Garrett Is Achieving His Dreams
College basketball star, Garrett, wanted to be financially prepared to enter the “real world”. Then he met his financial coach, Chris, and upped his game, the Workers Way.
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"I feel confident about the future and prepared for being on my own financially."
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The Workers Way
Know Your Credit Score
Credit Score
- Add a co-borrower t your application, not a co-applicant. The difference is that a co-borrower will be listed on the loan note as an owner and will be equally responsible in the event the loan is defaulted. Defaulting on a loan means that it has not been repaid according to the agreed upon terms. If there is a late payment that would be reflected on their credit history as well. Keep in mind that their current debt will also be considered. That could pose a problem if they are overextended with debt. You would want someone with a longer credit history that has carried prior large balances and has a clean history of repayment.
- Wait as you build your credit. While not necessarily quick or ideal, this will help you in the long run. Build your credit with a Savings Secured loan where you put funds into an account as collateral. You are then give a loan for the amount on hold with a low interest rate and pay it back during a set term. The loan is reported to all of the credit bureaus and will help build a positive credit history.
Fraudulent Accounts
Debt to Income Ratio
- Write down your minimum payment on any and all:
- credit cards
- personal loans
- car loans
- housing (depending on your situation, this would either be our rent or mortgage payment)
- Add them up to find the total.
- Subtract this total from your gross monthly income.
- Take that figure and divide it by your gross monthly income. That percentage is your debt to income ratio, or how much of your income is spent on current credit obligations alone and not daily expenses like groceries, utilities, cable, gas for your vehicle, etc. For example, a 50% debt to income ration means that half of your gross income is going towards your credit obligations.
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Read MoreKnow Your Credit Score
Credit Score
- Add a co-borrower t your application, not a co-applicant. The difference is that a co-borrower will be listed on the loan note as an owner and will be equally responsible in the event the loan is defaulted. Defaulting on a loan means that it has not been repaid according to the agreed upon terms. If there is a late payment that would be reflected on their credit history as well. Keep in mind that their current debt will also be considered. That could pose a problem if they are overextended with debt. You would want someone with a longer credit history that has carried prior large balances and has a clean history of repayment.
- Wait as you build your credit. While not necessarily quick or ideal, this will help you in the long run. Build your credit with a Savings Secured loan where you put funds into an account as collateral. You are then give a loan for the amount on hold with a low interest rate and pay it back during a set term. The loan is reported to all of the credit bureaus and will help build a positive credit history.
Fraudulent Accounts
Debt to Income Ratio
- Write down your minimum payment on any and all:
- credit cards
- personal loans
- car loans
- housing (depending on your situation, this would either be our rent or mortgage payment)
- Add them up to find the total.
- Subtract this total from your gross monthly income.
- Take that figure and divide it by your gross monthly income. That percentage is your debt to income ratio, or how much of your income is spent on current credit obligations alone and not daily expenses like groceries, utilities, cable, gas for your vehicle, etc. For example, a 50% debt to income ration means that half of your gross income is going towards your credit obligations.
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