The Color of Money | Transformative Conversations for Wealth Building

35. Understanding Credit and Credit Worthiness

Mar 27, 2024

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Credit is a game with its own rules– rules that don’t even make sense a lot of times– but it’s a game all of us Americans have to play if we want to be ok financially. In this episode, we dive into the basics of ‘the game’ and talk about why you really need to work with a professional when it comes to building your credit.

We have a lot of “did you know” moments in this episode. Like: Did you know using more than 30% of your credit card limit is bad for your credit score? That’s right– getting your credit utilization rate right will do more for your score than paying off some collection accounts.

We also get into the weeds a little bit, for real estate professionals. We cover how the FHFA has started to allow lenders to use FICA 10T and VantageScore models to evaluate borrowers.

There is a lot to chew on in this episode. You’re going to have the urge to take some notes and then look up your nearest reputable credit professional. Enjoy!

Original summarization of the episode.

Resources:

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Read: The State of Housing in Black America (SHIBA) Report 2023
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