week #7 Credit
week 8 - Last evening we explored the importance of using credit wisely. Review your credit use; Are you using credit wisely? If so how and what measures will you undertake to use credit more wisely? What was your number one take away from last night presentation?
Honestly there was a time when I used credit wisely and had good credit, however due to inflation, change of income and employment, my credit score has dropped, but still doing the best i can to make the minimum payment and on time, when i can . I have had a few slip ups and recognizing what I did , so it does not happen again. Last nights class was very informative, with some great information. Which has thinking , once things get better , i will know better and do better.
ReplyDeleteMy takeaway was when Herman, the guest speaker said, to pay off the newest credit card, and work down to the oldest, while paying on or before the due date , and try MORE, than the minimum.
Also "Credit is more valuable, than cash, not about , how much cash, but the amount of access, you have to cash. "
Hi Onika, there definitely was illumining and helpful knowledge shared. It sounds like right now, you are in a situation where you are learning how to do it differently, poised for the shift in paradigm that will create the opportunity to practice it. I have slipped up significantly in the use of credit in the past. All we have is the now, so we start anew - with fresh eyes and tools too. There are two sayings I resonate with "Right now, it's like this." and "Every new moment is a new possibility." Here's to new moments which allow us to create a new way for ourselves!
DeleteOnika I was the same way. I had good credit but I allowed to many obstacles to happen and made bad financial decisions. I love how you took accountability of your actions and owed up to them. You are on the right path to getting everything back on track. Thank you for sharing your story. Some people sugar coat their story.
ReplyDeleteStacy , Thank you i just felt the need to be open for myself and others since we are trying to achieve the same goal. To do better financially..
DeleteYes I am. My eyes are very wide open. Herman was a fresh breathe of air. Very knowledgeable man. I learned a lot last night. It made me hungry to do more and better. I'm determined to make wiser decisions. Going to continue to do the weekly spending log and be mindful of spending. My take away from last night Credit is everything. Important to have good credit.
ReplyDeleteI am currently in the process of mastering how to use credit properly. There was a time when I used to let a friend use my credit card to make purchases. Through a tough lesson, I realized that sharing credit is advisable. I ensure that I pay more than the minimum balance, and I submit credit card payments at least three days before the due date to steer clear of late fees. My intention is to reduce the balance on my high interest credit card. I particularly appreciated Mr. Gibson’s insights into how credit impacts consumer behavior and his valuable explanations about the significance of credit.
ReplyDeleteNicole I have had a similar with helping other to which i will no longer be doing. Yes paying more on your CC payment to lower your balance and reduce that high balance, is a great idea.
DeleteHi Nicole, I too appreciated Mr. Gibson's insights. I took those and recalled what that Money Smart module said about how one's credit report is a "snap shot of one's character." Your mastering using credit properly will truly help bring you towards your financial goals! Your practice mastering the tools is inspiring!
DeleteI meant isn’t advisable.
ReplyDeleteHi Onika,the current state of the economy has had an impact on everyone. Your resilience and determination demonstrate that you possess the qualities of a determined warrior. I found Mr.Gibson’s presentation quite enjoyable, he conveyed the subject matter with clarity and conciseness. I share your perspective on the importance of access.
ReplyDeleteNicole , this economy is so unstable, and so frightening, my resilience and that of others has to make us stronger. The presentation was VERY helpful.
DeleteGreetings, Stacy. I am also experiencing significant learning in this course. I eagerly anticipate each class and the presenter’s insights. Credit holds immense importance, especially when it comes to major purchases like a car or a home. I believe individuals should be given some leniency in regard to their credit circumstances. Reviewing my weekly spending report has helped me cut down on unnecessary expenses. Maintaining a strong credit history is of utmost importance.
ReplyDeleteWow! Nicole, this practice of reviewing your weekly spending sounds like it has really been a game changer for you! I am celebrating your success with you!
DeleteHere's to we who are creating a strong credit history - step by step!
I have reviewed my credit use ...and radically accept I have not used my credit wisely. I knew that and yet after the class, and doing the Money Smart modules, I find this - as well as other money/fiscal patterns I have created - CONFRONTING. Up until now, I have operated per a default way of being with my money and credit use. Now, I feel 'called' to be accountable. My number one take away was to use only up to 30% of your available credit. As this is not something I have done - YET - my plan is to pay down my credit card, stop using it except for my Apple Care and minor subscriptions. I have started this practice, yet truly want to fully engage in stopping use. After my Emergency Fund of $1,000 is created, I will work on paying it off. For now, I will pay at least $10 more a month than is owed.
ReplyDeleteJess, I think sometimes , we have all used our credit in a unwise manner out of necessity. But after this class and the presentations, we are all making better choices and being more mindful.
DeleteHi Jess don't be so hard on yourself. You are doing great in keeping track and accountability for your expenses, reevaluating your credit usage and paying them off. Remember one step at a time, you got this.
DeleteThanks Liz and Onika ...it is interesting that I didn't recognize that I was being hard on myself. I find hearing that others have made mistakes and then are coming about to a new way of using money - as heartening. There are times I can feel quite alone in my experiences and judge myself fiercely... Yet we are called to practice fierce compassion with ourselves AND fierce use of our new tools! :)
DeleteHey Nicole. I love how you have everything mapped out going forward. It's a great plan and I am going to do the same. I started writing down my interest rate cards. One step at a time. It's important to take accountability of our actions. That means growth in our life. You got this.
ReplyDeleteHi Stacy, yes one step at a time, and I think we are growing with each class.
DeleteHi stacy, good luck! you've got this.
DeleteHello Jess. I like how you pinpoint things that need to be handled and you find ways to resolve your concerns with postive feedback. You're on the right track to making things work better down the road. One step at a time.
ReplyDeleteThanks Stacy! Here's to being on the right track! One step at a time - onwards & upwards we go!
DeleteMr. Herman presentation was very informative. I took away how a new credit line can lower your credit history time. Also the 30% usage is more for the total amount of buying power from all your credit cards combined. To check the interest rates and pay off the highest interest rate first while providing minimum payments on the lowest rate. I was one of the people he mentioned in class afaird of credit cards and opening any accounts with payment instaments. I learned the hard way lost many opportunities for not having a credit history. Currently my credit history is considered as new credit. It has been a learning experience try and error but now having the knowledge I can have more control and discipline in creating a strong credit history.
ReplyDeleteHi Liz, It sounds like Mr. Herman's presentation was informative, reassuring, and inspiring for you! Whatever caused you to have concern about credit cards, honor that AND practice using them in those ways that support our goals. This, for me, has been true; I had concerns about credit cards because I had a history about using them in ways that had me buried in debt. So, my concern was valid... AND we can practice making credit card use a positive - with the new knowledge and tools we're learning. We only know what we know when we know it ...and then we practice it!
DeleteI agree with your statement Jess practice and our experiences with working our credits help us to gear ourselves to the right path to reaching our goals.
DeleteHermans presentation was very informative. Credit is something I am beginning to understand. I still have questions on some things.
ReplyDeleteI also learn that is not only your score at the moment but also how long you have kept that score. It also gets to me how the score is never the same throughout the different companies.
I will continue to learn more about credit throughout this course.
You've got this !
DeleteHi,
ReplyDeleteHermans presentation was very helpful. I myself haven't always taken credit as serious as I should. I didn't really understand much about credit until I started getting denied for some important things that I would need in the long run. After the lesson (all though I am late responding) I did apply somethings that I've learned by making payments on my student loans ad active credit cards that I have. I will continue to take my credit seriously from here on out.