Credit Coach Jeanne Kelly Talks About Building Credit & How To Fix Credit Problems

[Music] you're watching The Breakfast Club [Music] morning everybody is DJ envy Angela Yee Charlemagne to God We Are The Breakfast Club we got a special guest in the building she's my credit doctor yes Muhammad Ali hi thanks for having me good morning welcome back oh I'm so excited to be back people always ask me who is a credit expert you had on the show because I can't get envy to answer me yeah give me all the time we're glad that you're back here now I have a question for you there I didn't get to add time do you think it's better when you're trying to start a business to use your own money or is it better to take out a loan because people always say don't use your own money use other people's money sometimes if you can use somebody else's money that's great but can you you know Kent can you get that loan if you can I would I would get a loan Lois absolutely and there's a great website it's called navcom and it helps small business owners okay so don't you because we use our own money to start the juice bar and invested our own money in it because in my head it's hard for me to oh I hate the idea of owing money period and that's just something that's like stuck in my head but I guess alone isn't like if you have the money is it better to get if you have the money and then you don't have to waste money on interests and no you know so if you have the money you know so we just depends you don't want to take too much money away from your investments it really is a personal you know answer most people who are starting businesses those small businesses they don't have the money right you know so you guys were lucky I was looking at a lot of the stuff that a lot of investors do and a lot of investors don't particularly use their own money it seems like they move money around they use money from this bank and that's why banks a lot of times London these people money because they have the credit and then they buy these investments or buy these whatever they need to buy then they sell they flip and then use it into something else and then put this money that they make in this one into something else and they never really use their own money so they always stay wealthy and they use other people's money to make other money I notice a lot of rich people do that yeah don't tram now let's all credit to credit now I call it my credit doctor before she fixes my credit all the time I have so many things going on in my life that sometimes you miss something and I miss something and you can miss the smallest thing and it could shoot your credit down to 150 points that's so true no one believes it right you know no one believes it until it happens to them and then they're in complete shock like I owe 35 dollars and now my credit is ruined and I didn't even realize it was exactly I know absolutely positively no now how can you stop that how can you prevent it there's no like you know hey I missed it just one time give me a little grace oh I forgot oh what's the wrong address right this is crazy hey those are great excuses better you can use them because it can happen don't forget you chose to do business with that creditor they always do call them see what happened maybe you know there could be a little slip-up you got to figure it out but also you got to stay organized I mean that is the key to not having the issue right so if you can use you know something to organize whether it's you know some app or something just to set up minimum payments that's the way to go we have a banner mail open your mail for the collections you know ask you've been little hot guys that are like $20 from you know a doctor's office those are the ones that show up and people cannot believe how it drops their scores because I when I know I had bills I don't open them well I don't want him a loser but you know you know what happened I had a problem with a car dealership right and he told me that my lease was up they said my lease is up you could get another car so I purchased another car from the same dealership they told me my lease is up and I still owe one payment but he told me I was done so then when I got a notice to said it wasn't done I was like nah this has to be wrong wound up happening they were wrong and I owed one more payment so it went on my credit that I didn't pay it all right I bought another car from them so what would be the problem but anyway it dropped my credit score how many points 180 points but I think I'm sure when you tell them they were able to take it on no Johnny we're cordini called them I swear to God 27 times I'm surprised they do not ask my lucky number and not not for nothing they know Genii name there's like look what time is speaking to genie look we're trying to make this work but she goes hard and I wanted to talk to you about credit can you explain to the people the importance of good credit and we're not even good credit great credit yeah well I mean again when you need money you can get it and it's not just get approved or declined at what rate you know I feel so bad because when we have bad credit because I've been there I know what it's like you are getting you know the highest interest rates you wonder why people can't get out from being down below because we're getting you know these horrible rates if we can even get something so you're getting charged and waste so much money when you have the bad credit if you invest back into your credit and I make it as easy as possible I'm a New Yorker bottom line kind of gal so I want to make things easy for people and once you have good credit and you can go to that car dealership get that car at the low rate you can get the credit cards you know if you need them these are tools credit cards are not to get in debt I know you know people think the opposite but they're just tools to get you to the next level you know so use the credit cards in a healthy way and also don't forget your credit score it's not just about the interest rate it's also about you know people can pull your credit for the apartment that you want people can look at your credit for employment you know so there's lots to it insurance rates you know they're saying if you have a bad credit then maybe you're not you're stressed out all the time so we're going to charge you higher and you're heavy are stressed out all the time really right you know let me ask you this because I do know people that are like proud of the fact that they don't have any credit cards but it is important to establish credit doesn't doesn't mean you gotta run your credit card of course you know when you have good credit don't we all like free money the rewards that you just Island and why right now I have $1,000 worth of rewards on my American Express card that I actually was just looking at today trying to figure out what gift card do I want to get that's alright and so that's free okay so I'm saying use it in a healthy way yeah you know so when people say to me yeah I'm not going to use I have no credit cards I don't want to say are you a fool but come on like use the credit card just use them smart let me add one more thing is this a room or is this true I got one of my employees a credit card right but it's under my name and everything does that mean that her credit is now going to go up because she has the same established credit that I have she doesn't have everything but that one cards that you put it on as an authorized user that one account will go on her credit report okay so when that one account goes on that person's credit report if it's a good account which obviously it is then it's going to boost that person's score and the thing is a lot of people don't realize the open date of that account is not that you just opened it for her it's a my open date so sometimes you know someone young could have 15 year history when they get added to the authorized user account so yeah my assistants in the office love it yeah and I say oh you know what I can't get this office equipment you know I'm putting you on just take this card and run and you know again I'm responsible for it but they're going to benefit so that's actually a good way to help boost somebody else's credit up is to give them a Damone your code yes a credit card be smart about that but yes how long does it take for that to kick in sometimes it takes about 60 days okay you know because by the time the person gets it and you know a lot of times they don't they get the card they don't activate it they gotta activate question though with credit how much should you have when your credit card what's the balance or the amount that you should keep steady on your credit card okay so you said you want to know about great credit okay so great the magic number for anyone who has 800 scores they don't go above 7 percent of what's available to them 7 7 7 the lucky number right so again I try to look at it as 10 you know because it's just easy math and I'll always look at him I always think each of my cards that's my limit so this way I try to get the most of my score all the time now sometimes it's not realistic and I got to bump something up I'm traveling so it'll just depend but 7% is where you want to keep it at so if you use your credit card let's say you have a thousand dollar limit and you you use it this we can to go Miami you spend 600 hours on your credit card as long as you paid off in the 30 days is it okay or they automatically going to credit they're going to put the last statement balance so this is where people get confused because a lot of times people say I always pay it to zero right okay they never report the zero because then you're using the card again they always report the last statement balance so if you go have fun before the next statement comes out that's when you want to pay it go online pay that bill when the next statement comes out have the balance low because that's the that's the amount that will be on the credit report how do people fix their credit let's say they have some bad judgments or the messed up things on a creditor how can they go about say your mom put you on the light bill right that's your knowledge maybe you pay dearly immediately how can you fix your credit well listen if some things I say if it gets verified and it's late and there's nothing you can do let's work around that but other things you know like you're saying if there is a judgment or tax lien you can always call see if something can get vacated vacated would mean it would be deleted once you settle on what happened there and by the way there's some big news in the credit world because in July tax liens and judgments are not going to report on your credit report well is that exciting for everyone because that's big news so if you had on a date take it off in July now we'll have to do a follow-up because again I don't know the exact details I don't know if you're going to have to contact the bureaus to get it off we'll have to figure it out but as of July that's when they're going to allow them to come off your credit report so you're going to see a lot of people have their scores over the summer get boosted up that's the great news right but also remember that if their public record if there's a title search and you're doing something with property it'll still be there so don't ignore it but it is going to help your credit score now you have a program that people who if they want to fix their credit and when we talk to people to bring people up there usually as people that we use or we tried now for everybody out there I didn't know Jeanne I had a problem with my credit and I called a friend who called a friend who knew a friend who knew friend who got me in touch with Edie and um JT didn't know what was right she sure doesn't know what here Sean I'd know if I paid for the service uh-huh as you fix my credit and she did such an amazing you got to get it free I'm shocked I didn't try to get it free no penny is the king of time to get something for free I shouldn't yeah not at all do i do anything i post you on twitter after she fixed it I told her who I was and I said I would love for you to come on the show because there's a lot of people dealing with yes it definitely is so now tell them about your program where you can actually help people when you go on a website no yeah absolutely so I have even a special because after being on this show a lot of people wanted more of my help so I have a new product out that is more hands-on and I'm helping more so it's just released today actually and I have it at credit boss-lady calm okay special price and everything and I really help people with understanding credit giving them tips and also with this product I'm going to give them a customized game plan I'm going to look at their credit report my cell phone my team we're going to look at it we're going to give them a detailed plan exactly what they need to do and I'm even going to provide typed detailed letters that they can send off sign their name all they have to do is put a stamp on it credit bus lady calm right and now you also have a service like I couldn't wait before we continue Mother's Day is coming up mom guess what you're gonna get for Mother's Day breakfast I'm going to fix my mom's credit as much as I possibly can because my so listen if you only know rarely so she puts everything in your name no see my mom doesn't have anything in my name but my mom it was the queen of buying things on credit cards hiding them in the car and so my dad went to sleep and then bringing it in the house she's just not good we had all kinds of problems with you know past due bills and everything my dad complains about it all the time goodness and I'm always talking about we got to get it together so I think actually that's a great Mother's Day gift to give to somebody is to help them with their credit because that is something that will be a relief absolutely for someone so stressful credit boss-lady calm that's a good Mother's Day gift now she has different programs now I took the program with like I don't want to write a letter okay and it's not a bus lady at all how about coffee you guys are ready to let it just handle it just help right that's the program I think because you know Anjali actually when she was she had some possible hot creditor come I did it myself wrote herself she and I did everything myself for you that's awesome but that's because I'm like a might be a bit of a control freak so it's hard for me to give that up but after my credit was never really that bad it was like a like I paid a Bloomingdale's bill thirty days late by accident cuz I forgot about it and because I have such a history with them for like you know over a decade and I've never paid a bill exactly that's why I always said you on the creditor don't be afraid but Rochon don't forget I had you and GI driving over here and I mean I did have you guys driving all over doing a few things you you did put your work in absolutely forget he need you to tell him what to do yeah initiated Rishi be like you have to get there by five if you don't get there by five it's not worth it treasure hunt with you honestly and I was trying to buy an additional home at the time and I needed and I couldn't even get to home because the guy was being an ass but I could get home now worried about okay now let's say that you want to refinance your mortgage you you get all these letters in the mail get them all the time right mortgage rates are lower you can refinance but then I feel like the closing fees that you have to pay again some time it doesn't really equal when is it a good idea to refinance you know that's really good for a you know a financial investor to answer that question but from what they have told me you want to do that if you're going to stay there five years okay you're not going to say they're five years it's not worth it right that's the rule of thumb that they will have done I just connected to she's like the mob if you need something to win it to get you if you need to stake right now to get you a stake if you need to get to the games and take it to the game I need you to kill these people at the phone company then so for people who need their credit finish the first thing to do is hit up your website and then from the website they can see and you'll show them how to write letters and have what per credit agency to talk to now how can people get a copy of their credit report if they don't have you can get it for free an annual credit report.com so it's very very easy to do you go on the site you can get all three reports Equifax Experian and TransUnion how many times can you do that a year once once but you know what if you get to Klein's you can get it again so it's really not a problem I'm going to check mine for no reason Booya you always want to check out I gotta see you know the big problem is identity theft is on the rise it's really becoming a huge problem that I even have more information on credit boss-lady calm about that are these cameras I can't tell you you know we're living in an age that we're putting a lot of information out there right and a lot of people will say to me well Jeanne had bad credits and who cares I'm talking about your identity I'm talking about not just your credit report I'm talking about your driver intelligence I'm talking about your email there's things that you can do to protect it and the worst client that I had to help with an identity theft problem it had she did have things on her credit report but it was all attached to her driver's license number and it was all medical bills hmm and it was very serious she was working on herself for over three years that's great I resolved so there's things that I talked about on the site definitely go there you want to protect your identity and if you're coming to my site to fix your credit while it's going up make sure it's protected I actually have a thing I pay a monthly fee so that anything that happens it goes on my credit report or anything what they alert you so you open up a card or nothing happening can alert you but I want more than that and I don't want you to just be alerted because what is then it wasn't you do you have time to fix all of that so I will teach you a way not to just alert you but doesn't fix it it's a good idea to get alerted though you think because I have that anything I know I get that is like if you try to buy something sometimes it won't go through and they call you know it's like if somebody tried not my accounts that exists already but if somebody tries to open something or anything like that it alerts you that like you know an account is being open did you do this at least it's on it so you catch it right away I can't buy anything without them calling me like really I can't that's embarrassing there is no embarrassing that happened to me before I wake up yesterday I had to do something on my damn o'clock because it looks like you didn't have the money no I was going to say it better be not on yours okay do you all ever use a credit card for nothing after use debit card for everything right every day can you get married to somebody with bad credit and that does that ruin your credit no it's two different socials the only you know obviously you're still your own person but if you start merging accounts in the sense getting a joint credit card getting a mortgage together those accounts you will be together on but all of a sudden you don't get married and pick up their you know old habits right okay just making sure you know want to marry somebody with bad credit oh yeah I mean definitely they do have bad credit let's get them on a healthy path and make their credit as good of yours hello this yeah I don't love it George from Brooklyn New York Jews man what's the question for jennykelly bro yeah it's arm it is put are is getting a consolidation company and consolidating your bills like your credit card interest credit card bills talkin suck to try to get them paid like pennies on the dollar is that good that is that rolling your credit that's a good question very question you always see those 800 numbers on TV like Holland consolidate your loans yes Yeah right great so it'll save your money but no it does mess up your credit it drops your score a lot when you do those consolidation loans so now if you went to your local credit union and asked for a loan a regular loan to consolidate your credit card bills that's fine because it's just labeled as alone but when you do these programs it brings your it almost brings your credit score down to bankruptcy Wow yeah Wow who knew all right it really is not helpful okay well so in other words try to get a loan from your local bank or and pay off how completely Wow oh yeah another question I have was there a different credit schools for different things a lot of people don't know that so you explain that a little bit so 90% of lenders use FICO score so no matter what just remember you want to look at if 90% of lenders are looking at your FICO score look at that one except just to confuse people more there's like twenty one different FICO scores depending on what you know what you need because they think the calculation should be different you know for a home loan versus an auto versus a credit card but I just say monitor your FICO score the range goes basically from 300 to 850 try to get into those 700 I have you know over 720 is what you need for good interest rates go absolutely absolutely that should be the goal you should have called my mom take you to my mom she'll be my we got somebody here for you say machines if you have coarseness Regina Coeli 800 585 105 are given the website one more time yep it is credit boss a lady calm credit boss lady calm alright somebody just asked a question on Twitter and their question was seven years is it okay if I have something I should I just wait seven years for it to fall off my credit well a lot of people wait that seven years because they can't afford something it could be a collection so fake if they can you know and they wait for seven years it will come off Wow so and also you know that I'm glad someone brought that up because sometimes people also think because they had bad credit once they always will but that's so not true you can rebuild and you can even rebuild right after you know a bankruptcy or the short sale or foreclosure you know so definitely don't be afraid of credit so really seven years and you just never have to pay it well yeah I'm at the buy a house and I think that's a seven year and I want the student loans either I no no definitely not the student loans student loans are important on to be on top of after you graduate right okay because that's when everyone comes to me that all of a sudden there's all these late payments because they forgot to tell the school where they live now Oh so be on top of you know changing your email address because it's not the school one anymore your mailing address maybe your parents now they know they owe those loans they just trying to add like I move so I don't got to pay my loans anymore and if you can't afford to do it you don't have a job always defer your payments just don't ignore it the worst thing I think I had to defer my payments a few times yeah but fine yeah deferring them is fine and also I should mention consolidating those that's different you know if you after you graduate if you want to take all the law because every semester it's alone if you want to take those and say hey let's put this into one that's different you should do that because if you do ever have a hiccup and one late payment it'll be on one loan instead of eight okay or something like that and also just know when you get married whatever your partner's credit is and their problems automatically comes - yeah that's what I was saying you shouldn't marry somebody with bad credit everyone always says that I don't know you know well you know you just have to let that person know that's how they handle their money is that right you know we do know many divorces are over financial stress mhm so number one reason I mean during the dating don't you ask what your score is no that's a touchy subject you know when you find out you find out when it's time to buy a house and you can't get one because you ain't know how many people have you been with a lot right well listen though when you do talk serious when you get serious with someone and you're saying well how much do you make a year let's say before you're moving in and you want to start channeling bills just make sure you answer asked that because someone can make a lot of money a year but still have really bad credit right or you could just get his social security number and go to annual credit score can plug it in and find our goodness all right we appreciate you for joining become excited so breakfast go every weekday morning tune in

Channel: Breakfast Club Power 105.1 FM

Views: 383,284

Rating: 4.8634415 out of 5

Keywords: the breakfast club, power1051, celebrity news, radio, video, interview, angela yee, charlamagne tha god, dj envy, jeanne kelly, credit coach, credit

Id: 4CIrtgRaK8M

Length: 23min 27sec (1407 seconds)

Published: Wed May 10 2017