Episode Transcript
[00:00:00] Speaker A: I am on the phone with Mansa, Musa and Manta. I am so excited about this series that we're going to go through this year because it's very necessary. So we're going to talk about credit scores, our credit score iq, getting up to speed with why you need a good credit score and what can happen if you don't.
[00:00:23] Speaker B: Yeah. And just as importantly, in 20, 20, 25America, there are seven realities of credit score. And this applies to everybody that's engaged in the American economy. And let me go through those seven realities, and these are going to be the things that we're going to be deep diving during 2025. The first is that your credit score is ubiquitous. And that's just a big word that means it's everywhere. It's like air.
It's all around you and you can't get away from.
[00:00:58] Speaker A: Mm.
[00:00:59] Speaker B: Number two, credit score is dynamic. There are many different credit scores and they change all the time.
[00:01:09] Speaker A: Right.
[00:01:09] Speaker B: Number three, credit scores provide access to capital. The better your credit score, the more access to capital you'll have. Number four, credit score impacts your lifestyle.
[00:01:25] Speaker A: Sure does.
[00:01:26] Speaker B: Try to rent an apartment or lease an apartment with a poor credit score and see what buildings will take you.
[00:01:35] Speaker A: Mm.
[00:01:35] Speaker B: Number five, your credit score is either a weapon against you or a tool for you. Depending upon how good your credit score is, determines a lot about whether your experiences in the financial system are positive or negative. Number six, and this is one of the most important ones is you have agency over your credit score.
[00:02:05] Speaker A: Okay.
[00:02:05] Speaker B: And what that means is you control your credit score. You decide whether or not you're going to have a good credit score or not. Your credit score is based on your behavior and the choices you make.
[00:02:22] Speaker A: Wow. Yep.
[00:02:24] Speaker B: And once again, we'll go into that in detail. Number seven, we need to understand the credit score from the creditor's point of view, what it is and what's its purpose.
[00:02:39] Speaker A: Right.
[00:02:39] Speaker B: When you know these things, Randy, you can control your credit score. You can move your credit score on purpose when you need it. You should always have a high credit score. What I like to tell people is you need to be living in the 800 credit score neighborhood.
That's what we're going to be talking about and giving people an understanding of how to get there, what actions they can take, and different things. Now, once again, it doesn't matter whether you're. You're starting with a low score, a middle score or high score. The information we're going to be providing in this series will give you an understanding of not only what to do, but why you're doing it so you can make informed choices when it comes to managing your credit score and your finance.
[00:03:36] Speaker A: I absolutely think that this is going to be critical for all of us in this year, and I'm looking forward to learning myself. We'll be doing this on Tuesday, so make sure you join us in the 2:00 hour. And then if you miss anything, we're going to put it in our archives at take control Tuesday.com Manta I'm looking forward to it. Thank you.
[00:03:59] Speaker B: Thank you.
