Ep: #68 Picture this: A world where your dreams of homeownership are no longer distant aspirations, where the car you've always wanted becomes an achievable reality, where unexpected financial emergencies don't send you into a spiral. This world is within reach, and it starts with understanding and improving your credit.
In this episode of the Budget Divas podcast, Rhonda Alexander Monkres, the credit coach and owner of Kūpa'a Consulting Services, discusses the important topic of credit. Rhonda shares valuable insights and tips on maintaining, establishing, and improving credit scores.
Rhonda introduces herself as a credit coach based in Maui, with a mission to help Hawai'i residents improve their credit scores and achieve their financial goals. She compares credit scores to adult report cards, ranging from 350 to 850, reflecting creditworthiness. Responsible credit use, keeping balances under control, making payments on time, and managing inquiries are essential practices for demonstrating creditworthiness.
Rhonda emphasizes the significance of credit monitoring and explains the difference between FICO and Vantage credit scores. Monitoring credit helps detect unauthorized accounts due to identity theft, and Rhonda provides guidance on reporting and protecting against identity theft.
Rhonda illustrates the substantial difference in interest rates for someone with a 500 credit score compared to someone with a 750-800 credit score when applying for loans, such as car loans and home loans. Rhonda offers actionable steps to improve credit, including maintaining low credit card balances, making timely payments, avoiding unnecessary credit inquiries, and becoming an authorized user on an account with excellent payment history.
Rhonda's expertise sheds light on the crucial role of credit in financial stability and the steps individuals can take to manage their credit effectively.
To learn more about Rhonda and get a free credit review, visit her website at https://kupaaconsulting.com/.
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