Revolutionizing Your Credit Score: Insightful Strategies with Racquel Maye David

Picture yourself unlocking the secrets of credit and financial success, becoming the master of your economic destiny. Well, that's precisely what we have in store for you in our latest episode with our insightful guest, credit coach, and author Rickelle. Together, we unpack the power of credit, its reflection of our behaviors, and its influence on our opportunities, specifically focusing on the critical need for credit education in black and brown communities.

We journey deeper into the world of credit, sharing unique strategies and tactics you can adopt to rebuild and enhance your credit score. Rickelle unveils the benefits of leveraging both installment and revolving loans, and how the smart use of secured credit cards can make a significant difference. She further shares her personal venture into credit and money management, a journey born from the trials and tribulations of young parenthood. The result? A wealth of wisdom and a mission to educate others in credit management that includes her popular credit coaching program.

We take a detour into the glamorous yet sometimes ruthless world of the entertainment industry. We zero in on the role of co-signing, its implications, and instances where it has led to celebrity scandals. Bringing it back to the world of credit, we discuss its impact on relationships, especially marriage, and highlight the magic number of 760 for your credit score that can unlock better rates for you. To top it all off, we wrap up the episode with a financial expert who shares some golden nuggets of wisdom on savings and building credit-worthy habits. So buckle up and get ready to revolutionize your financial life.

Transcript

Speaker 1: 0:00

Ha Relax.

Speaker 3: 0:08

It's gonna be okay.

Speaker 1: 0:10

Oh yeah, oh, what to? What to know you choose one or the other.

Speaker 3: 0:16

Ladies and gentlemen, boys and girls, choosing of all ages, this is your boy, j Stone, coming back to you with another edition of in the lounge of stone and your co-host speed. That's my girl sitting right there, my co-host. I love it so much I have y'all looking at a video, you see a. Little baby sitting up there. What's?

Speaker 1: 0:33

the baby's name.

Speaker 3: 0:37

Love, ladies and gentlemen, today we have a one up. Let me slow it down, let me bring it down. Let me bring it down and let it simmer for a minute. If y'all looking at this video, if you look up, you see this lady with one of the. She needed to have a co-gates mile commercial Like brighten up the world. You understand Miles. Bright enough the world? She also is bright enough the world with this credit repair. She is killing. And if you need your credit repair redone, redid or whatever if you went out and had a credit card at the age of 18 and screwed up your whole thing and your credit is that for 02, give her a call. If you and was like, oh, they gave me a credit card, I'm about car, and you didn't even finish college and your credit is that one on nine, you need to holler it up. Now your credit is at that six hundred, it ain't that bad. I mean, you know I mean, but if you got a wife of kids and you trying to get to a house, get the car, get everything together.

Speaker 2: 1:54

Hey, baby, see that, I feel that, I felt that.

Speaker 3: 2:00

I need you to put your hands together for real care, clapping hands together, clapping hands together, clapping hands together. So so, so, right now, since I had to give you the introduction, because you my girl.

Speaker 1: 2:18

I'm gonna take you everywhere, oh yeah.

Speaker 3: 2:22

What tell the people what you did?

Speaker 2: 2:25

so I do a lot, y'all. Let me just let me just be clear. My resume is very extensive, but I am a Credit coach. I'm a license and insured and bonded credit coach in the state of Texas. I Am also I curate and help other women break into the industry, build business credit and Teach their families how to have successful credit. I'm an author. I am a soon-to-be TV host. I'm a TV executive right now and my goal is to bring the knowledge of business, the side effects and Explain credit to my community in a real way.

Speaker 3: 3:09

Loving it, loving it. See, my question to you is this Credit everywhere you go have to have credit cash. I need work, no more. And if it does work, you have to have credit with the cash. So why is credit so necessary?

Speaker 2: 3:30

So I'm gonna be transparent with y'all. The reason why credit is necessary is because Credit is a trend. It is a demonstration of your behavior. So think about how you go to work. Right, if you are always late, they have a trend. They can see you don't come on down, your pull up and you suppose Right. Or if you're an extent, if you're an Amazing employee or you go over and beyond, right, there is a trend of your behavior. So understand that. The credit report that you have is a trend of do you pay what you own? Do you use too much? How old right is your, are your accounts that you have? That says that you are responsible Borrower and that you actually pay what you own. So that's what the credit report is telling someone and you have to remember. Think about the fact that the Bible says that they want you, he, he wants you to be a lender or not a borrower, but that is with the intent that you're gonna get your money back. You don't want to live and not get it back. So the corporations that are out here, they're getting these dollars and want to put it in our households. Right? Number one the black community. The black and brown community spell it spends Largely more money than our counterparts. Okay, however, we don't have the credit of our counterparts. Even when you're looking at statistics, latinos and Caucasians and Asians have better credit ratings Then our African-American communities, and that's because we are not educated. We do not just like we live in food deserts and for you guys that may not know what a food desert is, it's when you don't have a grocery store in your neighborhood, when you don't get fresh fruits and vegetables. Right. You are living in a place where you're getting a lot of processed foods, and that's what happens to our communities is we're getting processed credit information so we're not getting the nutrients. The understanding of why this matters and now what ends up happening is the narrative that we were raised on oh, just pay cash for everything and I don't want to owe anyone, and that's cool. And let me be transparent. I just went to an event. I was just telling stone offline that I went to an event in Tennessee and a lot of the laws that are being changed a Lot of people think it's for the better Benefits of the consumer and it's not these laws are gonna affect us in a way where, if we do not Understand how to maneuver in these credit streets. The people who are going to be left out in the cold are going to be the brown and black people that are out here.

Speaker 3: 6:29

So it's not about money anymore. It's about really that, that credit score that you have, so you can have millions of dollars. And they used to look and say, hey, you, your credit score is at at 530. You can't do anything, sorry.

Speaker 2: 6:43

So here's what I like to say, because a lot of people have that conversation. I'm a holistic credit person. Okay, what that means is, and I'm gonna be honest, I have clients who have a 580 and I've gotten them into a house and I hope to have a 720, and I cannot get them funding. And that's because everyone is focusing on the number and not realizing that, depending on the creditor that you're going to, your number may not be the most important part. I actually just did like a real earlier today explaining that Just like. So. Think about how we have bodies right and our body has to be healthy, right? So if we don't drink enough water, if we're not having a balanced diet, all of those things are gonna play out. And even if we have, like other underlining health issues right, our body is going to show these side effects of bad choices, bad moves that we're making. Think about your credit report saying those same things. They're telling you you're not eating right, you're not putting the work into these areas. So when you're looking at a credit score, there is certain things in the body of the report that I can get a person with a 580 credit score into a house if they have no late payments right. If they have no Charge off, if they have no collections, I can get them into a home. I can partner them up with a realtor. I'm not saying that the interest rate may not be a little high because I like to be transparent, but I could easily get that person in versus a person with a 720, right who has Recent I'm talking about the last six months. You've had late payments the last. All of your accounts are maxed out. You follow, I'm saying like right end of the day, or even if you have some accounts that mess out in your in the 600s. The reality of the situation is what you are walking around with and what people are reading is speaking volumes with your behavior and that is going to make or break you. When you go to the closing table, just like if you go to a Closing table, there's some times that you go into spaces and they're like cash is king, because we want to get out of this debt right, I want to cash, I'll sell this house to you. I understand that I can get that and I'm gonna. I'm gonna speak from experience. My first house that I ever purchased Sorry, my second house, because my first house I had a long month. The second house that I purchased the house the person had like had to shell it as a short sale and the short sale like $30,000. There was a person that was coming with a bank loan for 40. We were giving them cash for 45.

Speaker 3: 9:30

Oh, he taking that, he taking that, right then that he taking that cash came one the big because we came right, and there are Certain venues where cash does maneuver a bit better.

Speaker 2: 9:40

But the question is are those in the spaces where you qualify for, and, if not, are you leveraging the credit to make sure you're in a good space?

Speaker 3: 9:50

on the part of that. Yeah, no, now I've been hearing. I've been hearing Um, that's your, your rent, your PG knee, your Water bill, things like that. You can set them up some type of way to make that, make your credit score go up.

Speaker 2: 10:10

So I'm gonna be honest with you. I would recommend that and I have recommended that to like Teenagers that are trying to build credit. So like if you are a college student, you're living in your apartment, you've never really had credit, right. I mean your parents have been put you on an account for you to get good credit. I can 1 trillion percent say, okay, cool, go ahead and do that as an option if you are older. That is not necessarily the option I would go with. What I would tell people to do is To get a pledge loan. That is, a pledge loan is at a lot of like community banks Maybe one, but that's not the only one. I like maybe fed. I like Prosperity bank who prosperity is my people, sorry by star is really good. You want to start with Having a clear understanding of the side effects to those bills being reported. We know that those are little things that can show up, but as an adult that's moving around I'm talking about a view 20, 30 years old I don't want to see no, you reporting. No, like that's not necessary, because there are other ways for you to flex your muscle and do better. If you have a Bonus that's coming up, if you get a bonus and you're getting like a thousand dollars, go open a CD, go ahead and put that money in the CD, get a CD loan or get a pledge loan and I'll them go ahead and leverage those funds to be reporting on your credit. If you do it smart, you can go ahead and say okay, I'm gonna give you a thousand dollars, I want you to lend me a thousand dollars, right, make it look like you're lending me this money and then you turn around and pay five hundred dollars back, like you pay a portion, pay a portion and pay it all off. Now that shows that you're able to borrow and you're able to pay right. And then you can always rinse and repeat. But I think that we get stuck in the what's the most convenient and we think with that, reporting our rent and our stuff, like that is really beneficial. Realistically, if you have a car payment and you have a credit card, those are the two factors that you need an installment and a revolving loan. And how can you make sure that you're leveraging those two areas? To be a beast in the credit streets is all.

Speaker 3: 12:33

Ladies and gentlemen, she's dropping jewels. She's dropping jewels right there. Man, I didn't know you could go somewhere else and say I'm gonna give you a thousand dollars, we're gonna borrow this off you and then run it through my credit. We can know I'm doing this.

Speaker 2: 12:46

I think I might. When you get the credit for what you're spending, and I think we miss out on the facts that we don't reward ourselves, right, if the story that you go to we all got a credit card, why you don't got the credit card?

Speaker 3: 13:03

Because, honestly sometimes when they have a credit card they gonna tell you a buddy new. But you you dropping cash. Then you know, Shoes or Jerseys or whatever may have you there, but you know they might not, your credit might not be running back, you know it's possible.

Speaker 2: 13:23

But if you, if you create and this is one thing that I do because I have for me I have a done For you package and I haven't done with you package right, either, no matter which one you get, I have classes that I coach my Team with. So once a month there's a class that goes out and everyone's able to come in, no matter what package you have for me. For us to discuss the topic of the month, I'm actually gonna be launching a 30-day credit challenge that has absolutely nothing to do a credit repair Like. I'm literally just going to be taking people through a 30-day plan of making better credit choices. Right, with doing that, what I've noticed is People are not aware of how to get started when they've already messed up. So, no, that, that card or that let. For instance, if you purchase from Walmart I'm, I have a Walmart card, right, I love. Walmart is through capital one, y'all capital ones, amazing, oh, so you might get. You might say, okay, walmart's not gonna give me a car right now because my credit is not where it needs to be. Okay, so go get a secured card somewhere and then utilize a secured card at Walmart. Try to find a secured card vendor that offers you something, cash back, some kind of reward, so that the money that you're spending you're at least making something back off of that. And then, once you get to where you, where you are in a good space, where you know you'll get an approval, you guys need to start taking advantage of those particular stores if you're shopping at them. If you're not, then it doesn't matter. But I'm a firm believer of I'm not flying Southwest unless I got a fly Southwest great card, like what's it for me? I can dig it.

Speaker 3: 15:04

I can dig it. Now. You said something. What is the difference between unsecured and secured?

Speaker 2: 15:10

cool, so Unsecured. Is you remember when you had that boyfriend and you just loves him and you trust him and everything was great? He didn't have to prove himself, he just walked in you like, yep, he's amazing, right. Mm-hmm and then you had that boyfriend who cheated on you, and now you rebuild interest.

Speaker 3: 15:33

Right a boyfriend.

Speaker 2: 15:39

So think about an unsecured card. As you go in and on good faith, they're giving you everything. They're giving you a limit without any issues, isms or skism, right. But then if you have to do a secured, you have to put something down and whatever you put down is the amount of credit that they're going to provide an extent to you. So when weather is secure to unsecured, the only difference is are you putting up collateral or are you not?

Speaker 3: 16:11

Oh, so my. So now, before we go ahead, let the people know where they can get you it.

Speaker 2: 16:19

Okay, so I'm in these streets everywhere. Rickelle may be shout out to my husband hey y'all, I am on Instagram, I am on Facebook, I am on Etsy. Actually, you can check out my website at evolved life now Com a book, a free call there, but I'm everywhere. Like I, my goal is to be the mayor of credit, no matter where I go.

Speaker 3: 16:54

I love it. I love it. The mayor of credit.

Speaker 2: 17:01

My husband teases me all the time like I was okay. So, true story, we went out on like a date night. And when we went out on the date night, I'm like a club. So, first of all, y'all, I'm oh, okay, I'm vintage. I'm really good marinated wine, okay. So I'll do this clue because it's in the clock. Normally I'm sleep, okay. Okay, it's in the clock, 11 o'clock at night. You need to be in bed, okay, with a nice little blanket, okay. But I decided I was gonna be lovely to my husband and we gonna go out to this little club. And this girl started talking and two minutes into the conversation, I'm talking about credit and he's like I can't believe, right, this club.

Speaker 3: 17:46

Wherever you are. That's my life and this is what I do.

Speaker 1: 17:52

Trust me, I've been there.

Speaker 3: 17:54

I've been there. We, we, we were at what's the place they be? Honey, honey, really honey, and they're talking and they, we all talking everything. I'm like, hey, man, I got a podcast. Y'all want to check it out real quick? You know they was like a podcast. Yeah, why, this man is flipping in the air. I'm talking about this podcast and he's going and going and going. I'm like, okay, we can work this out.

Speaker 2: 18:17

If you're not willing to market your stuff, friend, and shouldn't be on the market, let's keep it up for show, for show For show.

Speaker 3: 18:25

Be your back, I'm glad, I'm glad, I'm glad.

Speaker 1: 18:27

Yeah, there was like little glitch or something.

Speaker 3: 18:29

I see now I see that Get any questions.

Speaker 1: 18:34

No, no questions.

Speaker 3: 18:35

No questions.

Speaker 1: 18:36

Great Well you know what I actually wanted to. I was wondering I don't know if I missed part of that, but how you started.

Speaker 2: 18:43

How I started. Oh yeah, my penis is already, so I actually my journey to credit was a little bit different. So number one, I think I'm gonna say this and I know I'm in San Juan real, real stupid, but my mom had me when she was 18 all my life. I didn't realize my mama was a team mom because she was growing and I was young, so she was an adult, right. But my mom was not a good money manager, don't get me wrong. She made money, right. My mom was a money magnet, she was a model, she was a stylist, she became a hairdresser and won a lot of awards in New York before she passed right. But when I got into my 20s, I Did not know what credit was I didn't have. The people around me weren't speaking credit, they weren't caring about, like, what credit was right. So so, short story, I left New York at 19 and I moved to Florida. I Turned 20 in Florida and, fast forward, I got. I got pregnant. I don't know how you have a kid, I don't know how you have a kid, it just pops up right. Yeah, let's you keep going with your story, but I had my, I had my son and, um, I like I kept getting overdrive feeds. I decided to get married and I was like I want to be a really good wife, like I want to be a good wife, I want to be a good mother. And my story is a little bit different. So I didn't have my high school diploma at 24. I didn't have, but I was working it. Let me say something I was working with these jobs and our friend Okay, you supposed to have them but I hey. But um, thank you for the grace of God you know. Thank you for the grace of God. But when I turned 24, I realized I didn't have my high school diploma, I didn't have an understanding of credit, and now I have a whole person that I'm responsible for, right. And I was like, oh, some got a change. So my godmother allowed me and my ex-husband to move in. And when I moved in, I said I want to learn and master credit. So the first thing I thought was go into banking. So I went into the banking because I was like why am I getting overdrive fees? This doesn't make any sense. And at the same time, my godmother opened up a loan processing Company. So she was like okay, here's what we're gonna do. And back then the subprime market, which means if you had horrible credit, you could still get Alone. And she was like we're gonna get them in the house that they want the people in the church. We're gonna get them in the house that they want you're gonna fix their credit, since you work for the bank. I don't know how those two things align, but we made work right. He was like you're gonna fix their credit, since you work for the bank, and then we're gonna we're gonna refinance them in a year so that they're in the house that they want to and they don't have to leave it. So I was like cool and I started writing letters. I think when I started I charged $24 a month. Wow for the church members that were there and we got like seven people. I got together the first six months that I did it and I was like, oh Okay. And when we were able to refinance those seven people's homes in a year, I was like, oh, there's something, do this. And from there I just kind of I started going to classes and I started Trying to learn from everyone and went, you know, then YouTube University came along.

Speaker 3: 22:50

You too will tell you everything, so you have to do anything now.

Speaker 2: 22:53

It'll take you down the road here sometimes, but, um, but I am. I think one of the One of the things that I did was I started and stopped my business in locks Because I felt like I wasn't knowledgeable enough and someone else has the cutting edge and things of that nature. And it wasn't until I want to say, I've been with my husband now for seven years. Seven years ago he looked at me and was like stop playing with your purpose. Because even when I wasn't doing credit, he was like you're still having these conversations, you're still trying, like you're at the football games, telling the moms what banks to go to and where to when to open these kids account. So you need to go back and do exactly what you're passionate about. And I was like, okay, and the rest has been history since then. So I started officially 19 years ago and I did what most entrepreneurs do I put it down, picked it up, looked at it sideways and then yeah now I'm like full-fledged and it's afforded me the opportunity To now curate a show where I can help business owners and have other businesses Come on and be able to expose and have exposure to their brand and their and their topic. So I'm sure about that awesome.

Speaker 1: 24:13

So I have one more question. So you know how they say for the kids, you should add them as an authorized user. Do you think that that tip is like beneficial?

Speaker 2: 24:24

or so I'm gonna say this I Think it depends on the behavior of the person who is the account holder. And I'm gonna give you an example. When I was in my twins and I had my color right, I had my color, so Shad, I can see it Anyway. And when I had him At that time, if I would have had him on my card, it would have been more detrimental for him. Then positive, because I did not have a structure. I wasn't always consistent with my payments, right, I was not following the principles because I didn't have good money management skills, right. The season me who is now in my 40s, I have added my kids on when I was in my 30s because I had a budget I was curating, I was following my blueprint that I was giving to my clients, right. So I have a card from when I was 28 that is positive and has on time payment history for that all the time. Right. So adding my son on that excuse me, on that card, beneficial to him. Here's the situation. You don't have to add them on right then and there now there's some credit cards that you can add them on as soon as they're born. There's some credit cards that they have to be about 12 or 13 before you add them on. My statement is when you're adding your child on as an authorized user, make sure that you're keeping those balances low and that you're not missing those payments, because if you are, all You're doing is giving your child bad credit anyway. So that was a great question. I love that question.

Speaker 3: 26:09

Now we, I'm hearing, we, your host, I'm hearing book. You got another book out. What's going on? How about me?

Speaker 2: 26:23

All right, it's me, that's me. That's what I look like, y'all, when I, when I get older, don't worry about, it's the same person, it's the same person. I have one book right now. Right now, I do have a magazine that is live. I do, I do advertise different businesses and I have a lot of African-American writers that are set to launch for the next drop of the magazine, which I love. That ability to be able to do that, yeah, and like a TV show, just kind of fell in my lap, I mean come on, come on. Don't worry, I believe. I believe that, especially if you come on the show for it, I fully believe that you'll be able, because the the platform that I'm gonna be on it's going to be on Hulu, amazon, apple TV, roku TV and they have a platform for podcasters.

Speaker 3: 27:19

So I Ready for TV. I'm ready for the two zoos.

Speaker 2: 27:29

So, yeah, you know what might happen in 2024, so don't worry, I'm gonna get you the information so you could be a guest, cuz I would you know, like you're my boyfriend, so come on.

Speaker 3: 27:42

You shot, you shoot you. My first season one. Yeah, we clown. We talked about everybody and everything under the sun.

Speaker 2: 28:02

I didn't talk.

Speaker 3: 28:03

I commentated less, less, less. Let's switch real quick. We still talking about credit, but did you hear what happened to PD? He going to jail.

Speaker 2: 28:14

So I Heard allegations.

Speaker 3: 28:23

You know what that's the right word to say allegations right, wait Today, cuz I'm not sure about this.

Speaker 2: 28:33

Girl, go ahead and say from now on, whenever we go like I need you to have an allegedly banner or something, natasha K us okay.

Speaker 3: 28:51

What was it? What was the girl name who did tasha K like that um, cardi B, cardi B, cardi B. You know we gonna take everything, everything, everything.

Speaker 2: 29:14

Messy, why? No, I'm sorry. I love Cardi B and I get you that by my husband all the time because I love her song ring and he's like I don't know, oh yeah, oh yeah, I'm a little bit passionate, but go ahead, tell the alleged, allegedly everyone that's watching.

Speaker 3: 29:33

Go ahead and tell the alleged Now allegedly meaning we don't know if this is true or not. We heard this from a source that's called TMZ, so don't get mad at me or in the lounge. We have nothing to do.

Speaker 1: 29:49

I'm not a part of this.

Speaker 3: 29:50

I'm just listening what I can say is that I forgot the young lady's name that went to the court and filed papers on him Cassie, cassie.

Speaker 1: 30:02

There you go. I'm sure you want to get in this.

Speaker 3: 30:10

Allegedly she filed papers on him saying that he had her do sexual things, assaulted yeah, assaulted, and did sexual things to men, that prostitution and some other things going out and other allegations that are not becoming of bad boy entertainment or Pete Diddy himself. So take that.

Speaker 1: 30:36

I don't think that's true. So what did Pete Diddy say? What was his response? He's hasn't said anything. Oh, silence. No, no, no, no, come on, I wouldn't say anything either.

Speaker 3: 30:43

You know what I mean.

Speaker 2: 30:49

So I'm going to be honest with you and I've heard and I'm going to credit it where I heard it from Okay, tosca said on her platform one day I remember her saying when you answer to it, it validates true claims that are made. However, I also feel that silence also plays a bad role. Does that make sense?

Speaker 3: 31:18

It makes a lot of sense.

Speaker 2: 31:20

I feel like there's a certain time where, at some point, you've got to be like I have to speak on something. I don't think that right now he has to say anything. You know what I'm saying.

Speaker 3: 31:37

If he'd been in. I can truly say this about Diddy Diddy has been under the radar with a lot of things and hey, that's his lifestyle, that's what he do. You've been hearing so much about what he did and what he was doing and everything, but no one came with that straight up. A1. Here's the receipt of what you've been doing, buddy. So if no receipts, why speak on it? Keep on pushing what you like, buddy.

Speaker 2: 32:06

But even to that point, I think that and just talking about celebrities, right In my industry there's a young lady who is going through something right now. There's a couple of women that are being exposed in the industry for being like fake gurus, stealing a lot of money and taking money from people. I think that, even if you look at the DJ and V situation right.

Speaker 3: 32:35

I don't know how to comment that, but I really believe DJ and V really didn't know what was really going on, because a lot of people put their money and things and walk away from it and say, okay, you know what you're doing, here's $100,000. Go do it. And then it's someone else doing something behind their back or whatever. They have you Now if I'm giving you money and I'm trusting you, and that's the part the trust went away, because now and you're like shoot, what's going on? I don't know. I didn't know. But everybody was like you knew what you were doing, you knew what happened, you know.

Speaker 2: 33:13

I don't think that. Let me be transparent again. I don't think that he may have known what was going on, but I also think that willful ignorance is something that we all do In life, right? So my concern and I'm going to say this so, for instance, if you co-sign me, you go to your spaces where you have weight, people see you as an affluent person. There should be a as an individual. There needs to be a space of investigation when something looks off or when there's a red flag.

Speaker 3: 33:59

Okay, that I can dig.

Speaker 2: 34:01

You follow what I'm saying and I think that people don't understand that, just like in men and women relationships, friendships, whether it's man and man, woman and woman, women and men, we have a willful blind spot. That happens right Because we want to agree to and accept the truth that we have been telling ourselves. And my concern is again the evidence that has been been right. I'm not holding DJ envy to the fire, but I want people to understand that a co-sign and maybe it's easy for us to understand for him because we grew up in the generation of the co-sign Like that wrap up all the time you know, I don't get this much money, but could you put your hand right here? I'm just talking about credit co-sign, Like okay, so, so you know I'd be in the credit streets. But let's talk about back in the day, when Foxy Brown came out and Jay-Z co-signed her, right yeah, when, when A-Z co-signed her, when all of these people said this is hot. When little Kim came out and Biggie co-signed her. People don't understand the weight of what that co-sign is. So, from the, from the, from the perspective of people, and now going to credit, when you're co-signing for someone, you're saying, if this person falls, I got them.

Speaker 3: 35:34

Yeah.

Speaker 2: 35:34

Yeah, so on the, on the strength of DJ envy co-signed this man. You follow what I'm saying.

Speaker 3: 35:42

Now he's saying I got this.

Speaker 2: 35:45

You when it was good, you got them. You now, now, now you got to still have them. Now I'm not saying and I'm not saying that he knew all of the things that were going on. That's because when you co-sign for someone to pay that car payment, and they won't pay that car payment and you don't have to pay everything.

Speaker 1: 36:06

You don't have to pay everything.

Speaker 2: 36:08

Right or you call, find someone to get that credit card and then three months later You're getting a phone call oh, they haven't paid the credit card. In two. Going on three months, we're at day number 84. You don't understand the weight of what you said I got. That's what that call sign is. It's saying I know that, on the strength of my name, on the strength of my word, this person is legit. And when that person was no longer legit, you became more than severance. True, you follow what I'm saying there was. So think about when you married and y'all have joined accounts and y'all get a divorce. Someone takes the account and then, if something, whoever doesn't get the account, the account closes true, so true right. We're not thinking about it from that perspective and I think that we don't have honest conversation of how much the person's word is their bond, that we still rely on that right in our community, in our community. So when, when DJ envy says, well, I got defrauded to or I, the question is, did you get defrauded or did you lose money? And there's a big difference.

Speaker 3: 37:27

Ah, did you get defrauded? Now, it could be, it could be both ways, it could be. He lost money and got defrauded and don't understand. And because if because, how I see it is they he gave him an allotment of money to do what he's supposed to be doing now. If you didn't do what I said, or Whatever the agreement was, you got defrauded and you Absolutely absolutely absolutely, but I think that there's not enough Information out right now see, they're not gonna tell everything. They're not gonna tell everything. That's what went on. It's something someone knows that happened. That's going on. That that's just on. You know, let go, I don't have you say but even in my industry.

Speaker 2: 38:18

I was telling you earlier about a young lady. She's all over the news right now in Florida. Her name is J White and one of the things that is being talked about is how you, let's say, you had a contract, I have a contract, we have the same numbers on the contract, yeah, right. So I think a lot of times I Don't want to say desperation, I think a lot of times we want to, we, we see that the dream is on the other side, right, and we're so hopeful and we're trusting that certain things that might be a red alarm, certain things that might say, okay, I should leave, we don't. I've heard people say that, oh well, I didn't leave because I gave her $10,000, okay. But now, you know, gave her $60,000, right. Like what if? If you didn't get what you were supposed to get, that, how we? Okay, even if you said, and at what point Do you say and this is, oh my gosh. I met this gentleman who did this. He actually came into like a windfall of money and he put a percentage into this business, right. But when he put the percentage into the business, he said, if in X amount of time, I come back and let's say I gave 120,000 right and I come back and there's there's less than half in this account. I'm pulling out the rest of my money and I'm leaving the business Smart that's smart that that's, that's not a thing to bumpers yeah right, we don't put those parameters.

Speaker 3: 39:57

Guards up for the money. No.

Speaker 2: 40:01

And because you celebrity, right, everybody knows your name. Yeah, people, I want to be in the room with you. And because you carry this weight, I'm not going to question if you're being honest with me or not. Right, and I think that we need to understand that if a person mistreats you in any industry, Celebrity or not?

Speaker 3: 40:27

You don't get you need to look at what that person is doing and not who that person is.

Speaker 2: 40:33

Do you? You don't have access to me and I think that people don't. People don't own the level of Respect that they're saying, that they want. You only get to be, you only get to be dishonest and dishonorable to me Twice if it happens a third time. See, and I say twice because Sometimes I think that we want to get to once. We're not.

Speaker 3: 41:00

Because? Because that one time you're like you know what you know, things happen. We'll let it slide, boom you. But that second time, nah, bro, you doing that on purpose.

Speaker 2: 41:12

And it's like you're telling yourself, oh, this is not who the person is, but if they've shown you, this is who they are.

Speaker 3: 41:20

Believe it.

Speaker 2: 41:21

They value your money or they value what you have, or they value the connection. And let me be clear I do believe in reciprocity and mutual relationships. My money circulates, which means it goes out and it comes back to me. So do my relationships. I'm willing to give, and I need the people who are in my space to be willing to give as well. Right, come on, bro, I'm with that. I'm with that. If I knew that you're more demanding than what I can give, I am an adult enough to be like, hey, this is not a safe space for me.

Speaker 3: 41:59

Right, I have learned in my life. I'm sorry for cutting you off.

Speaker 1: 42:04

I have learned in my life.

Speaker 3: 42:06

If it's too much for me to do and I can't do it, hey, I can't do that, pardon me, I'm not going to sit there and tell you. You know what I can do? That, yeah, yeah, no, no, I can't do that. That's not for me. But on the same hand, if I'm doing for you and I call on you to do for me, it should be the same reverse. Yo bro, I got you, I got you and I got you should be a real I got you, not that bush that most people do.

Speaker 2: 42:38

So I think that we don't. We don't not that we don't value relationships. I think that we don't understand other people's motives in relationships, and then, when we see that there's a hiccup because we poured so much in, we're afraid to walk away. True, and I feel like you have lost. And the real, so you can never get the time back.

Speaker 3: 43:01

No.

Speaker 2: 43:02

I think I can make more money, I can make more connections, but one thing I can never do is these 42 minutes. I'm not going to be able to rewind the time and be like oh. I'm going to race it Right. So I think that we need to be in a safe space and be honest and be OK, that if the if people don't deal with you anymore, they're just not dealing with you.

Speaker 3: 43:28

Right, that's it. Let me jump back to this credit to thing, and then we are going to let you go. You have been a wonderful, wonderful guest. So my question, my last and final question about this credit is once we get to that number that we want, how can we keep that number and keep it being healthy and keep it going on? And also, what is the top score of credit?

Speaker 2: 43:59

So different industry have different scores. So I love to tell this information we have over 21 different credit scores and different ratings when we're looking at it. So there's a score for your auto, there's a score for your credit card, there's a score for mortgages. All of those numbers are different depending on the bureau you're pulling the information from. So we can have upwards of 21 different scores, which range from the highest being 850 to 900. The reality of the situation I like to keep it funky, y'all if you have a 760 credit score, you're getting the same rate as someone that has an 800 or more credit. So, the goal number that makes you look shiny and new is 760. Right, 760.

Speaker 3: 44:48

That's the problem, so with what you wanted.

Speaker 2: 44:53

There are five components to your credit score that makes you have a high number, right? So they always talk about the percentage. I like to talk about the points, because I feel like we processed the points a little bit better. So ideally a 300 just means you're alive, Like you're just here. You got a white building in name or something. You don't ran your credit in name of auto light bill. You might have like one little inquiry on there, you know like you have a 300, meaning you're just alive. Right, so that I call it the heartbeat is that the OK. Now, in order to make sure that you're maximizing and getting the full points that you need, you have to make sure that you're hitting all of the marks in these five categories. So the first category which is weighted the most is your payment history, which is 35%. That equates to over 190 points, roughly 192.5 points, right? The next component is your utilization, which is 30%, which is roughly 160 points. Ok, the next component you have, which is 15 points, is the age of your account. So a lot of people they'll pay something off and they'll close the account. You do not want to do that. You want to keep that account open because the age is calculated by the amount of open cards you have divided by that number. So if you have five open cards, they're taking the year that you open each one of those cards, dividing it by five, and that's your age. Ideally, they want you to have no less than four. Anything above seven, you're getting the max 87 points.

Speaker 3: 46:34

OK, ok.

Speaker 2: 46:36

The last two components are worth 55 points a piece and they are the do you have installments and revolving accounts? And the other one is purchasing credit lines or the amount of inquiries that you have on your profile. So if you're trying to maintain or increase your scores, you want to make sure that your payments are on time. If you are late with your payments, that's affecting you in the calculations for 24 months from the date of your first late, so 30 days late. Now you have 24. 24 months to make that, to earn back whatever points you lost from that particular late. So when you go 30, 60, 90, it's not going to count until you get back out of that late cycle for it to start processing two years from that point, ok. The second thing is everyone keeps on saying 30% is the goal, just for transparency. 15% utilization of your credit, of your available credit, keeps you in the 600 mark, 600 to high 700. If you are below 7% of utilization of your cards, you are in the 800 club.

Speaker 3: 47:55

So, in other words, use your cards.

Speaker 2: 47:57

Use your cards, but what people miss is pay before they tattle tail on you. So when you're looking at your statement, understand that there's a statement close date. That's listed on that credit card. The credit card statement, the state I tell my clients to pay two to three days before that statement is about to close. Let that money sit on that card so that the creditor can tell the credit bureau hey, they have a zero balance with us right now. Once that tattle tail has been done, you can go and use that card again. I think that a lot of people forget that that's an option to leverage, Because the creditors want to give you money if you're using it.

Speaker 3: 48:41

If you don't use it.

Speaker 2: 48:43

They don't want to give you money.

Speaker 3: 48:44

Because you're not using it.

Speaker 2: 48:45

Right, and the credit bureau doesn't want to approve you to be able to lend if you're using too much, because they're like, oh, this person doesn't manage your money well, so you're playing two different games and you have to learn how to play hopscotch over here and in Jamaica they call it Don Bishonbee, right.

Speaker 3: 49:04

Give me that Jamaica. And I said one more time Don Bishonbee, right, don Bishonbee, I'm not. I'm sorry for stopping. I was waiting for that Jamaican to come pop out. I was waiting for it. Bum buk, yeah, yeah, I was waiting for it. Bum bum, bum, I was waiting for it, I was waiting for you. She tried to be American all the way through.

Speaker 2: 49:23

No, don't play with me. So you got it, you got it. There's two different games. That's being played, right, and you have to know who are you playing the game with and be able to be very consistent. So pay on your statement date. Even if you want to pay on the due date, that's fine, but make sure on that statement date your balance is as low as possible. So when they run and go tell mommy and daddy which is the credit bureau, your balances are low and you can turn around and use that card again. You got to buy gas, you got to pay your light bill. That's fine, right, or any touched on the age of the accounts, because, understand, if you're missing any of these components, you're not getting the full scores in that area. You follow what I'm saying.

Speaker 3: 50:06

If you're missing these components, how can we get these components back in? Is it someone we called? Is some letters we do? Is that when we contact you?

Speaker 2: 50:14

So you can definitely call me and book a free consultation and if you want to join the challenge that we're going to have it's going to go live in December you can text ready at 407-403-3707. And the form will be sent to you so you can join the free challenge starting in December. And I know it was going to be hard but I'm going to run one in December. I'm going to run one in January Because I want people to get. I don't want people to wait until the new year to start behaving differently. You want to start curating the behaviors now so that you're flexing that muscle and it becomes muscle memory instead of a dreadful thing that you're doing. You know what I'm saying, but there's several things you can do. Number one pull your report. On my website. If y'all go on any of my links, you can pull your credit report. You need to see what's on there. The credit link. The credit monitoring software that I personally use, gives you your full seven year report. Why I like that particular software is because most credit monitoring only gives you two years, so you might see something that says delinquent, but if you've been good for the last two years, you have no idea why it's still showing delinquent. Get the full seven year report so you can dive in and see what has my behaviors been telling these creditors. And then look, do I have installment accounts? And installment accounts are your mortgage payments, your auto payment, your student loans, which means you pay and once you pay you done. You want to have installment loans and you want to have revolving loans, which is your credit cards, your credit lines that you get to use pay off and you get to use again. So you want to look and see am I in all of those boxes? And if not, can I curate a plan to get in those boxes and give yourself grace for where you've been and create an action plan to get to where you want to go?

Speaker 3: 52:25

Right. Ladies and gentlemen, I'm wishing praying that you heard what she said. She's been dropping jewels as long as she's been on here. This is wonderful advice. Please tell the people how they can get to you so they can pay you, so they can be in that house, be in that car, be a part of whatever they want to be Right.

Speaker 2: 52:48

Come on to the Wealth Insight team, honey, so you can visit my website at EvolvedLifeNowcom I will make sure that Stone has it so he can drop it on his link. You can also follow me on Instagram. I post content all the time. On Instagram it is coachrekel underscore TV and, of course, I'm on Facebook at Raquel May David. So I'm here to help you guys. Definitely follow me, Definitely text me If you guys are ready. I have no problem dropping links to be able to give you guys the knowledge that you want. And again, the consultation is free. So I want you guys to be beast in these credit sheets. I'm giving you no reason at all not to pull up on me and if you're not using my credit monitoring site but you have another, we can still have a conversation. Just pull up on me with your credit report and we can talk about and create a plan specifically for your future goals.

Speaker 1: 53:44

Pull up on me. Pull up on me.

Speaker 3: 53:49

So she is one of the best. Ladies and gentlemen, boys and girls, I am so excited, I'm so thankful that she stopped by the lounge to give us this wonderful, wonderful information that keeps us going. And it is about to be a new year. Hey, don't start in the new year, start in this year, so that muscle memory of you saving, of you getting your credit together, of you getting everything that you want, is already in line. Absolutely All the links will be in the bottom of the bio, it'll be flashing and everything. So check her out. She's one of the best, don't you see the smile? It just brightens up your whole day. Ladies and gentlemen, thank you. This has been another edition of In the Lounge of Stone and Be. Thank you for listening. Peace.

Speaker 1: 57:35

Thanks for watching, guys.