a home for the holidays. So whatever, whatever I have to do to reach out. The worst people can say is no I can’t help,” said Homan.
But Homan said people have already reached out trying to help. Ponzo said he hopes he can find a home soon, but he also said his story is just one of many this holiday season.
“This takes a lot for me to stand in front of everybody and go this is what’s going on, but if I don’t do it, maybe some other guy wishes somebody did that’s about to get kicked out of his house because he’s going through the same thing or worse,” said Ponzo.
If you are interested in helping Ponzo and his family, you can call the Heritage Charter Academy at (239) 223-7530.
Bad Credit9 months ago
All you Need To Know about Bad Credit Scores in 2020
Bad Credit8 months ago
How to Get an SBA Coronavirus Disaster Loan
Credit Repair Companies10 months ago
How to improve your credit score
Bad Credit8 months ago
Bad Credit Payday Loans Online
Bad Credit9 months ago
Bad Credit? Best Bad Credit Mortgage Refinance Companies • Benzinga
Bad Credit7 months ago
Have Bad Credit? Here’s How You Can Still Get A Loan
News10 months ago
Global Credit Repair Services Market Demand and Status, Forecast 2025 | • CreditRepair.com • MyCreditGroup • The Credit People • Veracity Credit Consultants • TransUnion • MSI Credit Solutions • Lexington Law • USA Credit Repair
Credit Repair Companies11 months ago
11 Ways to Improve Your Credit Score