Advice to 23 me PART 3 - My Financial Redemption

Sorry if this video feels rushed at the end. Until you make Youtube partner, your videos have a 10 minute limit. I tried to fit a LOT into one video to prevent having to split it into two.

0:01 - Life with bad credit
- how it affected my business practice and living situation

4:35 - Keeping a positive mindset in spite of my credit situation
-Moving on with my life, focusing on my goals

5:46 - Finally, I treat myself and enjoy my successes a little. ;-)



Finally the moment a lot of you have been waiting for.
How exactly did I rebuild my credit?

Please note: It is super important to educate yourself!

Step 1: Check ALL three of your credit reports -( checking your own scores does NOT work against you like "hard inquiries", which result from applying for new credit)

You can check them ALL here for FREE (once a year)
https://www.annualcreditreport.com

AnnualCreditReport.com is a centralized service for consumers to request free annual credit reports. It was created by the three nationwide consumer credit reporting companies - Equifax, Experian and TransUnion.

AnnualCreditReport.com provides consumers with the secure means to request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies in accordance with the Fair and Accurate Credit Transactions Act (FACT Act).

Here are the 3 INDIVIDUAL Bureaus:

Transunion - http://www.transunion.com/

Equifax - http://www.equifax.com

Experian - http://www.experian.com

Your credit report should be FREE.
I would NOT recommend buying credit scores from any of these bureaus. They are not the industry standard. The only true score is your FICO score which can be obtained here:
http://www.myfico.com/Default.aspx

I warn you though, FICO scores are expensive! Something like $14 for each credit bureau score. If you choose to buy your scores, try not to make a habit of it. For one, they don't change drastically. Once a year is probably more than enough. Take it from a former "FICO checking" addict. I know! LOL!



Step 2: Check your reports for accuracies/ if there is inaccurate information, make sure to notify the bureau to make the corrections

Step 3: Understand the Statute of Limitations for the state in which you incurred your debt - this is how long a company has to sue or pursue you for a debt

Not sure? Check it here:
http://tinyurl.com/ybjgocv


"By federal law, all debts must be removed from a credit report after seven years (US Code Title 15, §1681c)."
Source: http://www.bills.com/blog/credit-reports-seven-years/?rbc=bills+ssp

STEP 4: Wait it out & work to establish good credit in the meantime by paying your bills on time. You can also look into "secured credit cards" which require you to put down a deposit for a year (usually) Your credit limit will match your deposit amount. After a year (usually) your money is returned to you and the card becomes UN-secured. Use it wisely! This is your chance to rebuild positive credit history and improve your score.

Paying off your old debts will NOT result in your negative history being removed. Only TIME can heal that wound. lol.
I paid the vast majority of my debts. I didn't bother with the ones that were 6.5 year in and about to expire from my reports. I just wanted to be done with it. How you handle your business is entirely up to you. But paying off your old debts is REQUIRED before anyone will give you a loan for a home. Paying off your old debts will update them as "PAID" on your report and that may help you in other areas and financial pursuits.

Remember, none of this will change overnight. TIME is the only true cure. I got myself out of the hole I dug for myself. You'll have to do the same for yourself.

So I have nothing left to add. If you feel that you are more of an expert, please leave information in the comments section OR create a video response. It is imperative that you take responsibility and educate yourself.

Category:

Howto & Style

Tags:

• kimlove

[ThompsonMiss]

Is Part 4 available yet?

[candyjones]

When will part 4 come out? This has been some very helpful advice!

[NaturalMzHazelIz]

Wow!!! I had to slow down some of the video to see your artwork....VERY NICE!!! Do you have any of your work that you sell or have replicated to sell?? You are a Jack of many trades, and apparently, also a Master of Many!! :0)

[msmelody1960]

girl i feel you on that crappy apt. im stuck in one now.it totally sucks!!!

[missylynne]

I simply want to thank you for the 'Financial Advice' series. I've been your subbie for a while, but have only just seen these videos. They're an inspiration, wake up call, slap in the face etc - just like many have complimented.

Thank you and God bless!

[thewritepassion]

Credit is a poor master but a great servant. I learned that the hard way.

[anewmeePassion]

im 16 and i am learning so much from you. i have been a sub since january 2010 and you are the inspiration that made me go natural. ive watched all of your vids like 20 times!!! my parents are in the real estate buisness so i knew alot of what you said already, but hearing it from you and seeing your financial journey helped me understand it more. i love you!!!!!

p.s.- after seeing this i want to take a back packing trip too!!!!

[dalaby1]

Thanks for the series. I can't seem to find Part 4. Am I missing something?

[MyBluebonnet]

hello beautiful, its me again loll (a new subscriby!!) where is part 4???? so looking fwded to it!!!

[mt73hb]

Hello, after watching your financial series I chose to subscribe to your channel. I find your videos very inspiring especially since I have also been in the same predicament. Do you have a Part 4 to this video? I would really love to see it. Well thanx and have a great day!

[Frii2bmii]

do you recommend any books on saving?

[smokeybone07]

Wow did I hear you say Mahattan Ks, I live in fort Riley!!!!!!!!!! I have enjoyed your vids so much. I too once had bad credit when I got married but, now I am 26 debt free, a business owner thank God. It took us 2 years but it done. yeaaaaaaaaaaah peace :)