“The Road Ahead: Building and Rebuilding Credit” will provide participants with tips, tools and resources on how to rebuild their credit score.
JVS Human Services is offering a free webinar to metro Detroiters needing to build or rebuild their credit score damaged by the pandemic. The webinar, to be held February 23 at 10 a.m., is part of “The Road Ahead” webinar series launched by JVS Human Services last summer, providing information aimed at employees, employers, job seekers and those who have been financially impacted by COVID-19.
“The Road Ahead: Building and Rebuilding Credit” will provide participants with tips, tools and resources on how to rebuild their credit score. No registration is necessary, and the webinar will be streamed on the JVS Human Services Facebook page.
“Many in our community have had their income adversely effected by the pandemic — whether because of job loss, furlough, reduction in hours worked or because the businesses they ran have seen a dip in revenue,” explained Financial Education Supervisor Laltsha Cunningham from JVS Human Services. “However, with some simple tips and changes in behavior, many people can work their way to improving their credit score, which is so important for good financial health.”
Cunningham’s Tips to Improve Your Credit Score
- Become an authorized user on a credit card, for example on a spouse’s or other family member’s card. This allows you to benefit from the card holder’s payment history if it is in good standing.
- Choose a secured credit card that is guaranteed by a down payment. The credit line will match the down payment and the card holder will not go over their card limit.
- Look for credit builder loans to pay off debt — these are typically loans secured by a credit union. When the consumer makes a payment on their loan, these numbers are reported to the credit bureau.
- Keep credit cards open even when you have paid down or paid off a credit card, as this will help with payment history. A long payments history is helpful to improve credit scores, plus it also assists with credit availability.
- Consumers should make timely payments on credit card and loan bills, which will help improve their overall credit score, save money by avoiding late fees, and will keep the account from going into collections or being closed.