How do you raise your credit score? We chat credit card debt, credit repair, credit hacks & secrets

Hi, I'm Kelli from Freebie Finding Mom Thanks for joining me If you're watching from Facebook if you will Please give me a thumbs up if you are on youtube or like the video if you are watching from Facebook I appreciate you taking a few minutes to watch a video about money talk is what we're calling it each week where we come together we chat about all things related to money So what are that means saving money making money managing money or as in this figure and talk about credit scores So we're going to discuss all of those topics and feel free to leave your questions in the comments and if you will Say hi in the comments and be sure to let me know where you're viewing from as well like I said at any time feel free to ask any questions about Like I say anything related to money and I will do my best to answer them for you So this week I want to finish the discussion

We were having from last week, which was about credit scores So last week we had Kathy had asked a couple of really insightful questions about credit scores and How they can impact one of her questions was how they impact your insurance Now I know credit scores may not be the most exciting topic in the world but if it's something that all of us are gonna have to deal with at some point I mean the likelihood of us never happened to borrow or maybe know about our credit scores is probably slim to none so Thanks for watching Danielle I'm so glad that you're joining again But so I'm gonna address some of the credit squirt questions we had last week so so like I say at some point we're gonna have to know about credit scores and It's not like I say, maybe the most exciting topic for everybody, but it's definitely something that's pertinent to most all of us So having said that I did do some research from last week And I could not believe when I found out about credit scores It was really interesting The thing that I I Was most astounding to me was how they affect your they can affect your insurance rates Kathy had mentioned last week that she didn't know by canceling some credit cards, you know what it could do to your Credit rating and how that credit rating can packed your auto insurance rate and your home insurance rate So I did some research about that I had no idea there was a relationship between the two but credit scores and what your you know auto insurance rate would be Because they seemed like they would have nothing to do with each other well, I read a few articles and this is what I found out is that apparently there is a Statistical correlation between how much a consumer costs and insurance company and that customers credit rating So basically what they've done is a Texas study that's been done that says if you have a lower credit score You are more likely to be more expensive to insure So therefore you're going to have more incidences that are gonna have to be recovered So the ill cost insurance company more they said there through the years

They have been a strong correlation between your credit score and How much it's gonna cost the insurance company to insure you which I never would have put those two together so thank you so much Kathy for bringing that to my attention because that is something I never would have assumed that your credit score would have any effect on what your Insurance for your car would be or insurance for your home would be So that was something that was interesting to learn also What I discovered from this past week is the main reason it's bad to cancel Your credit cards is Because you are losing an available credit line Basically the way they determine your credit score if you will there's a number of variables and I actually have it highlighted here But there's a number of variables that impact your credit score But one of the biggest things that companies look at is how much debt you have? Versus how much available credit you have? So what they want to see is a very low debt amount and a very high credit availability So Basically, if you are cancelling some of your credit cards you are reducing your available credit balance So that is making your score go down So even if you never use those credit cards anymore It is wise to just keep them Or just cut them up it and they say the only time that they will tell you one of the very few times will tell You to go ahead and cancel an account is if you just don't trust yourself when it comes to finances and you need your credit Card, thanks for joining me if you are just tuning in We're having a discussion about money and credit scores from last week If you will leave any questions you have in the comments And like I said, please give this video a thumbs up as well or if you're on Facebook, be sure to click like for this video, so Like I said for credit scores, they want to see a low debt amount a high credit availability So if you have several credit cards that have either no or low balances on them that's best Versus having even just a few credit cards that have substantial balances on them because then you have very little credit availability That directly impacts what your credit score is So that was some one thing so why credit card cancelling is bad is they want to see you have a lot of available credit? number two about the your home and auto insurance can be directly related and impacted by what your credit score is, which is really a stat astounding to me and Danielle as we were saying last week in Regards to how long does it take to recover your credit score? well I said last week the answer is it depends but I'm gonna give you a little bit more on why it depends today Some reason it depends on how long it takes you to recover your credit Score is because it depends on why that credit score is low If your credit score is low because you just didn't have don't have any established history Maybe you're young Maybe you know, you just graduated college you just you haven't had a lot of bills mom and dad pay for everything Maybe you were in a relationship before that The husband or the spouse to handle everything and you just never established any credit

It was all in their name So if you just don't have any credit history or much credit history to your name Then your score could be low but that is one of the easiest types of credit scores to increase Because it's not like you have any bad history or as I was reading Sometimes they refer to them as derogatory items like a bankruptcy or something You don't have any of those things All you have is a lack of history So to in order to improve that some of the things that you can do like we discussed last week which is monthly bill pay and setting that up and as long as the creditors see Consistently paying off your debt They love to see that they love to see that you are basically establishing a credit history That is one of the the best things you can do Obviously taking out a couple of credit cards is good in as long as obviously you can manage them Taking out a couple of credit cards is good because you're establishing credit They like to see that too and that will increase your credit availability Which is another thing they like to see in order to increase your credit score and I was reading in one of the articles They say if your credit history is low just because you basically don't have any credit history That's easy to repair that can be repaired within months now Thank you for joining me If you're just tuning in we're talking about credit scores and how to improve that please leave any questions you have in the comments I'll be happy to get to them so if that could be recovered in months now if your credit score is low because of what they call derogatory items like a Bankruptcy or you know a missed payment or something That's a different story According to Danielle that's her issue

You actually able to get your internet service in my name I husband pays each month So maybe that might give me yes Absolutely, I would think that would help you anything you can do to put in your name and you know you're gonna pay that consistently it's only going to improve your credit score and something else I've read is that they were saying that credit that like mortgage companies and then with education loans and auto loans and something else basically They yes cars students home equity and words companies all report their information monthly to the lenders so each month that you make a payment on time that that will get that information will be sent to the lenders and they will Be notified right away Like if we basically be improving each month now you may not see dramatic increases every month Obviously it may take more time Depending how low it is and how high you need to get it but every single month that you make your payment on time It will be notified that lenders will be notified that you know in a very timely fashion that you actually made your payments on time So if you just don't have a seller's history and that is the easiest kind of low credit score to improve Now in the opposite if you have a low credit score because of what they say Derogatory items things Like I said bankruptcy missed mortgage and those sort of things That takes much longer to recover typically for instance What I was reading is they said that Like if you have one missed mortgage payment in my mind likes to be honest with you I would think like one less mortgage payment

That's bad But like not down the world I have no idea that like we might read that one with mortgage payment can read it Here It is one Impact of a derogatory item on your credit score Okay

So here we go If you miss one mortgage payment, it can lower your credit score by 50% One mortgage payment can lower and you miss it You can lower your credit score by 50% and it can your score could recover within the next year and a half Like how many of us miss like I paint like a water bill or some like that like it was not set on bill pay I mean it just doubted me how one or two bad or miss payments can impact your credit score Far beyond like I would think maybe I'll be recovered in a couple months or something No, it can absolutely take it says a year and a half If you manage your credit well from a missed mortgage payment to recover that Credit score and which surprised me I really I don't know if you guys are surprised or not but that I had no idea it would take that long and They said there they it was a good article that I had It actually showed a chart which I'm sure is very nearly impossible for you to read along with my notes over here if you can see the chart, they're basically saying that if the different kinds of Derogatory items or things that can lower your credit score and how long they take to recover for instance Obviously bankruptcy would take longer to recover and that can be seven to ten years to recover your credit score from a bankruptcy Even just a missed payment or some kind of a default Can take two plus years something else I read that was really interesting that I Get seems like the opposite of what you would think and you guys let me know if you kind of agree with this or disagree Is if you have a higher your credit score is if you have one Derogatory item it actually has a bigger effect and it will take you longer to recover that credit score So let's say for instance You have a Mis mortgage payment, but say your credit score 780 Okay, and Versus saying someone whose credit score of 620 and they have a Mis mortgage payment It will take you longer at a 780 credit score She recover than a 620 and that surprised me as well because I guess I was thinking I don't know this logical but I was thinking like if it's logical or Not fit, you know, like oh they kind of give you the benefit of the doubt or something Like, you know, you've had a really strong credit score things happen You can miss a mortgage payment, but no there Apparently there's not any gray area or things can happen when it comes to your credit score It's more like you miss them you miss a payment Sorry, you're gonna be dealing with it Probably for the next year year and a half at least As far as improving that credit score the good news is though

Is that what I read? Is that an? Derogatory item can have a tremendous effect right now So say that missed payment if you want to say you want to take out a loan for something right now is what your plan was we have a Mis payment that's gonna obviously really, you know Reduce your credit score, but on the flip side of that if say in seven eight months, you've done a good job hang off your bills on time establish, you know good credit what that basically will um, That say miss payment will have less of an effect in seven eight nine ten months So maybe you can't get that loan now for that item that you want to buy but in seven eight nine ten months Obviously you still see the effect of it because you probably will not work all the way through that credit issue But it will be at least not as big of a negative on your credit score is what it is today If you're just joining, thank you for joining please leave your where you're viewing from in the comments and any questions you have or just finishing up a discussion about credit scores in so what we learned basically is that they can affect everything from your you know, obviously ability to do to borrow but also affect your home and auto loan which is something I just learned and also it can take up to seven years for different offenses to be cleared from your credit score and The body of your credit score is the harder It's going to be actually to recover that but um, I just said that was very interesting I had no idea could take seven years, but the good news is most of the items did don't take that long I mean within a year or two which is still substantial for if you really think about it like a missed payment here or there and like I said Is recast the best kind of low score to recover is anything that basically if you have because you don't have a lot of credits And you just haven't established it yet So that's the best kind because like I said the best things we can do or do automatic bill pay And those sort of things in order to you know, get our credit scores back up okay, so, you know that being said Let's move on from our credit discussion I want to highlight it real quick on free be finding mom's calm we If you're a Kroger shopper or Kroger affiliate shopper, if you will head on over make sure you download today's Pro We're free Friday download it's a free Larabar I think it is today So be sure to download that you can you have at least a couple weeks in order to actually Use that in stores, but be sure that you download that coupon today So go to 3b find a mom or that if you shop at a Kroger or an affiliate program Also, I want to highlight another deal for you today If you're a Sam's Club shopper if you will you're gonna wanna check out the deal on freebie finding mom if you're a Santa loved shopper because on there I had a really good deal for oral-b toothbrushes In fact after I bought a offer and instant savings you can get these toothbrushes for about 99 cents each Now I wanted to address real quick Tanya's question from this past week if you you might have seen it on Facebook and time this question was How much do you spend on groceries? Every single week she's has a family of five She wants to get her spending down to about one hundred and twenty-five dollars per week So Having said that I think that's a great goal if you can get your spending down to about $125 each week for a family of five that's phenomenal and I will say now personal experience We are only a family of three we probably are not at 125 a week and I'll tell you the reason we're not is primarily because we All eat very differently

I have a son who's incredibly picky Myself I eat very corn too My husband put boring So he's a big foodie It loves right in different foods I am more of a minimalist when it comes to eating

So we use these different things so our Budget is probably a little higher than what should be for a family of three But some things we've done to save money and this may help you Tanya Is that like for instance? We did join a wholesale clock No, I would love to hear your thoughts on wholesale clubs like Sam's Costco BJ's Wholesale that sort of thing I debated whether to join one for a number of years and oh and if you will You if you follow me on instagram you would have placed in an Instagram stories I did this last Friday actually me shopping at BJ's Wholesale Club and in there I kind of take you through the store and kind of my experience and whatnot And I'll tell you the reason I didn't join wholesale clubs at first because number one we're a family of three I'm like what do we need to be joining a wholesale club for we are a family of three like I think this is for families of Like eight nine ten I was wrong Okay, so I will admit that So and that was one thing as I thought that wouldn't be applicable to ask We're only a family 3 the second reason I didn't join a wholesale club was because I thought like this I like said the sizes are huge and isn't really a value like just because involved doesn't mean a better deal Not I would say I'm partially right and Rahma not true Absolutely Just a good simple

It does not need a good deal But I will say host of clubs absolutely can't you can't find deals there? So host of clubs Tanya, that's one things You may want to consider Yes at the membership fee, but you should more than make up for that by your shopping there over the year, so Anybody else have any suggestions on how to save money on their groceries? I would love to see them Even if you're not a big couponer and that's okay Coupons are not for everybody not everybody takes a time, even then there's digital coupons now, and I'm guilty of it Sometimes – I'm thank you for joining me if you just joined in let me know where you're Viewing from and also any money questions you have I'd love to see them in the comments We're talking about saving money on your groceries And so like I said Wholesale club's can help also Couponing if you're into it fine, if you're not this, okay, then you can still shop sales That's another thing I like about wholesale clubs is like like for people who don't like to coupon It might be a good option for you because then you don't have to feel as though You have to coupon because a lot of not always but a lot of items can be cheaper than your local grocery store so it kind of helps you still save money without having to go through the issue of couponing Those are just a couple things that I love doing and like I say digital coupons make it so easy but I'm the first to tell you that I don't always remember to clip the digital coupons or download them before I Get out the door I'll usually think about it right as I'm checking out the grocery store it I think gosh I even check I you know it was There any coupons I could have used? So I'm the first to tell you I can be guilty of that as well But those are just some things and Tanya Like I said, if you can get it down to 125, that's great for a family of five That's that's really good You know things that can help you is like we discussed last week was meal planning meal planning can absolutely help you Get you know Use what you already have on hand and not over by and be wasteful So that's something you may want to think about and also action on and think about that in regards to meal planning on 3b fighting mom under the three DS category If you go to my free principles, you'll see I have a free principal meal planning worksheet You're welcome to download all my printables there and that page are all free all I need to do is just enter your email and then You'll get email and a code which you put at the top of your of the free criminal's page

So you'll see that their last week I would also follow up with you let you know that I did take that budgeting video we chatted about last week and In this video, I literally take you step-by-step through one of my free printable budgeting worksheets in this worksheet you will see a very simple format to how to budget and I take you through literally line by line of what you put where and how to download it I show you my blog where to download this budgeting worksheet So that video is taped It's in the final editing process and should hopefully I should have out next week hopefully earlier in the week So be on the lookout follow me on youtube if you're not already Be sure to click subscribe to my youtube channel because that budgeting video should come out this week Another video I'm hoping to get out if not this week, but next week is on homemade face moisturizer if you use essential oils I would love to hear it in the comments What do you use them for? Do you like them in the comments? Let me know What orioles you'd like and if you have an interest in learning more about them? What I will say is over the past a year or so I have incorporated essential oils into our family more I am astounded how much it can save you because if you're making your own all-natural either beauty products or cleaning products and Using these oils you can save quite a bit of money and I actually infuse your videos I'm going to show you how much money you actually can save using essential oils

So let me know in the comments Are you interested in essential oils? You want to learn more about them? You want to learn how to save money with that? leave me a comment down there that way it'll tell me that you do have an interest in them and I will show you kind of some of the things that my I use them for it with my family and The things that I like for instance on my youtube channel, you'll see My one of my favorites I have a microdermabrasion paste recipe which you can find on a freebie finding mom in fact, I'll leave a link to that in this video is post two and That microdermabrasion pays to be totally honest with you I love that like it is Yeah this as good as going to a spa I really feel that I like it absolutely made my skin feel softer after using this moisture This paste took me I don't know maybe five minutes to mix it together it Was substantially cheaper than if I ever would have wanted with spa to get any sort of a facial so I have that video on my youtube channel now go over and take a look at that if you want and like I said My face moisturizer video will be coming up Hopefully this next week and That is super simple to make and you know, how much? Moisturizers and beauty products can cost you it will save you so much money So Those are just two of the Beauty things

I like to use essential oils for I also love diffusing them So those are some things you're gonna see you down the pipeline here at freebie funny mom I'm gonna be talking and showing you how you can save money using essential oils So that's just something that's coming up and like I said leave in the comments if you have an interest in learning more about them, and if so Let me know what you have an interesting learning about them Meaning how to use them How do you maybe sell essential oils? And you can make money I think If you people don't realize that actually there's a business side to selling my favorite is Young Living Essential Oils, and you can absolutely make a legitimate income from home selling essential oils So I if you're interested in that I'd be happy to tell you how you can do that And if you join on my team, I actually help you Facilitate a team building your team be able to you know, establish an actual income using essential oils So If you're interested and that messaged me or leave the comment down below of you happy to walk you through that I'm so that was this week So we discussed credit scores some things in the blog and also some up-and-coming things like learning about how essential oils can save us money and I'm going to be taping on their video this week it'll probably be maybe some more details about credit scores and says seem to be of interest to you guys last week and I think like I say even if you watching the replay of this video leave your questions leave your comments in the video I'll be happy to address those in Future videos or the very least I will put my response in the comments If you're not familiar with my background I should probably say that my backgrounds in investment the end of it so you can ask questions about money related to you know Making money like I said It was essential oils that you can about saving money about managing your money whether it be of mutual funds stocks Setting up a college savings for your child whatever it is leave that question in the comments and I will be sure to get back with you like I did with Kathie and Danielle today So again, thank you for taking the time to watch this video join in and this will be a regular occurrence I am trying to determine the appropriate time and it's best for everybody and my life situation

I'm going to go live I'm thinking Fridays around 1:30 Eastern Time I feel good time but you guys let me know if there's a better time and if I can work it in I definitely will because I would like To be able to help as many as I can live It's possible so Again, thank you for joining me If you're watching the replay, please give this video a thumbs up subscribe on YouTube follow on Facebook and Again, thank you so much for taking the time to tune in and enjoy your weekend Thank you Bye

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