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Build & Repair Your Credit: Presented by Truist

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


Workshop Recap

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):

Important terms for reading a credit report

  • Personal Profile: Information that can be used to identify you. Make sure everything here is correct, including spellings of your name and current or previous addresses.

  • Credit Summary: Lists the total number of open and closed accounts, public records, and inquiries, along with current balances. If any accounts are delinquent or in collections, those will appear here, too.

  • Public Records: Includes bankruptcies, tax liens, and judgments. Ideally, this section will be blank to maintain good credit.

  • Credit Inquiries: Only includes hard inquiries from companies who've accessed your credit file and can appear for up to two years.

  • Account History: The most detailed section that contains the bulk of your credit information, including creditor names, account types, balances, credit limits, loan amounts, and payment history.

Ways to establish and reestablish credit

To establish credit you can:

  • Apply for a loan.

  • Open a credit card.

  • Open an account with a co-signer if necessary.

To rebuild credit you can:

  • Get a copy of your credit report and fix any issues.

  • Apply for a loan or credit card with a co-signer.

  • Open checking and savings accounts.

  • Open a secured loan or credit card.

To maintain credit, do not:

  • Use a credit repair company.

  • Miss or ignore payments.

  • Close existing credit accounts.

Tips for Using Credit Responsibly

Ways to maintain your credit in a smart and productive way:

  • Keep track of your credit lines.

  • Use a budget.

  • Save for larger purchases instead of using credit.

  • Review your credit report annually so you know exactly what’s on it.

Controlling Your Debt

  1. Make a list of all your debts.

  2. Then rank them from smallest to largest.

  3. Get ahead by making more than the minimum monthly payment.

  4. Once you get out of debt, try not to get back into it.

In the example below, start with the $1,500 credit card balance and try to pay more than the minimum due each month until it’s gone. Then, work on the $2,500 credit card balance. Last, tackle the $3,000 car loan.


Benefits of paying down your debt

  • Increased financial security

  • Life enjoyment

  • Reduced stress

  • Improved credit score

  • Owned assets

"Money and Mindset" Resource

Head to Truist.com/moneyandmindset for a resource for growing your financial confidence and improving your well-being.

  • Articles, calculators, and tools Action: Get started with our articles in the mind-money connection.

  • Financial personality quiz Action: Take the quiz to learn about your money-mindset personality and to get started on your journey.

  • Join “Money and mindset” podcast with Bright and Brian Bright, our happiness expert, and Brian, our financial expert, inspire you to rethink your relationship to money helping you grow your financial confidence and improve your well-being. Action: Listen on Truist.com and subscribe on your preferred podcast player.

  • “Money and mindset” bi-weekly email program Action: Sign up to get Money and mindset in your email inbox.

External Resources

  • U.S. Government usa.gov/coronavirus - Visit the website for detailed information on steps taken by the federal government to help the community, as well as information about travel, immigration, transportation, student loans, and financial aid.

  • Centers for Disease Control and Prevention cdc.gov/coronavirus/2019-ncov - Visit the website for information on how to protect yourself, what to do if you are sick, and guidelines for slowing the spread of COVID-19.

  • Small Business Administration Relief Programs. To apply: bit.ly/SBLApp20/ For information: bit.ly/SBLInfo The Small Business Administration is offering several loans to provide relief to small businesses during the COVID-19 pandemic.

 

Let's Get in Touch!


Jim Spencer, Executive Director Bluefield WV Economic Development Authority | jspencer@bluewv.org | (304) 902-2332 x 2405


Jordan Wooldridge, Vice-President, Business Banking Leader / Truist


Faith Blackwell, Administrative + Marketing Assistant Bluefield WV Economic Development Authority | fblackwell@bluewv.org | (304) 902-2332 x 2408



Bluefield WV Economic Development Authority Logo (The words "My Bluefield" underneath an outline of the Bluefield, West Virginia Skyline)


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