Credit 101

I had the opportunity to sit down and talk with Kimberlie Hooker from Andorra Credit Repair (www.andorracreditrepair.com). We discussed the basics of credit including topics such as identity protection, credit scores, myths of credit and many other topics regarding credit.

One thing she made very clear was how important it is to know what impacts your credit score. Things like late payments can impact your credit score 50-100 points. She stresses the importance for college students to know what impacts your score and knowing how to build good credit. She also talks about the importance of protecting your identity. Websites such as www.optoutprescreen.com can stop the pre-approved offers from coming to your mailbox. Another important protection is the option to enact a security freeze on your credit report. The security freeze prevents anyone from pulling your credit score without a pin number that you are provided with once you use a security freeze.

Hooker suggests that a revolving credit card is a good way to build credit. But she stresses the importance of not maxing out your cards, only using up to 30% of the available credit and making your payments on time. Other forms of credit such as a car loan help to build credit as well. If someone has issues with their credit, they could also try a secured credit card.

It’s important to remember that credit impacts a lot of things in your life such as buying a home, getting a car, even getting a job.

Pay attention for the next credit installment, FICO Scores and Everything About Them with Kimberlie Hooker, which will be available next week.

Post a comment if you have any other questions about credit or suggestions for other shows.

- Kelsey Balcaitis, Talking Cents Team Member

Listen Now:

Standard Podcasts [12:04m]: Play Now | Play in Popup | Download | Embeddable Player | Hits (23)

Rate it: 1 2 3 4 5 (2 ratings)	Email it

No Comments »

No comments yet.

RSS feed for comments on this post. TrackBack URI

about entry.

This entry was posted on Monday, April 14th, 2008 at 5:00 pm and is filed under Economy, Credit. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.