My personal experience with establishing a positive credit history
The following is an excerpt from part one of my new series Economic Mobility. Purchase part one, "The Framework for Increasing your Credit Score" on Amazon.com for .99 cents for a limited time.
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| "Framework for Increasing Your Credit Score" |
For most of 2014, I had
little-to-no Income[1].
As a result, my credit score tumbled to below 500. I would not allow these
temporary shortcomings to detour my confidence. I knew I had to be more
assertive about my intentions to buy a home and grow my business. I’d been applying
for jobs like a maniac to help me generate more income. When I finally landed
an interview with a non-profit affordable housing developer in my hometown I
went all in during the interview. The interview was 10am on a Friday. By this
time, I knew I had nothing to lose and everything to gain. I was as truthful as
I can ever remember during an interview. I told the President of the
organization how I was a fledging entrepreneur that had fell on hard times and
I was looking to reestablish myself.
He must have saw the fire in my eyes, because by the end of the day, he’d called each of my references. At around 4pm, he called me, and offered me the position, Vice President of Lending & Counseling Operations. He then asked me if I could be in Austin the following Monday for a three day training course. I rushed over to the office to get an advance for my travel expenses, and on the following Monday, I checked into the Hilton in downtown Austin. It was a three day course presented by the Texas State Affordable Housing Corporation through Neighbor Works America called “Credit Counseling for Maximum Results.” Over the next three days, I learned priceless little known facts about credit scores, building credit, consumer rights, and ways to establish good credit.
Just like when I became my own research specimen for paying for college with little to no money, I became Exhibit A for how to raise your credit score. Over the next 12 months, I began counseling potential homebuyers on how to improve their credit ratings. At the same time, I was implementing strategies I’d learned at the course toward my plan. Within six months, I began seeing my score increase to the point where I started getting those pre-qualified letters in the mail. I was able to finance my first car, and by the following August, my score was hovering around 620. After paying for college, I wrote, “5 Proven Strategies on How to Pay for College” as a way for first generation and low income college students to navigate the sometimes murky waters of paying for college.
He must have saw the fire in my eyes, because by the end of the day, he’d called each of my references. At around 4pm, he called me, and offered me the position, Vice President of Lending & Counseling Operations. He then asked me if I could be in Austin the following Monday for a three day training course. I rushed over to the office to get an advance for my travel expenses, and on the following Monday, I checked into the Hilton in downtown Austin. It was a three day course presented by the Texas State Affordable Housing Corporation through Neighbor Works America called “Credit Counseling for Maximum Results.” Over the next three days, I learned priceless little known facts about credit scores, building credit, consumer rights, and ways to establish good credit.
Just like when I became my own research specimen for paying for college with little to no money, I became Exhibit A for how to raise your credit score. Over the next 12 months, I began counseling potential homebuyers on how to improve their credit ratings. At the same time, I was implementing strategies I’d learned at the course toward my plan. Within six months, I began seeing my score increase to the point where I started getting those pre-qualified letters in the mail. I was able to finance my first car, and by the following August, my score was hovering around 620. After paying for college, I wrote, “5 Proven Strategies on How to Pay for College” as a way for first generation and low income college students to navigate the sometimes murky waters of paying for college.
Now as I present, “Do-It-Yourself Credit Building 101: A Guide for Increasing Your Credit Score,” I hope first-time homebuyers, small business owners, and anyone wanting to learn more about credit will use this book as a framework to do what I’ve done. It took solid intentions, focused effort, and strategic planning, but anyone can increase their credit score on their own. I went on to meet with more than 100 families during the year I worked for the affordable housing corporation. The ones who stayed the course saw their scores increase in proportion to the amount of work they put into implementing their plan. One thing I had to realize, and I want you to know as well is that if your credit is ruined, it did not happen in three months. Likewise, do not expect to see your score rise 100+ points in three months. Just like with everything else, you have to respect the process.
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