Watch the video below or scroll down to read the recap
In this workshop, Truist representative Jordan Wooldridge taught on how you can build and repair your credit personally and for your business. He covers topics such as why credit scores are important, what makes up a credit score, ways to establish and re-establish credit, controlling your debt, and more.
Before You Jump In
You'll want to reference or download the Truist Bank on your success: Banking & budgeting basics Participant workbook before you review this class recap. Jordan walked attendees through the guidebook, pages 31-41: https://bit.ly/truistworkbook
What's a Credit Score?
The biggest factors that impact your score are payment history and amounts owed.
Credit scores can increase over time with responsible credit usage.
A score at or above 670 is considered good. A score at or below 670 is considered fair or poor.
Why are credit scores important?
Lenders use credit information to determine whether to lend money to you.
Obtaining credit can be difficult if you’ve never had credit or had issues in the past.
You can get a free copy of your credit report each year at annualcreditreport.com.
A credit score is a three-digit number used to represent the likelihood an individual will repay a debt over time. Here are the elements that make up a credit score (in the graph courtesy of Truist):