WEBVTT 1 00:00:22.719 --> 00:00:27.800 Hey folks, I'm good evening. Welcome to another money space. 2 00:00:27.920 --> 00:00:30.679 Of course we mi calu Araja, and of course on 3 00:00:30.719 --> 00:00:35.439 this space we're talking money, the economy, and of course finance, 4 00:00:35.799 --> 00:00:40.840 and today we are talking around credits scoring. You know, 5 00:00:42.039 --> 00:00:45.079 the whole topic of what's your credit score, how you 6 00:00:45.119 --> 00:00:49.039 can increase your credit score, and why a credit score 7 00:00:49.240 --> 00:00:51.759 is important. That's what we're talking around today is a 8 00:00:51.880 --> 00:00:54.640 very very important topic because you need a credit score 9 00:00:56.039 --> 00:01:00.280 really for anything that involves credits, not just credits to 10 00:01:00.280 --> 00:01:05.040 do with your daily day to day life, you need 11 00:01:05.599 --> 00:01:08.719 credit scoring. So it's that's what we're gonna do. Spend 12 00:01:09.120 --> 00:01:13.400 at least an hour or so to talk around today, right, 13 00:01:13.519 --> 00:01:17.599 and then we'll just see how we can perhaps take questions. 14 00:01:17.799 --> 00:01:19.959 It's going to be a recorded If you're on YouTube, 15 00:01:20.000 --> 00:01:21.599 if you go to do but I just share a 16 00:01:21.680 --> 00:01:25.400 YouTube link, we're gonna be on YouTube to that way 17 00:01:25.439 --> 00:01:27.040 you can do a lot of you can get a 18 00:01:27.079 --> 00:01:30.400 lot of the of the visuals. I also try to 19 00:01:30.400 --> 00:01:33.359 share the visuals as well here on Twitter, so that 20 00:01:33.439 --> 00:01:35.519 way I want you to follow so you can actually 21 00:01:36.760 --> 00:01:38.799 sort of get the feel of what I'm just going 22 00:01:38.879 --> 00:01:41.560 to talk about today. Very very simple topic and I 23 00:01:41.640 --> 00:01:44.599 think it's going to really really impact most of you 24 00:01:44.640 --> 00:01:47.599 that are listening. Alright, let's just let's start with it, right, 25 00:01:48.200 --> 00:01:51.000 So what is Let's kick off with what is a 26 00:01:51.000 --> 00:01:55.519 credit score? And what is a credit report? Those are 27 00:01:55.519 --> 00:01:58.680 two things I want to physically talk around today. What's 28 00:01:58.719 --> 00:02:03.560 a credit score? What a credit report? Right? So, a 29 00:02:03.599 --> 00:02:10.560 credit score shows how responsible you have with credit. Simple, 30 00:02:11.479 --> 00:02:14.960 So when you have a credit score, that shows how 31 00:02:15.039 --> 00:02:19.400 responsible you are with credit. It's just that simple, right, 32 00:02:19.759 --> 00:02:22.639 How responsible you are with credit that shows up as 33 00:02:22.680 --> 00:02:26.360 your credit score. It what does responsible mean? If you 34 00:02:26.479 --> 00:02:30.759 take a loan and you pay back on time, then 35 00:02:31.360 --> 00:02:36.280 according to the lenders, you are a responsible borrower. Responsible 36 00:02:36.360 --> 00:02:39.199 mean that if they give you a loan tomorrow you 37 00:02:39.280 --> 00:02:43.400 are able to pay back. That's very, very huge for you. Right. 38 00:02:43.879 --> 00:02:49.080 So essentially, your credit scoring, your credit score, shows how 39 00:02:49.159 --> 00:02:54.439 responsible you are with your credit that the institution has 40 00:02:54.479 --> 00:02:59.360 given to you. Right. So essentially, when we say want 41 00:02:59.400 --> 00:03:02.400 to raise your score, we want to make you a 42 00:03:02.439 --> 00:03:06.479 bit more responsible, right with the lenders wide because when 43 00:03:06.479 --> 00:03:08.520 you are responsible to the lenders, you can get a 44 00:03:08.639 --> 00:03:13.240 lower credit scoring. So I'm going to share a group 45 00:03:13.319 --> 00:03:16.520 of names both in Nigeria and the US, we have 46 00:03:17.319 --> 00:03:20.599 Who's calls your credit's going to be a credits agency, right, 47 00:03:21.000 --> 00:03:23.759 and the US will have about four of them. In 48 00:03:23.840 --> 00:03:26.680 Nigeria we have about three of them. I'm going to 49 00:03:26.759 --> 00:03:30.240 share those names, so if you're on YouTube you can 50 00:03:30.319 --> 00:03:33.199 see it. I'm going to share on Twitter as well. 51 00:03:33.719 --> 00:03:40.039 We've got Equifax, We've got Experience, We've got TransUnion. Those 52 00:03:40.039 --> 00:03:44.759 are the American ones. We've got Equifax, you've got Experience, 53 00:03:45.319 --> 00:03:51.479 You've got TransUnion. In Nigeria, we do have Credit Direct 54 00:03:52.000 --> 00:03:57.000 that all the Nigerian firms, they track your credit or 55 00:03:57.080 --> 00:04:01.759 they report that response about how responsible we have been 56 00:04:01.800 --> 00:04:05.000 with your credit report that. So we've got Credit Direct 57 00:04:05.000 --> 00:04:09.520 from Nigeria. So we've got first Central Credit Bureau, We've 58 00:04:09.560 --> 00:04:13.000 got the CRC Credit Bureau. We've also got the first 59 00:04:13.240 --> 00:04:16.959 the Credit Registry as well, so trade in Nigeria to 60 00:04:17.120 --> 00:04:21.480 think about four in the US. Right, these guys Essentially, 61 00:04:21.519 --> 00:04:25.959 when you take a loan, not when you spend. When 62 00:04:26.040 --> 00:04:29.600 you take a loan and you pay back, that means 63 00:04:29.600 --> 00:04:31.959 you're responsible. We're going to get more into the details 64 00:04:31.959 --> 00:04:36.519 of that, and more responsible you are, then the cheaper 65 00:04:36.759 --> 00:04:40.399 that you are able to get credits going forward. That's 66 00:04:40.439 --> 00:04:43.600 the whole idea. It's a very y simple concept. Your 67 00:04:43.639 --> 00:04:48.480 credit score shows how responsive you've been with credit. It's 68 00:04:48.560 --> 00:04:53.279 reported by this agency is the Equifax Experience TransUnion in America, 69 00:04:53.519 --> 00:04:56.800 or the Credit Registry, the CRC Credit Bureau or the 70 00:04:56.800 --> 00:05:00.759 First Central Credit Bureau. It's reported by them to the 71 00:05:01.040 --> 00:05:04.040 banks or to the lender that's giving your money. Your 72 00:05:04.040 --> 00:05:08.519 credit report is now a detailed, detailed history of how 73 00:05:08.560 --> 00:05:10.879 you have been or how you have run your credit 74 00:05:11.000 --> 00:05:13.560 for a number of years. So if you've got credit 75 00:05:13.600 --> 00:05:15.639 for five years, you're going to have a five year 76 00:05:16.240 --> 00:05:18.759 credit report that's basically going to show how you have 77 00:05:18.959 --> 00:05:22.279 run your credit for those five years. Essentially, what it 78 00:05:22.360 --> 00:05:27.240 is very very simple right now, what is your credit score? 79 00:05:27.360 --> 00:05:31.279 What is good? What is bad? Essentially again, it's a 80 00:05:31.319 --> 00:05:35.720 very very simple concept. If you have a high credit score, 81 00:05:36.800 --> 00:05:41.639 then your credit is good. I e. If your credit 82 00:05:41.720 --> 00:05:46.199 score is high in the eight hundred and seven hundreds, 83 00:05:46.560 --> 00:05:50.439 then of course you've got a high credit score. That's 84 00:05:50.519 --> 00:05:54.279 essentially what it is. Right again. I'm sharing the slides 85 00:05:54.399 --> 00:05:58.120 on Twitter and also on YouTube if you can just 86 00:05:58.160 --> 00:06:00.839 go straight to my my time I used to the 87 00:06:00.879 --> 00:06:04.360 scores and the visuals. It helps you to follow as well. 88 00:06:04.839 --> 00:06:08.120 So on the fical range, credit scoring starts from say 89 00:06:08.839 --> 00:06:13.000 three hundred, which is very very poor, starts from about 90 00:06:13.000 --> 00:06:16.000 three hundred, it goes all the way to eight hundred 91 00:06:16.040 --> 00:06:20.399 and fifty, which is very very exceptional. So if you 92 00:06:20.399 --> 00:06:23.639 are three hundred, that's poor. If you're five eighty, or 93 00:06:23.759 --> 00:06:26.600 if you say you're below seven hundred, that's still fair. 94 00:06:26.759 --> 00:06:28.800 You know you are going to get the credit, but 95 00:06:28.879 --> 00:06:31.480 that's still fair, it's not even good. If you are 96 00:06:31.519 --> 00:06:35.639 below seven forty, that's okay. You are average, that's about good. Right, 97 00:06:36.560 --> 00:06:40.160 you start to go about seven forty to about seven eighty, 98 00:06:40.199 --> 00:06:42.319 that's very good, you're going to get the credit, but 99 00:06:42.439 --> 00:06:44.959 at the best rate. And of course once the credit 100 00:06:45.040 --> 00:06:48.160 course starts to go above eight hundred, of course that's 101 00:06:48.560 --> 00:06:51.600 very very good, very very exceptional. So it's a very 102 00:06:51.720 --> 00:06:55.040 very simple way to understand this. The higher you're credit scoring, 103 00:06:55.680 --> 00:06:58.560 the better are for you. So what do we mean 104 00:06:58.600 --> 00:07:03.879 by better? Better essentially means what you can borrow at 105 00:07:03.920 --> 00:07:07.399 the rate the what we're called the annual percentage rate 106 00:07:07.959 --> 00:07:10.560 that you are able to borrow at. So if we 107 00:07:10.639 --> 00:07:13.279 now look, I go back to those numbers. Right, if 108 00:07:13.360 --> 00:07:19.399 you are borrowing at eight hundred credit score right, Essentially, 109 00:07:19.439 --> 00:07:21.160 what that means is that you're going to get the 110 00:07:21.199 --> 00:07:23.120 best rates, the best rates. I mean, you're going to 111 00:07:23.120 --> 00:07:26.639 get the low west rate possible. So if your score 112 00:07:26.680 --> 00:07:29.639 is safe from say seven to fifty to eight hundred 113 00:07:29.680 --> 00:07:31.800 and fifty, you're going to get the loan. Not just 114 00:07:31.839 --> 00:07:35.759 get the loan at the lowest score possible. But when 115 00:07:35.759 --> 00:07:38.000 your credit score is give or take about say seven 116 00:07:38.079 --> 00:07:41.399 hundred to about six hundred, it's likely you might get 117 00:07:41.399 --> 00:07:43.879 the loan. But then tend to start to raise your 118 00:07:44.000 --> 00:07:48.319 annual percentage rate up and up and up. So from 119 00:07:48.360 --> 00:07:51.040 say eight to fifty to about say seven hundred, yeah, 120 00:07:51.079 --> 00:07:53.079 you might get the loan. You will get the loan, 121 00:07:53.439 --> 00:07:55.920 But what rate? That's the point. What rate do you 122 00:07:55.959 --> 00:07:57.680 get that loan? Which is why this space is very 123 00:07:57.720 --> 00:08:01.600 very important because if you understand how cold the scoring works, 124 00:08:01.639 --> 00:08:05.399 and how could this scoring affect you as an individual, 125 00:08:05.480 --> 00:08:08.639 even as a demographic, then you don't understand how to 126 00:08:08.759 --> 00:08:12.920 play the quote unquote American game. In America, they don't 127 00:08:12.920 --> 00:08:16.920 operate by you just paying your bills. They operate by 128 00:08:17.000 --> 00:08:19.959 how you are running your credit. It's a credit economy 129 00:08:20.399 --> 00:08:25.560 when most folks leave the Africa and go to America. 130 00:08:25.720 --> 00:08:28.199 In Africa or very very conservative. If you want to 131 00:08:28.199 --> 00:08:31.680 buy a house, we buy the house by saving and 132 00:08:31.720 --> 00:08:34.840 then we buy the house. In America is different. They 133 00:08:34.919 --> 00:08:37.320 expect you to take a loan. Same thing with your car, 134 00:08:37.440 --> 00:08:39.519 they expect you to take a loan to buy the 135 00:08:39.559 --> 00:08:43.279 car because if you don't have that credit scoring, it's 136 00:08:43.279 --> 00:08:46.919 sort of they can't score you. They can't place you. 137 00:08:47.200 --> 00:08:50.120 So you then get the default. Either you get to 138 00:08:50.200 --> 00:08:53.080 know or you get a high score because they can't 139 00:08:53.320 --> 00:08:56.600 prize you in as a risk factor. This is very 140 00:08:56.679 --> 00:09:00.399 very important I see going forward, there's a direct link 141 00:09:00.480 --> 00:09:04.039 with this and ownership of homes. If you don't get 142 00:09:04.039 --> 00:09:06.919 a credit score, it's hard to buy a home. If 143 00:09:06.960 --> 00:09:09.440 you don't get a home, it's hard to ask a 144 00:09:09.519 --> 00:09:13.399 demographic get into the American dream. That's all we do 145 00:09:13.440 --> 00:09:16.720 in this space right in Black History months are weekend 146 00:09:16.799 --> 00:09:20.200 because we want to explain this is very very important 147 00:09:20.559 --> 00:09:23.240 for you, especially if you are in that demographic. Right, 148 00:09:23.960 --> 00:09:26.679 So our next slide is going to talk around the 149 00:09:26.960 --> 00:09:29.919 actual impact vascene is going to affect your score. But 150 00:09:30.000 --> 00:09:33.039 let's actually do numbers. What does it actually mean? Again, 151 00:09:33.039 --> 00:09:35.200 if you're on Twitter, please try to look at the 152 00:09:35.879 --> 00:09:37.559 slide I'm sharing right now. It is going to give 153 00:09:37.559 --> 00:09:41.000 you the actual numbers of what it would mean if 154 00:09:41.000 --> 00:09:43.279 you have a low credit score or if you have 155 00:09:43.320 --> 00:09:46.360 a high credit score. And of course the guys on 156 00:09:47.080 --> 00:09:49.960 YouTube just like getting those visuals and I say, yeah, 157 00:09:50.000 --> 00:09:52.720 thanks guys for that. So if you look at this 158 00:09:53.200 --> 00:09:55.080 war was sharing now on the slide, this is the 159 00:09:55.200 --> 00:09:58.440 average mortgage scores based on your ficle. Your fycle is 160 00:09:58.480 --> 00:10:01.559 a type of credit scoring. You look at the fical score, 161 00:10:01.559 --> 00:10:04.200 that's going to be the first column, say six hundred 162 00:10:04.200 --> 00:10:06.840 and twenty. So remember we've talked about if you have 163 00:10:06.919 --> 00:10:10.080 a score of six hundred and twenty, that score is 164 00:10:10.120 --> 00:10:13.399 not that good. Right now, if you take a thirty 165 00:10:13.519 --> 00:10:17.159 year fixed strate mortgage because you have a score of 166 00:10:17.320 --> 00:10:21.360 six hundred and twenty, then that score is going to 167 00:10:21.440 --> 00:10:23.600 give you a range. This is just an example. Don't 168 00:10:23.600 --> 00:10:27.000 really this. Rates might change, but this is a picture 169 00:10:27.000 --> 00:10:29.320 of what's going to happen. Right use as a picture. 170 00:10:29.559 --> 00:10:32.600 As I'd say, December sixteen, twenty four, you'd have gotten 171 00:10:32.639 --> 00:10:36.679 an interest rate thirty year at seven point seven one percent. 172 00:10:37.600 --> 00:10:42.320 That translates to a monthly payment of two eight hundred 173 00:10:42.360 --> 00:10:46.320 and six dollars eleven cents, So your total interest costs 174 00:10:46.960 --> 00:10:50.600 over thirty years, it's going to be five hundred and 175 00:10:50.639 --> 00:10:55.120 forty nine thousand dollars one hundred and ninety nine. Right, so, 176 00:10:55.360 --> 00:10:59.159 if you borrow at seven point seven one percent on 177 00:10:59.279 --> 00:11:02.600 a thirty year fixed rate mortgage, you're gonna pay back 178 00:11:02.639 --> 00:11:07.039 the lender about five hundred and forty nine thousand dollars 179 00:11:07.080 --> 00:11:11.200 in interest. Because your credit score was six twenty, that 180 00:11:11.320 --> 00:11:13.960 meant to your interest you borrow is as seven point 181 00:11:13.960 --> 00:11:17.120 seven to one. But the same person right less than 182 00:11:17.159 --> 00:11:19.600 the same person had a credit score of eight hundred 183 00:11:19.639 --> 00:11:22.960 and forty, which is going to be exceptional. And then 184 00:11:23.000 --> 00:11:25.320 you try to buy that same house, the same house, 185 00:11:25.679 --> 00:11:31.360 same neighborhood, same credit terms, your ap R, your annual 186 00:11:31.440 --> 00:11:33.679 percentage rate, which is the interest that you're gonna pay 187 00:11:33.759 --> 00:11:37.080 right is going to fall from seven point seven and 188 00:11:37.120 --> 00:11:41.399 one to about six point sixty nine. That translates to 189 00:11:41.440 --> 00:11:44.080 a monthly pay off about two thousand, five hundred and 190 00:11:44.120 --> 00:11:48.879 sixty four dollars. Your total interest course you're gonna pay 191 00:11:48.879 --> 00:11:51.120 back to your lender is going to be four hundred 192 00:11:51.159 --> 00:11:54.480 and sixty two thousand, two hundred and twelve dollars, So 193 00:11:54.519 --> 00:11:57.679 you're going to go from five hundred and forty nine 194 00:11:57.799 --> 00:12:03.000 thousand dollars to four one hundred and sixty two thousand dollars, 195 00:12:03.480 --> 00:12:08.320 same house, same neighborhood. The difference is just going to 196 00:12:08.320 --> 00:12:12.440 be the interest rate that you are paying on the home, 197 00:12:12.759 --> 00:12:16.240 and what's driving that interest rate. A big factor driving 198 00:12:16.279 --> 00:12:20.080 that interest rate is your credit scoring. It's going to 199 00:12:20.159 --> 00:12:22.200 be the same if you want to buy a car, 200 00:12:22.440 --> 00:12:25.080 if you want to buy your phone. The higher your 201 00:12:25.120 --> 00:12:30.360 credit score, the lower your annual percentage rate your APR 202 00:12:30.600 --> 00:12:33.919 or your interest rates. Right, then the lower your monthly 203 00:12:34.000 --> 00:12:37.679 payment and the lower you pay to the vendor. So 204 00:12:37.840 --> 00:12:40.440 if you look at this right, it just tells you 205 00:12:40.519 --> 00:12:45.039 that how many folks do you think can afford two 206 00:12:45.080 --> 00:12:47.960 thousand and eight difference in buying a home. When you 207 00:12:48.000 --> 00:12:49.720 go to buy a home from your lender, they're going 208 00:12:49.799 --> 00:12:53.000 to ask you what's your income. They put your income 209 00:12:53.080 --> 00:12:56.840 in then they ask you they have to take a calculation. 210 00:12:57.080 --> 00:13:01.320 They cannot take money from your income that would make 211 00:13:01.440 --> 00:13:04.320 you not to be able to survive, so they would 212 00:13:04.320 --> 00:13:08.000 remove your living expenses and then look at the income 213 00:13:08.279 --> 00:13:11.600 less those living expenses and it's that expense that they 214 00:13:11.600 --> 00:13:14.440 would then take into to pay your mortgage. It's usually 215 00:13:14.519 --> 00:13:18.679 about thirty percent. So if you earn about three thousand dollars, 216 00:13:18.679 --> 00:13:22.679 for instance, a month, you can't afford the mortgage if 217 00:13:22.679 --> 00:13:25.039 you have a low credit score, because when they take 218 00:13:25.080 --> 00:13:29.759 away your living expenses, you can't afford two eight hundred 219 00:13:29.799 --> 00:13:32.960 and six dollars a month. So, as you can see, 220 00:13:33.000 --> 00:13:36.080 it's not just the interest rate that stops home ownership, 221 00:13:36.480 --> 00:13:39.799 especially home ownership for minorities. It's also the lack of 222 00:13:39.960 --> 00:13:44.399 knowledge about how to build your score and what a 223 00:13:44.440 --> 00:13:48.399 score even means. If you get into debt, if you 224 00:13:48.480 --> 00:13:53.279 have a lot of debts, then your APR, your interest 225 00:13:53.320 --> 00:13:55.519 rate is going to go high. Why is it going 226 00:13:55.600 --> 00:13:59.919 high because your credit scoring is low? So of course 227 00:14:00.120 --> 00:14:02.600 us that means the answer for us is that if 228 00:14:02.600 --> 00:14:06.840 we can raise our credits scoring up, we can reduce 229 00:14:06.960 --> 00:14:09.279 the interest rate that we're paying to the bank to 230 00:14:09.320 --> 00:14:13.840 borrow money. That reduce some monthly payment that then enables 231 00:14:13.960 --> 00:14:18.000 many people that have the same income to then qualify 232 00:14:18.120 --> 00:14:20.440 to buy a home. That it seems to buy your home, 233 00:14:20.480 --> 00:14:22.600 you have to have your down payment, you have your 234 00:14:23.519 --> 00:14:26.240 your debt to income. Yes, we're just focusing on the 235 00:14:26.320 --> 00:14:29.200 credit scoring for now. So this is what we want 236 00:14:29.200 --> 00:14:31.320 to focus on. That credit scoring. So you want to 237 00:14:31.399 --> 00:14:36.399 get that done because this allows you to qualify for 238 00:14:36.600 --> 00:14:40.000 more loan to buy that home. Very very important. This. 239 00:14:40.240 --> 00:14:44.279 If we just did the whole space today on just 240 00:14:44.360 --> 00:14:49.240 this slide, we're fantastic, right, We've learned. Okay, So now 241 00:14:49.279 --> 00:14:54.639 that we know that a high a high credit scoring 242 00:14:55.120 --> 00:14:59.200 allows us to get a cheaper loan because our credit 243 00:14:59.279 --> 00:15:03.639 scording is high, our APR will go down, which means 244 00:15:03.679 --> 00:15:07.080 our monthly pay is going to look better. How then 245 00:15:07.240 --> 00:15:10.360 can we then increase our fical score? So I'm gonna 246 00:15:10.399 --> 00:15:13.039 do do it in two parts. How can we increase 247 00:15:13.120 --> 00:15:16.440 means you already have a fical score? Correct? And then 248 00:15:16.440 --> 00:15:18.879 of course if you don't have a FCO score or 249 00:15:18.879 --> 00:15:21.039 you don't have a credit score, how can you get 250 00:15:21.080 --> 00:15:24.360 into this, into this whole system to be able to 251 00:15:24.399 --> 00:15:26.440 get yourself a credit score. So we'll try to do 252 00:15:26.519 --> 00:15:29.399 two of them. If you listen carefully, is they interlap? 253 00:15:29.960 --> 00:15:32.159 They interlap because it's gonna be the same thing you're 254 00:15:32.159 --> 00:15:34.480 gonna use to get one, and it's gonna be the 255 00:15:34.519 --> 00:15:36.879 same thing you're gonna use to increase your score or 256 00:15:36.919 --> 00:15:39.480 the interlap. But let's just take a look at what 257 00:15:39.519 --> 00:15:43.840 we need to do and how this is scored, how 258 00:15:43.879 --> 00:15:47.559 your credit scording is done. So again, guys, look at 259 00:15:47.559 --> 00:15:50.720 the visuals. They help you to visually follow as how 260 00:15:50.799 --> 00:15:53.679 adults lend. Adult lend better repetition and visuals. So I 261 00:15:53.679 --> 00:15:55.799 want you to look at the visuals and follow. It 262 00:15:55.799 --> 00:15:58.120 will make perfect sense to you. And of course, if 263 00:15:58.120 --> 00:16:01.559 you have a question, just quest to speak, send me 264 00:16:01.600 --> 00:16:03.879 your DM. I'll get your questions and I'm kind of 265 00:16:03.960 --> 00:16:06.679 your dms now as I'm looking at the slides. But 266 00:16:06.759 --> 00:16:09.120 once we're done, in about say fifteen minutes, I'll come 267 00:16:09.159 --> 00:16:12.360 back to your questions. Right, fantastic. So let's look at 268 00:16:12.360 --> 00:16:15.600 how you get how you raise your fical score or 269 00:16:15.639 --> 00:16:18.200 how you raise your credit scoring. If you look at this, 270 00:16:18.200 --> 00:16:20.600 this is from experience, right, So that's what I'm sharing. 271 00:16:21.600 --> 00:16:25.039 The most important thing to do when you have a 272 00:16:25.120 --> 00:16:27.720 credit is to first of all, go get credit. So 273 00:16:27.840 --> 00:16:29.519 first of all, go and get credit. We're going to 274 00:16:29.519 --> 00:16:32.279 talk about what type of credit. Again, like I said, 275 00:16:32.759 --> 00:16:35.399 most Africans that come from Africa to the West, we 276 00:16:35.480 --> 00:16:38.519 are conservative, ie in how we spend money. Have we 277 00:16:38.519 --> 00:16:41.720 manage your money. We don't look at credit the same 278 00:16:41.759 --> 00:16:45.960 way the folks here look at credit. For us, credit 279 00:16:46.000 --> 00:16:49.120 is going to be Am I getting to bondage? Am 280 00:16:49.120 --> 00:16:52.679 I get into servitude? Or I want to save and more? 281 00:16:52.879 --> 00:16:56.120 That's not how to look at it. Credit is an enabler, 282 00:16:56.840 --> 00:17:01.000 not a not a what's the what I'm trying to get? Now, 283 00:17:01.440 --> 00:17:03.919 you have to get credits in the West, that's how 284 00:17:04.000 --> 00:17:06.680 they operate right when you're in Rome do as Romans. 285 00:17:06.960 --> 00:17:09.559 So what type of credits is very very important. I 286 00:17:09.640 --> 00:17:12.759 would say the easiest want to get, or the one 287 00:17:12.759 --> 00:17:15.200 I would advise to get, is to get a credit 288 00:17:15.279 --> 00:17:19.559 card that has zero annual fees. So just holding the 289 00:17:19.599 --> 00:17:23.480 card has no annual fees, very very important. And if 290 00:17:23.519 --> 00:17:25.400 that card can give you a reward, maybe they give 291 00:17:25.400 --> 00:17:28.319 you cash back, fantastic. So let's say I get a 292 00:17:28.359 --> 00:17:31.279 credit card for five hundred dollars, it's got no annual 293 00:17:31.319 --> 00:17:33.359 fees and it gives me a cash back. That's a 294 00:17:33.400 --> 00:17:38.480 fantastic way to start my credit. Remember, no annual fees, 295 00:17:38.559 --> 00:17:40.599 so you don't just pay for getting that credit. Right, 296 00:17:40.880 --> 00:17:42.640 So now I have credits. So what do I do? 297 00:17:43.079 --> 00:17:46.640 Number two? I use the credit so I go. I 298 00:17:46.640 --> 00:17:49.759 want to buy gas. I buy gas fifty dollars gas 299 00:17:49.759 --> 00:17:53.079 to fill my tank. When I buy the gas on Monday, 300 00:17:53.559 --> 00:17:56.440 I can wait on Sunday and pay down the card. 301 00:17:57.680 --> 00:18:01.400 You buy gas, you pay down the card. You can 302 00:18:01.480 --> 00:18:05.720 pay down the card anytime. Credit cards are paid end 303 00:18:05.759 --> 00:18:07.960 of the month. But you can pay down the credit 304 00:18:08.039 --> 00:18:12.440 card anytime. You buy guys on Monday, you pay on Sunday. 305 00:18:12.440 --> 00:18:14.480 You can pay on Tuesday. You can pay on money 306 00:18:14.480 --> 00:18:17.599 if you want, just pay the card. If you pay 307 00:18:18.599 --> 00:18:23.200 on time, you are getting thirty five percent of your 308 00:18:23.240 --> 00:18:29.039 score towards that credit scoring. Your payment history is extremely 309 00:18:29.240 --> 00:18:34.640 influential in how you get a credit scoring very so 310 00:18:34.759 --> 00:18:38.440 you can see that if you that's it, there's no 311 00:18:38.720 --> 00:18:42.440 financial you're involved. Get a card or get a loan 312 00:18:42.960 --> 00:18:46.519 and pay on time. That's it. Get a card, get 313 00:18:46.519 --> 00:18:49.680 a loan, pay on time. You get to five percent, 314 00:18:50.680 --> 00:18:54.000 extremely influential. What's the next thing. You want to look at? 315 00:18:54.319 --> 00:18:57.039 How much you owe on that card? So yeah, we 316 00:18:57.079 --> 00:18:59.279 get it. Life happens. You might have a credit card 317 00:18:59.480 --> 00:19:01.359 and your card goes bad and you've got to take 318 00:19:01.400 --> 00:19:03.240 an uber, You've got to go buy food, so you 319 00:19:03.319 --> 00:19:06.240 put a balance on that card. That you don't pay 320 00:19:06.279 --> 00:19:09.039 back in that month. We get it. If you are 321 00:19:09.039 --> 00:19:11.640 going to put a balance on your card, do not 322 00:19:11.839 --> 00:19:16.599 put more than thirty percent of what the loan approve 323 00:19:16.680 --> 00:19:18.559 of that card is. So let's say you've got a 324 00:19:18.599 --> 00:19:21.440 card for a thousand dollars and you have to carry 325 00:19:21.440 --> 00:19:24.960 over a balance. Don't carry over more than three hundred 326 00:19:25.000 --> 00:19:27.160 dollars to the next month. So you're going to pay 327 00:19:27.279 --> 00:19:30.119 interest on that turn dollars, but try not to carry 328 00:19:30.279 --> 00:19:33.319 more than turn dollars. That's thirty percent. The more you 329 00:19:33.359 --> 00:19:36.559 can keep your score or the what you carry below 330 00:19:37.440 --> 00:19:41.480 thirty percent, the more you can you can enjoy that 331 00:19:41.640 --> 00:19:45.559 amount owned credit that is about thirty percent. Your total 332 00:19:45.680 --> 00:19:50.759 credit usage is highly influential. It's not extremely influential, it's 333 00:19:50.839 --> 00:19:55.119 highly influential towards your score. So your payments history is 334 00:19:55.119 --> 00:19:58.079 the most important fact of pain on time. Then how 335 00:19:58.160 --> 00:20:00.359 much of the of the amount are you owning. If 336 00:20:00.359 --> 00:20:02.640 you have your credit card for a thousand and you 337 00:20:02.759 --> 00:20:05.880 only take thirty percent over the next month, you're fine. 338 00:20:06.160 --> 00:20:09.759 Try to keep it below as much as possible. Then 339 00:20:09.799 --> 00:20:12.400 what else length of credit history? This way it did 340 00:20:12.440 --> 00:20:14.119 get you, guys most of the time, because you get 341 00:20:14.160 --> 00:20:17.839 into the US, or you're into the West, into UK 342 00:20:18.000 --> 00:20:21.279 and you say, I'm going to wait till i'm organized 343 00:20:21.359 --> 00:20:24.839 before I get credit. You see, credit scoring is fifteen 344 00:20:25.000 --> 00:20:28.559 The length of your credit history is fifteen percent of 345 00:20:28.640 --> 00:20:33.079 your score, so total how long you've had the credits, 346 00:20:33.079 --> 00:20:36.240 how long you've had your credit card is very important, 347 00:20:36.519 --> 00:20:39.160 So don't wait as long as you have the opportunity, 348 00:20:39.160 --> 00:20:40.960 even if it's just going to be a Star card 349 00:20:41.400 --> 00:20:46.000 or a secured credit card, get it, get it and 350 00:20:46.160 --> 00:20:51.359 start to confirm to getting that fifteen percent of your score. 351 00:20:51.480 --> 00:20:54.519 How long you've had the card is very very important. 352 00:20:54.559 --> 00:20:57.799 So that means if you have a card that that 353 00:20:57.960 --> 00:21:00.200 was your first card, you've had that card for a 354 00:21:00.279 --> 00:21:04.200 long time, try not to close that card because you're 355 00:21:04.200 --> 00:21:06.319 going to lose out that fifteen percent. I get it, 356 00:21:06.359 --> 00:21:08.359 if you saved. I mean if you've got to card 357 00:21:08.480 --> 00:21:12.240 maybe three months earlier, and you prefer that a card, maybe, 358 00:21:12.880 --> 00:21:16.240 but the length of time we've had your credit counts, 359 00:21:16.559 --> 00:21:19.480 so try not to close out those old The first 360 00:21:19.559 --> 00:21:22.279 card that's very very old one is giving you about 361 00:21:22.319 --> 00:21:25.559 fifty percent of your score. Right, so as soon as 362 00:21:25.599 --> 00:21:30.039 you can get credit, I've told you how to use it. 363 00:21:29.759 --> 00:21:32.960 It's got no annual fees, and it's got to cash back. 364 00:21:33.480 --> 00:21:38.359 Use it, pay back, use it, pay back right, Okay, 365 00:21:39.160 --> 00:21:42.920 new credit. This is important. One you go to a store, 366 00:21:43.000 --> 00:21:45.440 they'll they'll tell you, oh hi, yeah, your grocery is 367 00:21:45.519 --> 00:21:48.079 ten is five hundred dollars. But if you apply for 368 00:21:48.119 --> 00:21:50.960 the store credit, you can get a credit card and 369 00:21:51.000 --> 00:21:53.640 you can give you twenty percent immediate credit to pay 370 00:21:53.680 --> 00:21:58.799 your groceries. Always say no. Every time they do an inquiry. 371 00:21:58.839 --> 00:22:01.039 When they tell you do you want to card, they 372 00:22:01.039 --> 00:22:03.640 are gonna do an inquiry on you. They're gonna run 373 00:22:03.720 --> 00:22:07.240 what we say, they're gonna run your credit. If they 374 00:22:07.400 --> 00:22:10.519 run your credit, that's gonna be a hit on your score. 375 00:22:11.039 --> 00:22:13.640 The more times you run your credit, the more you 376 00:22:13.720 --> 00:22:18.680 lose ten percent of your score. So new accounts opened 377 00:22:18.759 --> 00:22:22.119 are moderately influential, but they affect your credit scoring. So 378 00:22:22.160 --> 00:22:24.680 what I mean is if you if you go to 379 00:22:24.240 --> 00:22:26.480 the to the banks to get a credit card, you 380 00:22:26.519 --> 00:22:28.440 go to the store to get a credit card, you 381 00:22:28.480 --> 00:22:30.440 go to another banks get a credit card, you keep 382 00:22:30.440 --> 00:22:32.799 on looking for credit. The system tracks you, and the 383 00:22:32.799 --> 00:22:35.559 system says he's looking for credit? Why is it looking 384 00:22:35.599 --> 00:22:38.559 for credit? It dings you so it takes your score down. 385 00:22:39.400 --> 00:22:42.240 So if you don't need credit, don't apply for credit. 386 00:22:42.319 --> 00:22:45.599 If you've got one, that's fine. Build on one credit card, 387 00:22:45.880 --> 00:22:50.160 don't go get multiple because the more you apply for credit, 388 00:22:50.559 --> 00:22:53.559 the more it brings you. And they might not tell 389 00:22:53.599 --> 00:22:55.799 you we're gonna run your credit. They will tell you, 390 00:22:56.079 --> 00:22:58.160 do you want to apply for a store card, it's 391 00:22:58.200 --> 00:23:01.279 gonna make you pay for taty percent off. Or you 392 00:23:01.319 --> 00:23:03.720 want to travel on a holiday and the airline will 393 00:23:03.720 --> 00:23:06.640 tell you do you want to get a fifty percent 394 00:23:06.680 --> 00:23:10.599 discount on your ticket? That means that's are offering you credit. 395 00:23:11.000 --> 00:23:13.680 They might not say it openly, right, so be very 396 00:23:13.720 --> 00:23:16.480 very clear. Try not to apply for credit if you 397 00:23:16.519 --> 00:23:19.319 don't need it. Very very important. And then this last 398 00:23:19.319 --> 00:23:21.839 one is one that's not doing understood. It's called the 399 00:23:21.960 --> 00:23:25.920 credit mix. Credit mix is going to be ten percent 400 00:23:26.079 --> 00:23:29.000 of your score. What does credit mix mean? It means 401 00:23:29.079 --> 00:23:36.119 if you have three credit cards, that's three credit products. Fine, 402 00:23:36.200 --> 00:23:39.119 you have that, that's fine. But if you have one 403 00:23:39.200 --> 00:23:44.480 credit card, one personal loan, one auto loan instead of 404 00:23:44.519 --> 00:23:49.240 having three credit cards, it kind of looks better on 405 00:23:49.400 --> 00:23:53.079 how you are scored. So the mix of your credit 406 00:23:53.519 --> 00:23:57.759 is more important. Than the number of the credit that 407 00:23:57.799 --> 00:24:00.599 you have. So you're start having three credit card, have 408 00:24:00.720 --> 00:24:04.880 one credit card, have your personal loan, have your auto loan. 409 00:24:05.000 --> 00:24:08.480 It you can afford it, right, So one says, I 410 00:24:08.599 --> 00:24:11.799 guess you're in this text now. So one says, should 411 00:24:11.839 --> 00:24:15.200 I take a loan to buy a car? I have 412 00:24:15.279 --> 00:24:18.200 the money to pay for the car. I always advise folks, 413 00:24:18.240 --> 00:24:20.599 this is the question I get all the time. If 414 00:24:20.599 --> 00:24:22.640 you want to buy a car, the car is ten 415 00:24:22.720 --> 00:24:26.519 thousand dollars and you have ten thousand dollars cash, you 416 00:24:26.519 --> 00:24:29.559 know what I'll do. I'll buy the car in cash 417 00:24:30.039 --> 00:24:34.160 for nine thousand, and I'll take credit for a thousand, 418 00:24:34.279 --> 00:24:37.799 even five hundred. I'll take an auto loan for five 419 00:24:37.880 --> 00:24:42.319 hundred dollars for five years, just so it registers on 420 00:24:42.480 --> 00:24:45.000 my credit. I have the money, I'll take the money, 421 00:24:45.480 --> 00:24:48.559 put it in the bank, and do an automatic payment 422 00:24:48.720 --> 00:24:52.599 every month from that bank to pay down the auto loan. 423 00:24:52.920 --> 00:24:56.720 So I'm getting ninety five percent. I paid cash for it. 424 00:24:56.799 --> 00:24:59.680 The five hundred dollars I finance just so I get 425 00:24:59.680 --> 00:25:02.559 into the credit reports so that it shows that I 426 00:25:02.559 --> 00:25:06.279 have an auto loan and I'm paying on time. It's 427 00:25:06.319 --> 00:25:10.200 not the amount that you borrow. As important is that 428 00:25:10.240 --> 00:25:13.720 you are paining back on time. Pain Back on time 429 00:25:13.839 --> 00:25:17.480 is thirty five percent. Amount you owe is thirty percent. 430 00:25:18.039 --> 00:25:22.559 Length of credit history is fifteen percent, new credits, new inquiries. 431 00:25:22.599 --> 00:25:25.079 When you go ask for credit, that's the negative ten 432 00:25:25.160 --> 00:25:28.000 percent of your score. The mix of your credit is 433 00:25:28.000 --> 00:25:31.359 going to be about ten percent. Guys, this is how 434 00:25:31.400 --> 00:25:33.680 you build your credit. This is how you do it. 435 00:25:33.759 --> 00:25:36.920 There's nothing here you cannot do. There is no magic, 436 00:25:37.279 --> 00:25:41.880 there is no complicated formula. It's as simple as taking 437 00:25:41.920 --> 00:25:47.359 the loan and paying alone. You don't wait till you 438 00:25:47.440 --> 00:25:50.599 want to buy a house, then you try to build 439 00:25:50.640 --> 00:25:54.079 your credit. Doesn't work that way. You've got to start 440 00:25:54.119 --> 00:25:57.160 to build your credit when you get into America. You say, Okay, 441 00:25:57.200 --> 00:25:59.079 in five years we're going to buy a house, or 442 00:25:59.119 --> 00:26:02.839 in three years we're gonna firehouse. Start today, because you're 443 00:26:02.839 --> 00:26:07.079 going to have four years of credit pain on time. 444 00:26:07.559 --> 00:26:10.759 What means your score would be the eight hundred. So 445 00:26:10.799 --> 00:26:12.960 when you then apply for that loan, you're going to 446 00:26:13.039 --> 00:26:15.960 get the prime, the very very beneficial rate that I 447 00:26:16.119 --> 00:26:19.359 reserved for the very best borrowers. And how can you 448 00:26:19.400 --> 00:26:23.279 do it? Like I've told you, credit credit card paid 449 00:26:23.319 --> 00:26:26.960 on time, don't carry over a balance. So they are 450 00:26:26.960 --> 00:26:32.920 what we call secured credit cards. Secured credit cards, this 451 00:26:33.000 --> 00:26:35.640 is also what we call secured personal news. I'm going 452 00:26:35.720 --> 00:26:38.599 to get to them next in the next slide, but 453 00:26:38.680 --> 00:26:40.920 this is what you want to get, and I'll explain 454 00:26:40.960 --> 00:26:42.759 to you why they are different from the other credit 455 00:26:42.839 --> 00:26:45.160 cards and why you need them. So this this is 456 00:26:45.200 --> 00:26:47.880 the slide, guys, the slide about how much you pay, 457 00:26:48.319 --> 00:26:49.680 and the slide about what you pay. This is what 458 00:26:49.759 --> 00:26:52.000 I don't want to get true to you guys today. 459 00:26:52.200 --> 00:26:58.039 It's very important you understand this, especially especially as a 460 00:26:58.119 --> 00:27:02.160 quote unquote is a minority on immigrants and all that. 461 00:27:02.359 --> 00:27:05.519 You've got to know how these things work, and this 462 00:27:05.559 --> 00:27:10.200 is how they work. This is why folks get cheaper 463 00:27:10.240 --> 00:27:14.920 credit than you. It's not racism, it's knowledge. You've got 464 00:27:14.960 --> 00:27:19.680 to understand how it works. Then you use that knowledge 465 00:27:20.039 --> 00:27:23.160 to your advantage. Right, very very important. They're gonna have 466 00:27:23.200 --> 00:27:27.359 shed a new slide credits called ingredients tentified percent. Just 467 00:27:28.079 --> 00:27:32.039 copy this page, stick it somewhere, talk to your partner 468 00:27:32.079 --> 00:27:36.160 about it. This is your exam so walk to the answer. 469 00:27:36.240 --> 00:27:38.079 This is how they are gonna score. You know, most 470 00:27:38.119 --> 00:27:41.640 of us we go get jams scoring metrics, how JAMP marks. 471 00:27:42.039 --> 00:27:43.960 This is how they're gonna mark your credit. So walk 472 00:27:44.000 --> 00:27:47.400 to the answer. Get a loan, pay on time, don't 473 00:27:47.400 --> 00:27:50.559 carry a balance, get to or three types of loans, 474 00:27:50.759 --> 00:27:55.000 don't apply for new credit. That's all you have to do, guys, 475 00:27:55.240 --> 00:27:58.640 and you're gonna get to eight hundred. That's it. That's it. 476 00:27:58.799 --> 00:28:05.200 There's nothing implicated about this. Let's go be further. So 477 00:28:05.240 --> 00:28:07.400 that's what I've said here, right, So this is that 478 00:28:07.519 --> 00:28:12.279 I'm sharing how you want to include pre your score 479 00:28:12.480 --> 00:28:14.400 and the person I put there and I put it 480 00:28:14.440 --> 00:28:19.160 in all caps. Pay on time. Once you pay on time, 481 00:28:19.759 --> 00:28:23.119 you are essentially saying that you are a good borer 482 00:28:23.160 --> 00:28:25.480 when you say the space I said, your credit, show 483 00:28:26.000 --> 00:28:29.599 your credits. Care shows how responsible you are with credit. 484 00:28:29.680 --> 00:28:33.160 The responsibility is if you pay on time. So pay 485 00:28:33.200 --> 00:28:38.240 on time, keep your card balances low, expand your credit file. 486 00:28:39.160 --> 00:28:43.599 It's not the number but the type of credit. So 487 00:28:44.119 --> 00:28:46.960 you don't want to have three credit cards, rather have 488 00:28:47.039 --> 00:28:50.160 one credit card, one personal loan, one auto loan. And 489 00:28:50.160 --> 00:28:52.079 I've explained to you about this autolon thing. If you 490 00:28:52.119 --> 00:28:54.759 can afford to buy the card cash pay nine five 491 00:28:54.759 --> 00:28:58.000 percent in cash, take five percent credits. They will, They'll 492 00:28:58.000 --> 00:29:03.119 do it for you, right, So expand the type authorized user. 493 00:29:03.599 --> 00:29:05.920 Many of you still cannot be able to afford credit 494 00:29:05.920 --> 00:29:07.799 even with all this stuff. Maybe you don't end enough. 495 00:29:07.839 --> 00:29:10.960 Maybe you're a nanny, maybe you're a students so you 496 00:29:11.000 --> 00:29:14.039 don't have money even to pay for credit card. That's fine. 497 00:29:14.319 --> 00:29:16.680 Do you have an uncle? Do you have an auntie? 498 00:29:16.920 --> 00:29:20.200 Do you have a sister or brother over there? Can 499 00:29:20.240 --> 00:29:22.880 they add you as an authorized user? They don't have to, 500 00:29:22.920 --> 00:29:25.559 They don't have to give you the card. They can 501 00:29:25.799 --> 00:29:29.079 add you on their own card as an authorized user. 502 00:29:29.240 --> 00:29:32.519 Ask the bank if you then use that card, does 503 00:29:32.599 --> 00:29:35.079 it show up on your credit scoring? If they say yes, 504 00:29:35.160 --> 00:29:38.119 this is a fantastic way to do it. Many kids 505 00:29:38.119 --> 00:29:42.200 that are maybe sixteen, it's not their credit, their parents credit, 506 00:29:42.240 --> 00:29:45.079 but they are on the card so it reflects on 507 00:29:45.160 --> 00:29:49.039 their scoring. So for you, you're a student, you're going to university, 508 00:29:49.079 --> 00:29:51.039 you're not ed any income. You just want to go read. 509 00:29:51.240 --> 00:29:55.039 But you have a sister in the US, right, ask her, 510 00:29:55.440 --> 00:29:57.400 I can you add me on your card? You don't 511 00:29:57.400 --> 00:29:59.400 have to give them the card, so to add you 512 00:29:59.519 --> 00:30:03.200 on the card as an authorized user? If the bank says, yes, 513 00:30:03.440 --> 00:30:07.119 that's calling reflecting your credit report. Then fantastic. As she's 514 00:30:07.279 --> 00:30:10.079 using her credit, you are also getting that credit because 515 00:30:10.319 --> 00:30:13.519 you are also a quote unquote user on that credit. 516 00:30:13.880 --> 00:30:15.799 So that's a good way to do it without you 517 00:30:16.920 --> 00:30:19.839 getting credit. Right. Don't apply for credit you don't need. 518 00:30:19.920 --> 00:30:22.680 Like I've told you, don't go to the store and say, oh, 519 00:30:22.680 --> 00:30:25.079 you're going to get reduced credit. If you buy, you're 520 00:30:25.079 --> 00:30:27.599 going to reduce credit. It's a trap, right because the 521 00:30:27.599 --> 00:30:30.880 more you applied, the more you get that thing on 522 00:30:30.920 --> 00:30:32.559 your credit care it takes you down, not a lot, 523 00:30:32.640 --> 00:30:35.079 but it takes you down. Don't apply. It also tells 524 00:30:35.079 --> 00:30:36.519 them a story that will ask you why are you 525 00:30:36.519 --> 00:30:39.759 looking for credit? Right? Why you looking for credit? Always 526 00:30:39.799 --> 00:30:42.480 review your credit report. So we've talked a lot about 527 00:30:42.480 --> 00:30:47.000 the creditscore. The credit report is like yo, they give 528 00:30:47.039 --> 00:30:49.880 you a report and they tell you, hey, this is 529 00:30:50.000 --> 00:30:53.440 what you've done this month with your credit. It's very 530 00:30:53.559 --> 00:30:57.319 important you hear it because of fraud an identity tips. 531 00:30:57.400 --> 00:30:59.400 I'm going to get to that why this is important. 532 00:30:59.640 --> 00:31:02.400 So I think guys, by now we've got the answer 533 00:31:02.480 --> 00:31:05.680 to the whole space. Number one, pay, just pay your 534 00:31:05.680 --> 00:31:08.799 bills on time and number two, keep your balance low 535 00:31:09.200 --> 00:31:12.759 number three, expand your call your number of types you have. Right, 536 00:31:12.920 --> 00:31:14.640 there are many ways to do this, and I'm going 537 00:31:14.720 --> 00:31:16.480 to get into the Let me see if I have 538 00:31:16.480 --> 00:31:20.319 a slice specifically for secured credit. If I don't, I'll 539 00:31:20.359 --> 00:31:23.440 talk around what secured credit means. I think you guys 540 00:31:23.440 --> 00:31:26.279 should go do that as a whole. I don't let 541 00:31:26.279 --> 00:31:29.240 me talk about secure credit. If you go to a 542 00:31:29.359 --> 00:31:32.160 bank and you want to get a credit card, it's 543 00:31:32.240 --> 00:31:34.279 the bank that is giving you the credit card, so 544 00:31:34.319 --> 00:31:37.240 it's bank's money. So you have the bank it's going 545 00:31:37.279 --> 00:31:39.359 to say, well, we don't know you, so I'm going 546 00:31:39.440 --> 00:31:41.880 to run your credit. We're going to pull your fight ope, 547 00:31:41.880 --> 00:31:43.200 and I'm going to see if we should give you 548 00:31:43.200 --> 00:31:45.240 a credit card, so you run your credit. If you're 549 00:31:45.279 --> 00:31:47.039 just doing a new guy to the United States, of 550 00:31:47.039 --> 00:31:48.519 course you won't have any credit, so you're gonna come 551 00:31:48.599 --> 00:31:50.960 up as zeros. They might tell you, hey, I'm sorry, 552 00:31:50.960 --> 00:31:52.400 we don't know who you are, so we're gonna give 553 00:31:52.400 --> 00:31:55.240 you a credit card. End of story. But their cards 554 00:31:55.319 --> 00:31:58.680 called secured credit. So when you go to your bank 555 00:31:58.880 --> 00:32:01.279 or your credit union, you are them. Because if you 556 00:32:01.400 --> 00:32:03.640 just new an America just ask them, do you guys 557 00:32:03.720 --> 00:32:06.920 offer secured credit? If they say yes, what's the secure credit? 558 00:32:06.960 --> 00:32:10.039 It means you're going to take cash and give the bank. 559 00:32:10.640 --> 00:32:13.240 The bank will give you a credit card. So it's 560 00:32:13.240 --> 00:32:15.119 not the bank giving you the money. No, the bank 561 00:32:15.160 --> 00:32:17.960 is saying, give us cash. Then will give you a 562 00:32:18.000 --> 00:32:20.000 real credit card. Why do you want to do that? 563 00:32:20.079 --> 00:32:22.640 Because you need the credit card to get a credit 564 00:32:22.759 --> 00:32:25.880 score and a credit report. If you simply use your 565 00:32:26.079 --> 00:32:30.680 debit card, it doesn't give you a credit score. Most times, 566 00:32:30.720 --> 00:32:33.279 if you want to rent a card America, you've got 567 00:32:33.279 --> 00:32:35.880 to give them a credit card, not a debit card. 568 00:32:36.559 --> 00:32:39.119 Very important. So if you don't, if you've tried to 569 00:32:39.119 --> 00:32:40.519 get a normal credit card, they don't give it a 570 00:32:40.519 --> 00:32:43.200 normal credit card. Go to the bank called credit Credit, 571 00:32:43.240 --> 00:32:46.240 you say, can I get a secured card? So you 572 00:32:46.400 --> 00:32:49.480 give them money, they give you a credit card. How 573 00:32:49.559 --> 00:32:51.680 much do you do a secure card for? Not a lot, 574 00:32:52.240 --> 00:32:55.200 even if it's one hundred dollars. That's all you need 575 00:32:55.680 --> 00:32:58.319 because you're not getting that card to go spend. You 576 00:32:58.359 --> 00:33:02.240 are getting that card to estabi credit history. What I 577 00:33:02.319 --> 00:33:04.759 use that card for? If I have a car, use 578 00:33:04.799 --> 00:33:07.160 that card to pay for gas? If you don't have 579 00:33:07.200 --> 00:33:09.880 a car, pick a grocery, or pick a utility and 580 00:33:09.920 --> 00:33:13.119 pay for that utility. So it's every month your card 581 00:33:13.200 --> 00:33:17.200 is paying your power bill. End of story. Pay you 582 00:33:17.279 --> 00:33:19.720 pay your power bill, you pay the card off, you 583 00:33:19.759 --> 00:33:21.880 pay your power bill, you pay the cardoff, or you 584 00:33:21.960 --> 00:33:24.160 buy gas, you pay your card, you buy gas. The 585 00:33:24.440 --> 00:33:27.960 end of story. You don't have to complicate it because 586 00:33:27.960 --> 00:33:31.799 the secure credit card does not report as a secure 587 00:33:31.839 --> 00:33:33.920 credit card. It reports as a credit card. It's the 588 00:33:33.960 --> 00:33:36.400 same credit card that any of what everybody else has. 589 00:33:36.519 --> 00:33:39.759 So you're going to see that even without a credit scoring, 590 00:33:40.559 --> 00:33:44.839 that credits profile you then get. That's how you establish 591 00:33:45.119 --> 00:33:48.200 that credit profile. If you do that for a year, 592 00:33:49.039 --> 00:33:52.000 then the credit company will report that, oh, this person 593 00:33:52.519 --> 00:33:55.000 has a credit card and has been paid on time. 594 00:33:55.119 --> 00:33:57.240 Then next time you go to the bank they try 595 00:33:57.240 --> 00:33:59.119 to pull your credit. Of course they will see your 596 00:33:59.119 --> 00:34:02.960 credit file there because you have a secured credit which 597 00:34:02.960 --> 00:34:06.759 you have in pain on time. That's how you establish credit. 598 00:34:06.880 --> 00:34:09.239 It's chicken and egg. They will tell you you need 599 00:34:09.239 --> 00:34:12.039 a credit card to get a credit score, but you 600 00:34:12.039 --> 00:34:14.960 need a credit score to get a credit card, So 601 00:34:15.039 --> 00:34:17.119 it's round or round. The way you break through is 602 00:34:17.159 --> 00:34:19.719 through a secured credit, and you can get a secured 603 00:34:19.880 --> 00:34:23.159 personal loan exactly the same thing. You go to the bank, 604 00:34:23.360 --> 00:34:25.960 you say you want a personal loan, They run your credit, 605 00:34:25.960 --> 00:34:28.119 they don't see you. They won't give you a personal loan. 606 00:34:28.320 --> 00:34:29.679 But if you go to the bank and say do 607 00:34:29.719 --> 00:34:33.760 you offer personal secured personal loans, they say yes. You 608 00:34:33.840 --> 00:34:36.559 give the bank money. The bank will take that money 609 00:34:36.639 --> 00:34:38.880 giving them and give it back to you as a loan. 610 00:34:39.079 --> 00:34:42.519 Why because when you pay back that loan, the bank 611 00:34:42.599 --> 00:34:45.400 is going to report to the credit bureau that you 612 00:34:45.559 --> 00:34:48.599 are a sicky, that you are a responsible borrower. You 613 00:34:48.639 --> 00:34:52.239 are paying back your loans. That's what you need. So 614 00:34:52.360 --> 00:34:55.920 don't wait. Don't wait and say after two years or 615 00:34:55.960 --> 00:34:58.719 after I'm in school, I'll go get credit. No, as 616 00:34:58.719 --> 00:35:02.440 soon as you enter go apart for credit or secure credit. 617 00:35:02.679 --> 00:35:06.559 Get your credit history going, get secure credit, paid on time, 618 00:35:07.159 --> 00:35:10.320 keep your balances low. Let me go into a bit 619 00:35:10.360 --> 00:35:13.920 more detail. Right about the space says, how can you 620 00:35:14.000 --> 00:35:16.559 fix your credit? We've talked a lot a lot about today. 621 00:35:16.880 --> 00:35:21.519 How can you establish and that's a small credit. What 622 00:35:21.920 --> 00:35:24.679 is bad in you that when if you don't pay 623 00:35:24.679 --> 00:35:27.719 on time, it's bad, but it's not it's not life killing. Right, 624 00:35:27.760 --> 00:35:30.599 If you don't pay your own credit card on time, Yeah, 625 00:35:30.760 --> 00:35:33.320 maybe one one month, two months is not gonna kill you. Right. 626 00:35:33.360 --> 00:35:36.239 It's bad, but not gonna kill you. When you have 627 00:35:36.440 --> 00:35:40.760 things like you didn't pay your card for ninety days, 628 00:35:41.440 --> 00:35:44.039 or there was a there was a shot sale, which 629 00:35:44.039 --> 00:35:47.039 means you own the home, right, you couldn't pay the home. 630 00:35:47.320 --> 00:35:50.960 The bank took your home and so to pay it back. 631 00:35:51.440 --> 00:35:55.239 Or you were bankrupt, or there was the foreclosure. Those 632 00:35:55.280 --> 00:35:59.199 things are what we call negative issues. They are negative, 633 00:35:59.559 --> 00:36:05.159 they're very impactful, and they stay on your credit report. 634 00:36:05.840 --> 00:36:07.840 So if you go and borrow money to buy a 635 00:36:07.880 --> 00:36:11.320 house and you can no longer pay for that house 636 00:36:11.960 --> 00:36:15.800 and the bank has to come in to sell that house, right, 637 00:36:16.159 --> 00:36:19.320 they put on your credit report and they leave it there. 638 00:36:19.800 --> 00:36:23.280 It can be there for sometimes five years, sometimes seven years. 639 00:36:23.639 --> 00:36:27.000 This is where it hurts you because you can't tell 640 00:36:27.039 --> 00:36:29.920 it a normal loan, like a mortgage loan. If you 641 00:36:29.960 --> 00:36:31.599 have that sort of thing on your report, it's the 642 00:36:31.719 --> 00:36:34.679 negative report and all the lend that's not just your bank, 643 00:36:35.360 --> 00:36:38.280 all the lends in America will see it. That's the 644 00:36:38.320 --> 00:36:40.239 whole idea. So if you look at the slie of 645 00:36:40.320 --> 00:36:43.920 just shared. Now, this guy has a credit scoreing of 646 00:36:43.960 --> 00:36:45.960 so let's pick the biggest one. This guy has a 647 00:36:46.000 --> 00:36:49.440 credit call of seven hundred and eighty, so he uses 648 00:36:49.519 --> 00:36:51.400 care of seven hundred and eighty, and he got to 649 00:36:51.519 --> 00:36:55.679 a mortgage right he didn't pay. So if this guy 650 00:36:55.840 --> 00:36:59.719 was bankrupt bankrupt, his credit scode will go from seven 651 00:36:59.760 --> 00:37:03.840 hundred eighty to five hundred and sixty, just the range 652 00:37:03.960 --> 00:37:06.599 five forty to five sixty, So you lose about two 653 00:37:06.719 --> 00:37:10.639 hundred just because it was bankrupt. If it's a foreclosure 654 00:37:10.800 --> 00:37:14.320 of it goes from seven eighty to about six twenty 655 00:37:15.000 --> 00:37:19.079 short sale seven eighty to six twenty ninety days later 656 00:37:19.159 --> 00:37:23.159 on a mortgage seven eighty to six fifty thirty days 657 00:37:23.239 --> 00:37:26.679 later on a mortgage seven eighty to six seventy. So 658 00:37:26.800 --> 00:37:29.480 when you are late on paying your mortgage, it affects 659 00:37:29.480 --> 00:37:32.840 your credit score. And mortgage is just world ways in here. 660 00:37:32.920 --> 00:37:35.079 We can use auto loans, we can use any loan. 661 00:37:35.519 --> 00:37:37.960 If you are late, it affects your credit scoring, which 662 00:37:37.960 --> 00:37:40.320 is going back to that point, you made pay your 663 00:37:40.360 --> 00:37:42.920 bills on time, end of story. Don't even if you 664 00:37:43.039 --> 00:37:44.760 just take that as you'll take away from today. Just 665 00:37:44.840 --> 00:37:47.760 pay the bill on time. There's not a beg. Once 666 00:37:47.800 --> 00:37:50.760 you pay your bills on time, you're fine, And if 667 00:37:50.800 --> 00:37:54.119 you don't, the effects are gonna be really lily devastating 668 00:37:54.199 --> 00:37:55.639 for you. Because you've seen it here, you can go 669 00:37:55.679 --> 00:37:59.280 from this is just your score from seven eighty to 670 00:37:59.480 --> 00:38:03.480 five ondre forty and it stays on your score. Yeah, 671 00:38:03.519 --> 00:38:05.679 I just if you want to speak, just requests. We're 672 00:38:05.679 --> 00:38:07.239 going to be done in about two slides and then 673 00:38:07.519 --> 00:38:10.000 we'll just take questions. Yeah, so it stays on your score, 674 00:38:10.079 --> 00:38:12.280 so you don't want to have dounder your score. But 675 00:38:12.320 --> 00:38:15.119 it's not even the bad part. If your score gets affected, 676 00:38:15.159 --> 00:38:17.480 you can still recover. Someone there still, Okay, I ave 677 00:38:17.480 --> 00:38:20.280 already bought the house, I was laid. My score went down. 678 00:38:20.280 --> 00:38:22.320 Who cares after they brought the house? I hear you, 679 00:38:22.960 --> 00:38:25.920 But how long does it take you to recover from 680 00:38:25.920 --> 00:38:29.000 this event? Again, Let's go to our guy that had 681 00:38:29.000 --> 00:38:32.559 his credit scoring of seven hundred and eighty. Right, let's 682 00:38:32.599 --> 00:38:37.400 assume this guy was I was bankrupt, so his score 683 00:38:37.559 --> 00:38:39.840 was seven hundred and eighty, and of course it bo 684 00:38:39.960 --> 00:38:42.000 it became bankrupt, so we saw the score went down 685 00:38:42.039 --> 00:38:47.679 from seven eighty to about what number was that so 686 00:38:47.760 --> 00:38:50.639 about five hundred and forty. So it went from seven 687 00:38:50.719 --> 00:38:54.119 eighty to five hundred and forty. But what's the real 688 00:38:54.199 --> 00:38:57.119 issue with this is that it will stay on your 689 00:38:57.119 --> 00:39:02.760 report for seven to ten years. So on your imagine it. 690 00:39:02.920 --> 00:39:05.280 Just imagine that you're in a country where you cannot 691 00:39:05.280 --> 00:39:10.480 get significant credit from seven to ten years because you 692 00:39:10.559 --> 00:39:12.280 were bankrupt, and it's going to be in your report. 693 00:39:12.360 --> 00:39:14.960 That's what this is basically saying. So that's not good, right. 694 00:39:15.480 --> 00:39:18.480 What if you were ninety days late on your mortgage, 695 00:39:18.599 --> 00:39:21.239 it's still be your report for seven years. Ninety days 696 00:39:21.280 --> 00:39:23.440 little in your mortgage, thirty days late, it's still a 697 00:39:23.519 --> 00:39:27.079 report for three years. Shot, Still there's a report for 698 00:39:27.119 --> 00:39:31.159 seven years. The point is this, right, this guy's keep records. 699 00:39:31.519 --> 00:39:34.719 So if you are late, what you're doing is that 700 00:39:34.800 --> 00:39:37.480 you are putting things in a record we will call 701 00:39:37.639 --> 00:39:40.800 negative negative impacts on your report. This is what the 702 00:39:40.840 --> 00:39:43.360 guys look at to give you a mortgage. So let's 703 00:39:43.360 --> 00:39:46.039 say you came to America and you were single, or 704 00:39:46.079 --> 00:39:48.719 you came to Canada and you were single, and then 705 00:39:48.800 --> 00:39:52.000 you got a car and you are ninety days late 706 00:39:52.039 --> 00:39:54.079 on your car. It's not your report, it's going to 707 00:39:54.119 --> 00:39:56.119 be there for seven years. Then you then got married 708 00:39:56.480 --> 00:39:58.719 and you want to apply for a mortgage and you 709 00:39:58.800 --> 00:40:01.239 and your wife applied together. This is gonna show up 710 00:40:01.559 --> 00:40:05.199 and this would affect the total ap are you're gonna 711 00:40:05.199 --> 00:40:07.239 get on that marketing because you have a negative. She 712 00:40:07.320 --> 00:40:09.119 might not have a negative, but you have a negative. 713 00:40:09.119 --> 00:40:11.440 It's gonna show up. They're gonna ask you about it. 714 00:40:11.719 --> 00:40:14.760 So again, you can't avoid these things. This is this 715 00:40:14.800 --> 00:40:17.440 is record keeping and this is how they operate over there. 716 00:40:17.519 --> 00:40:19.840 So this is just to let you know, apart from 717 00:40:19.880 --> 00:40:22.119 how you get the credit scoring, you don't want to 718 00:40:22.119 --> 00:40:24.719 be in a situation where you have a bad score 719 00:40:25.519 --> 00:40:29.400 because it would affect you, right, it would affect you. Guys. 720 00:40:29.440 --> 00:40:31.280 I think it's gonna be our last slide and then 721 00:40:31.320 --> 00:40:34.199 it will take those questions. Today's super Bowl weekend, so hey, 722 00:40:35.559 --> 00:40:38.559 let's let's go do that. So what I what what 723 00:40:38.639 --> 00:40:40.920 should we? Then? Do you know? I like acronyms, so 724 00:40:40.960 --> 00:40:43.639 I have an acronym here pram p R A M 725 00:40:43.880 --> 00:40:48.119 p R A M patience. You've got to have patients. 726 00:40:48.239 --> 00:40:51.960 So essentially, if you have bad credits, be patient. Don't 727 00:40:52.000 --> 00:40:54.239 go apply for you credit because the more you apply, 728 00:40:54.360 --> 00:40:56.440 the more they see that bad credit, the more it 729 00:40:56.519 --> 00:40:59.039 dings you because you didn't inquire. So if you do 730 00:40:59.199 --> 00:41:02.159 something bad, don't go out and apply for a new credit. 731 00:41:02.280 --> 00:41:05.519 Just give it time to wash your way. You can 732 00:41:05.599 --> 00:41:07.960 see we have the seven years. Just give it time. 733 00:41:08.039 --> 00:41:10.880 Let it wash away. Yeah, pay your bills, pay your 734 00:41:10.880 --> 00:41:12.880 bills on time, do all that good stuff, but try 735 00:41:12.920 --> 00:41:15.159 not to go apply for a new credit. Right. And 736 00:41:15.320 --> 00:41:18.239 number two, reduce your debt to income. We didn't talk 737 00:41:18.280 --> 00:41:21.000 a lot about debt to income. What is that debt 738 00:41:21.000 --> 00:41:23.559 to income as we'll call that reducing your carry over 739 00:41:23.599 --> 00:41:26.880 to next month. Your debt to income is a key 740 00:41:26.920 --> 00:41:29.440 thing that you used to also make you lose. See 741 00:41:29.559 --> 00:41:32.119 they're going to give you credit. Right, how much income 742 00:41:32.159 --> 00:41:33.800 do you have? This is the debt you have. This 743 00:41:33.920 --> 00:41:37.159 is where the quote un quote minorities get tripped up 744 00:41:37.920 --> 00:41:40.840 because you might have good income, but if you have 745 00:41:40.920 --> 00:41:43.840 a lot of debt, then your DEITYI is low. You 746 00:41:43.880 --> 00:41:46.519 don't qualify. When you want to buy a house, they 747 00:41:46.559 --> 00:41:49.079 look at not just your income but the income to 748 00:41:49.239 --> 00:41:52.840 your debt. So if you make a million dollars, that's fine, 749 00:41:53.480 --> 00:41:57.639 but if your debts at eight hundred thousand, it bings 750 00:41:57.679 --> 00:42:00.159 you more then that's one that's making just two one 751 00:42:00.199 --> 00:42:02.199 hundred thousand a month. You have a very very low 752 00:42:02.280 --> 00:42:05.159 DTI debt to income. The person has any lower and 753 00:42:05.239 --> 00:42:09.239 you has a higher DTI than yourself. So bring down 754 00:42:09.280 --> 00:42:12.519 your debt to income, reduce the debt overhand that you're carrying. 755 00:42:12.559 --> 00:42:15.559 And it's those small personal loans that they don't like. 756 00:42:15.719 --> 00:42:18.199 Those small personal loans you take care and they do 757 00:42:18.280 --> 00:42:19.960 because they're making that rite you thats all the time. 758 00:42:20.239 --> 00:42:22.760 Take this loan, take that loan, Take this loan, All 759 00:42:22.760 --> 00:42:28.440 those small loans you take normally impactful, right, absolutely known. 760 00:42:28.480 --> 00:42:32.719 New inquiries good. It's the same as patients don't go 761 00:42:32.840 --> 00:42:34.880 and say, oh I want to get I want to 762 00:42:34.880 --> 00:42:38.039 get a car higher. That offering me a loan. If 763 00:42:38.039 --> 00:42:40.760 I take a car higher and apply for that card. No, 764 00:42:41.400 --> 00:42:44.760 you go to say a departmental store. If you get 765 00:42:44.760 --> 00:42:48.000 a store card, you can get rosses cheaper. No, all 766 00:42:48.000 --> 00:42:50.880 those inquiries are going to show up. You have to 767 00:42:50.920 --> 00:42:54.000 be patient number one, because you've got bad stuff going on. 768 00:42:54.079 --> 00:42:56.280 If you've got one credit card, fine, so if I 769 00:42:56.320 --> 00:42:59.159 put that one credit card, that reaches your DTI as well, 770 00:42:59.199 --> 00:43:02.199 because potentially you can get new debt. But you've got 771 00:43:02.239 --> 00:43:05.320 to it is slow down what you're doing, and of 772 00:43:05.320 --> 00:43:08.119 course then move forward, right. And last one, of course 773 00:43:08.159 --> 00:43:09.960 it's called money. So you've got to move into a 774 00:43:10.000 --> 00:43:12.800 credit scoring. Make sure you are not getting any new 775 00:43:12.920 --> 00:43:15.400 impact into your report that you're not aware of, because 776 00:43:15.440 --> 00:43:17.599 you want to take care of that. Right, Let's go 777 00:43:17.679 --> 00:43:22.320 back into the next the next one, montor I doesn't 778 00:43:22.440 --> 00:43:24.000 show you, guys, this is going to be the second 779 00:43:24.039 --> 00:43:27.280 last slide. Right. The law in America says that you 780 00:43:27.480 --> 00:43:30.360 have a credit you are given up your current credit 781 00:43:30.400 --> 00:43:32.880 report for free once a year. So if you look 782 00:43:32.880 --> 00:43:35.679 at this, guys, it's called annual credit report. You can 783 00:43:35.760 --> 00:43:39.800 copy this copy this name. So every year this is American, 784 00:43:39.960 --> 00:43:43.679 about Canada or the UK. Every year in America, by law, 785 00:43:43.760 --> 00:43:46.079 you are to get your you can request for your 786 00:43:46.159 --> 00:43:48.599 credit report and you get it for free. And like 787 00:43:48.639 --> 00:43:51.400 I said, there are four credit report duros and the 788 00:43:51.480 --> 00:43:54.000 fourth one name escapes me. So you can go to 789 00:43:54.119 --> 00:43:57.760 Experience in January and actual a credit report. You can 790 00:43:57.800 --> 00:44:00.679 go to TransUnion also act for a current report. Every 791 00:44:00.800 --> 00:44:03.559 facts also acts to a credit report. Most banks now 792 00:44:04.280 --> 00:44:07.719 will give you a credit report on the banking app 793 00:44:07.800 --> 00:44:09.559 every month, so you don't have to go to here 794 00:44:09.880 --> 00:44:12.480 every month to give you a credit report. Why do 795 00:44:12.519 --> 00:44:15.679 you want that report? The report shows what people are 796 00:44:15.760 --> 00:44:19.519 reporting about you, the negative effect, the inquiries. It's gonna 797 00:44:19.519 --> 00:44:22.000 showpen reports. So what are you looking for in that report? 798 00:44:22.719 --> 00:44:26.320 You are looking for anything you did not do or 799 00:44:26.400 --> 00:44:29.559 anything that is there that's gonna harm you. Because when 800 00:44:29.639 --> 00:44:32.000 you see someone that's gonna harm you, you have the 801 00:44:32.159 --> 00:44:35.599 right to then report to the bureau. And those guys 802 00:44:35.639 --> 00:44:38.119 have got they are meditated by lot to removing a 803 00:44:38.199 --> 00:44:41.159 certain amount of time. So you want to always look 804 00:44:41.199 --> 00:44:43.920 at your report. And I'm giving you an example for 805 00:44:44.039 --> 00:44:46.760 reports on the screen right here. So you look at 806 00:44:46.800 --> 00:44:50.199 your report. Make sure you look at those negative items. 807 00:44:51.400 --> 00:44:54.559 Negative items very important. Look at negative items. That's where 808 00:44:54.559 --> 00:44:58.519 you're going to see the bankruptcies. Look at your credit inquiries. 809 00:44:59.119 --> 00:45:01.719 That shows you where you have pulled credit. So what 810 00:45:01.880 --> 00:45:03.760 if you just sit at home you say that you 811 00:45:03.840 --> 00:45:07.079 are pulling credit to buy a house in Wisconsin. You've 812 00:45:07.159 --> 00:45:09.760 never been to Wisconsin. That means someone has got your 813 00:45:09.880 --> 00:45:13.039 data and is trying to create a mortgage for you 814 00:45:13.280 --> 00:45:17.000 in Wisconsin. You guys know that that song I want 815 00:45:17.000 --> 00:45:20.079 to wake up in the Bulghardi that's the real crimes 816 00:45:20.360 --> 00:45:23.960 crimes crime story where there was a quote unquote our 817 00:45:24.079 --> 00:45:26.800 our son. Our son was in America and what he 818 00:45:27.000 --> 00:45:32.960 was doing was taking people's identity and applying for credit, 819 00:45:33.800 --> 00:45:38.000 in this case homeowner's lines of credit. So you have 820 00:45:38.119 --> 00:45:41.599 a house, you own your title, but you don't check 821 00:45:41.639 --> 00:45:45.400 a credit score. He will basically go online create you. 822 00:45:45.840 --> 00:45:48.000 He has your name, he has your date of birth, 823 00:45:48.079 --> 00:45:50.880 he has all that and then he creates you. Then 824 00:45:50.920 --> 00:45:54.719 he applies for credit in your name to a bank. 825 00:45:55.239 --> 00:45:57.880 The bank will look at you. Oh, you've got a house. 826 00:45:58.280 --> 00:46:01.360 Your house is worth a million. You want five hundred thousand, 827 00:46:01.559 --> 00:46:03.400 no problem. The bank will give you a loan for 828 00:46:03.480 --> 00:46:07.079 five hundred thousand, but the loan goes to him, not 829 00:46:07.360 --> 00:46:10.519 to you. You are just there playing golf. Your house 830 00:46:10.559 --> 00:46:14.000 has been sold in the market. Then when you don't pay, 831 00:46:14.039 --> 00:46:15.679 the bank comes and said, hey, you took a loan. 832 00:46:15.760 --> 00:46:17.639 So I didn't take any loan. The bank said this. 833 00:46:17.800 --> 00:46:20.159 You you signed this. I didn't sign it. But if 834 00:46:20.239 --> 00:46:23.280 you had looked at your credit report every month, you 835 00:46:23.320 --> 00:46:25.920 would have seen the inquiry that the bank had done 836 00:46:25.920 --> 00:46:28.760 an inquiry on your credit report, which you didn't do, 837 00:46:28.960 --> 00:46:31.679 then you can easily call the bank. Also, if you 838 00:46:31.719 --> 00:46:34.199 don't pay and the bank, maybe the banks are trying 839 00:46:34.199 --> 00:46:36.519 to reach you should have fake address that the frost 840 00:46:36.559 --> 00:46:38.880 I gave. You didn't pay for five years, so the 841 00:46:38.960 --> 00:46:42.159 bank wild put your house up for collection. It goes 842 00:46:42.199 --> 00:46:44.719 to your report. It's not a negative report in your 843 00:46:44.760 --> 00:46:48.280 credit score. Maybe you are in smaller country nowhere. So 844 00:46:48.400 --> 00:46:50.800 imagine you have a negative report. You are you are 845 00:46:50.920 --> 00:46:54.320 very reported bankrupt. The bank has declared that you can't pay, 846 00:46:54.400 --> 00:46:56.840 so that house is for foreclosure. Because it doesn't look 847 00:46:56.840 --> 00:47:00.119 at your credit report. This is not your score, this 848 00:47:00.199 --> 00:47:02.719 is your report. You've got to pull that report at 849 00:47:02.840 --> 00:47:06.840 least once a month and glance, especially those negative items, 850 00:47:07.159 --> 00:47:10.440 especially the create inquiries. We had to see a crazy inquiry. 851 00:47:11.000 --> 00:47:15.000 You didn't you did not do immediately dispute. If you're 852 00:47:15.000 --> 00:47:17.519 allowed you to sit, that means you saw it. The 853 00:47:17.639 --> 00:47:20.639 last city. They give you a statement after about sixty 854 00:47:20.719 --> 00:47:24.719 days you've said this is true, So very very important 855 00:47:25.079 --> 00:47:27.119 that you do that. All right, folks, So we will 856 00:47:27.159 --> 00:47:30.800 take questions now if you guys have those questions, and 857 00:47:30.880 --> 00:47:34.760 then of course we'll just yeah, let me take it 858 00:47:34.800 --> 00:47:38.960 back here. So yeah, so if you guys have questions 859 00:47:39.039 --> 00:47:41.280 respect about an hour, I don't mention. I record this 860 00:47:41.480 --> 00:47:44.599 so that way I have it on video and on 861 00:47:44.800 --> 00:47:46.960 text and almost afecas are going to be busy today 862 00:47:47.000 --> 00:47:49.920 because of Super Bowl weekend. So you can go back 863 00:47:50.079 --> 00:47:53.119 in and of course read this if you can. But 864 00:47:53.159 --> 00:47:55.360 I'm not going to read a few questions here on 865 00:47:55.480 --> 00:47:58.519 the DM because I've read this one about Like I said, 866 00:47:58.800 --> 00:48:00.559 if you have a car, if you have money to 867 00:48:00.679 --> 00:48:04.679 buy something, see if you can pay ninety five percent 868 00:48:04.760 --> 00:48:08.039 even ninety eight percent right on that loan, and they 869 00:48:08.199 --> 00:48:09.960 just take that as a loan because that helps your 870 00:48:10.000 --> 00:48:13.840 credit score. If you're at eight fifty, no need, no need, right, 871 00:48:13.880 --> 00:48:15.880 if you're at eight fifty, because you're already you're already 872 00:48:16.639 --> 00:48:18.920 should we say, at that good level, So no need 873 00:48:19.000 --> 00:48:22.880 for that. Someone says, I pay my phone bills every month. 874 00:48:23.000 --> 00:48:26.760 Does that go to my credit scoring? No, no, it 875 00:48:26.960 --> 00:48:29.400 has to be a loan. There they are now I 876 00:48:29.480 --> 00:48:32.920 think it's now legislation or the credit bureaus are trying 877 00:48:33.039 --> 00:48:37.719 to get some r tilted bill payments to show up right, 878 00:48:37.880 --> 00:48:42.920 to show up as a as a credit report. But 879 00:48:43.119 --> 00:48:47.039 for now, no, if you simply pay your bills, you 880 00:48:47.159 --> 00:48:49.960 don't get it doesn't show up as a credit. It's 881 00:48:50.000 --> 00:48:53.000 got to be a credit to show up on your 882 00:48:53.159 --> 00:48:55.559 credit report. So your phone bills are not going to 883 00:48:55.639 --> 00:49:00.039 show up. There's a way, yes, so correct. So so 884 00:49:00.360 --> 00:49:03.719 in most of these apps, like the Experience, the most 885 00:49:03.719 --> 00:49:05.840 of the credit billers. I mean, there's a way you 886 00:49:06.000 --> 00:49:10.280 can report your bills to them and you can build 887 00:49:10.440 --> 00:49:13.599 credit with them, but that's a program that they do. 888 00:49:13.719 --> 00:49:16.119 I don't want to talk about their own program on 889 00:49:16.239 --> 00:49:19.840 the show because that's a specific to them. But overall, 890 00:49:20.360 --> 00:49:23.760 it's got to be alone for you to then have 891 00:49:24.000 --> 00:49:30.320 that credit report. The name is credit report, not build report. 892 00:49:30.440 --> 00:49:34.039 So if you simply pay your rent on time, you 893 00:49:34.199 --> 00:49:38.719 don't get a credit scoring. Okay, So I like this question. 894 00:49:38.800 --> 00:49:42.119 I guess always asking just walk me through. I want 895 00:49:42.159 --> 00:49:45.199 to buy a house. I'm in Canada. I want to 896 00:49:45.239 --> 00:49:48.360 buy a house. So you want to buy a house. 897 00:49:48.639 --> 00:49:51.280 What's credits called? Do I need? And all that? It 898 00:49:51.480 --> 00:49:55.519 all depends, right, There is no specific number I will 899 00:49:55.559 --> 00:49:58.480 say if you have this credit score, we'll give you 900 00:49:58.559 --> 00:50:03.519 a house. It has to do with your financial capacity 901 00:50:03.599 --> 00:50:06.320 to pay back that mortgage. So remember when I was 902 00:50:06.360 --> 00:50:09.639 going to, like I said, debt to income and your income. 903 00:50:10.280 --> 00:50:13.199 They would look at the income you are making, they 904 00:50:13.239 --> 00:50:17.000 will remove your living expenses. Whatever income is left over 905 00:50:17.280 --> 00:50:19.400 is what they're going to consider to say, can you 906 00:50:19.599 --> 00:50:22.880 pay your mortgage with this? So your credit score, all 907 00:50:23.000 --> 00:50:27.800 it does is give you access to lower rates, and 908 00:50:27.880 --> 00:50:30.880 we're going the reason why you want lower rates. But 909 00:50:31.239 --> 00:50:34.119 your credit scoring does not guarantee that you get that 910 00:50:34.320 --> 00:50:39.039 home if your income cannot afford that home. So you 911 00:50:39.079 --> 00:50:40.920 see what I'm saying. So it's still going to be 912 00:50:41.039 --> 00:50:45.039 a function of your credit scoring and your debt to income. 913 00:50:45.480 --> 00:50:50.320 But if you have good income and bad credit, you 914 00:50:50.440 --> 00:50:53.400 will get the loan all things been equal, but at 915 00:50:53.440 --> 00:50:56.480 a very very high interest rate. That's the point where 916 00:50:56.519 --> 00:50:59.679 when we're trying to make right. So both of them 917 00:50:59.679 --> 00:51:01.719 are very very important. If you want to get a 918 00:51:01.840 --> 00:51:05.639 home in Canada, start to build your credit score and Ifada, 919 00:51:05.960 --> 00:51:08.599 have to build your credit scoring for the same rules. 920 00:51:09.159 --> 00:51:11.880 It's the same on all the West. Get your credits 921 00:51:11.960 --> 00:51:15.679 cad up, get your debt to income low. You want 922 00:51:15.760 --> 00:51:19.039 to have more income with a higher credit score. That's 923 00:51:19.119 --> 00:51:22.800 how you essentially creditt Yeah, I added you, Yeah me, 924 00:51:23.239 --> 00:51:26.880 but you keep on for I've added you again. If 925 00:51:26.880 --> 00:51:28.639 you want to speak. Just let me see if I've 926 00:51:28.719 --> 00:51:31.559 sent you a request again, just request to speak and 927 00:51:31.679 --> 00:51:34.360 you can speak on the space. Yeah that's a great question. 928 00:51:34.480 --> 00:51:40.039 Yeah yeah, so yes, okay, So let's just explain the 929 00:51:40.360 --> 00:51:43.840 issue about the two of you. Right, If you apply 930 00:51:44.000 --> 00:51:47.639 for a mortgage together with someone, then both of you 931 00:51:47.800 --> 00:51:50.840 are going to be looked at as a borrow. Right, 932 00:51:51.000 --> 00:51:53.440 So if you are applying for a loan with somebody, 933 00:51:53.639 --> 00:51:55.079 then two of you are going to be looked at 934 00:51:55.159 --> 00:51:58.119 as the borrower. So if you have a negative impact 935 00:51:58.360 --> 00:52:01.440 on your score, then of course that negative impact is 936 00:52:01.519 --> 00:52:03.280 then going to be looked at. It doesn't mean I 937 00:52:03.360 --> 00:52:05.000 can see they're going to tell you yes or no, 938 00:52:05.719 --> 00:52:08.760 but they are going to answer you. You're going to 939 00:52:08.960 --> 00:52:11.719 ask ask you that question, why did you why when 940 00:52:11.760 --> 00:52:13.840 you laid on a mortgage? All that kind of stuff. 941 00:52:13.840 --> 00:52:16.239 That's what I'm going to ask you. So there's no 942 00:52:16.800 --> 00:52:18.800 no one can sit here and tell you we're going 943 00:52:18.880 --> 00:52:21.360 to give you, deny you, or give you credit. But 944 00:52:21.519 --> 00:52:24.599 we're giving you how they mark your script. What we're 945 00:52:24.639 --> 00:52:27.280 giving you here is how that credit script will be 946 00:52:27.440 --> 00:52:30.559 marked so that you then walk to the answer. I 947 00:52:30.760 --> 00:52:37.320 get that. Yeah, okay, fantastic, and I saw one here 948 00:52:37.360 --> 00:52:40.760 about the student. I'm trying to find it. Great question 949 00:52:40.880 --> 00:52:46.920 from a student. Okay, can you explain authorized credits? Can 950 00:52:47.000 --> 00:52:49.760 you explain on the same guy, can you explain authorize credit? 951 00:52:50.119 --> 00:52:54.559 So authorized credit means if I have a credit card, right, 952 00:52:55.159 --> 00:52:58.880 I can add an authorized user to my credit card. 953 00:52:59.480 --> 00:53:01.679 Most times I say, maybe the kids want to go 954 00:53:01.840 --> 00:53:05.320 abroad for a holiday or want to travel for school holiday. 955 00:53:05.679 --> 00:53:08.840 The parent will take the kid to the bank, or 956 00:53:08.880 --> 00:53:10.599 the parents will say, I want to give this kid 957 00:53:10.880 --> 00:53:13.400 my credit card. It's the same credit card, but I 958 00:53:13.480 --> 00:53:16.119 want this kid to have this same credit card that's 959 00:53:16.119 --> 00:53:18.280 going to come to my account just in case he 960 00:53:18.480 --> 00:53:21.760 runs out of money when he's in America, right when 961 00:53:21.760 --> 00:53:24.039 he is in Paris or whatever. So what then happens 962 00:53:24.119 --> 00:53:26.960 is that they will give you. They will give the 963 00:53:27.119 --> 00:53:31.039 parents a card that's attached to the father's card. Now, 964 00:53:31.239 --> 00:53:33.599 if the bank says if the kid, so, every time 965 00:53:33.719 --> 00:53:36.920 the kid uses that card, he has his own credit 966 00:53:37.000 --> 00:53:39.159 scoring also coming to him because the credit port to 967 00:53:39.199 --> 00:53:43.320 show that this song used that credit or the father 968 00:53:43.719 --> 00:53:46.039 used the credit, and the son is also getting the 969 00:53:46.400 --> 00:53:50.199 credit scoring apply to him. You see, So the authorized 970 00:53:50.360 --> 00:53:55.559 card allows the child or whoever the authorized user is 971 00:53:56.159 --> 00:54:00.599 to benefit from the credits report of the main use. 972 00:54:01.079 --> 00:54:03.519 So it's not a new card, it's the same card. 973 00:54:03.599 --> 00:54:06.679 But because you are using that card, you also get 974 00:54:07.679 --> 00:54:13.079 the rewards. I've got. She she got first daughter. How 975 00:54:13.239 --> 00:54:21.800 are you? I'm great, good morning, fantastic. I always listen 976 00:54:21.880 --> 00:54:26.519 to your space. Interesting. Yeah, I want to answer this question. 977 00:54:27.400 --> 00:54:30.480 If not, maybe I want to start a business, like 978 00:54:30.840 --> 00:54:33.639 let me say it's shipping cars to don't you what 979 00:54:33.840 --> 00:54:38.760 kind of god you ad fish to start up? But 980 00:54:39.079 --> 00:54:43.599 I use like US Bank for my predit card and over, 981 00:54:44.559 --> 00:54:46.280 so what kind of credit you. 982 00:54:48.119 --> 00:54:50.079 Would? I wouldn't put that on a credit card? 983 00:54:50.719 --> 00:54:51.199 You know why? 984 00:54:52.159 --> 00:54:57.119 Because credit cards are due thirty days. But if you 985 00:54:57.199 --> 00:54:59.239 shoop that card tonight, you it's going to be more 986 00:54:59.320 --> 00:55:02.280 than thirty day. So you're going to pay a balance 987 00:55:02.320 --> 00:55:08.559 on that card after thirty days. You see what I'm saying. Yeah, 988 00:55:08.599 --> 00:55:12.039 because if you go buy the cards, any any anything 989 00:55:12.079 --> 00:55:13.559 you want to put in your credit cards, you get 990 00:55:13.599 --> 00:55:15.639 the best impact. You want to pay that thing off 991 00:55:15.719 --> 00:55:19.280 in thirty days or less, because if you put that 992 00:55:19.400 --> 00:55:22.639 card on your credit card, then you can't pay back 993 00:55:22.679 --> 00:55:24.360 in thirty days. You're going to pay that fee and 994 00:55:24.440 --> 00:55:28.000 that fee is going to wipe up the profits making Nigeria. 995 00:55:29.840 --> 00:55:32.840 Okay, now, all like some the clinic card I'm musing, 996 00:55:32.880 --> 00:55:34.960 I will use apply for zero APR. 997 00:55:36.239 --> 00:55:38.480 Yes, what if I'm using a zero APR like sometimes 998 00:55:38.519 --> 00:55:39.559 they give me like a year. 999 00:55:39.480 --> 00:55:43.039 Like the one I'm using. Fantastic, Yes, I have love 1000 00:55:43.119 --> 00:55:47.679 to try. Fantastic. They're using those credit cards. 1001 00:55:47.800 --> 00:55:49.440 You want to use those credit card if like I 1002 00:55:49.519 --> 00:55:52.280 want to apply another one, they have twenty four. 1003 00:55:52.599 --> 00:55:57.440 Months, so I can use that for it? Yes, yes 1004 00:55:57.559 --> 00:56:00.559 you can. So those cards are basically saying that when 1005 00:56:00.639 --> 00:56:03.760 you spend, you will not pay interest. You only pay 1006 00:56:03.800 --> 00:56:06.599 the principle. So technically, yes you can. If you're going 1007 00:56:06.639 --> 00:56:10.239 to the vendor will allow you pay for the car 1008 00:56:10.639 --> 00:56:13.639 with a credit card. That means you put a balance 1009 00:56:13.719 --> 00:56:16.360 on your credit card, then you can pay that balance 1010 00:56:16.480 --> 00:56:19.320 off in the twenty four months. Fantastic. That means you 1011 00:56:19.400 --> 00:56:23.599 can do that business and clean up that card within 1012 00:56:23.719 --> 00:56:27.400 twenty four months. Fantastic. If you have that option, that's 1013 00:56:28.119 --> 00:56:33.000 like a zero percent personal alone. That might make sense. Okay, 1014 00:56:33.119 --> 00:56:33.360 thank you. 1015 00:56:33.519 --> 00:56:35.679 And the last question is I said I use use 1016 00:56:35.840 --> 00:56:40.199 US Bank and do you recommend any other bank that's 1017 00:56:40.280 --> 00:56:43.079 more I hear that American Bank is It's. 1018 00:56:42.960 --> 00:56:46.719 Okay, So it doesn't matter the bank name is just 1019 00:56:46.760 --> 00:56:49.400 the APR ready that matters. And like you said, the terms, 1020 00:56:50.079 --> 00:56:52.840 just go online and just put the best credit card 1021 00:56:53.960 --> 00:56:57.760 for for zero percent APR doesn't matter who's giving the card, 1022 00:56:57.840 --> 00:57:00.880 even if it's whatever bank and they give you a 1023 00:57:01.039 --> 00:57:03.440 longer term like for you, you want a longer term, right, 1024 00:57:03.960 --> 00:57:06.320 and a lower APR. That's what you're looking for. The 1025 00:57:06.480 --> 00:57:09.559 APR only kicks in at the end of the term. 1026 00:57:10.599 --> 00:57:13.760 So whether is capital one, whether it's a credits union, 1027 00:57:13.880 --> 00:57:16.320 go to creatins as well. If you get a longer 1028 00:57:17.519 --> 00:57:20.320 repremand period, that's what you want to do longer. Yeah, 1029 00:57:21.559 --> 00:57:25.840 thank you for your more champuship. You have a good one. Yeah. 1030 00:57:25.840 --> 00:57:28.480 So that those are great questions. Yeah, and so this 1031 00:57:28.639 --> 00:57:34.159 gentleman is asking, let me see yep, So what if 1032 00:57:34.360 --> 00:57:38.480 I yeah, so went back to this home ownership. There's 1033 00:57:38.559 --> 00:57:41.639 no score. I would sit at the score you want 1034 00:57:41.719 --> 00:57:43.320 to get before you start to look for a loon. 1035 00:57:43.400 --> 00:57:47.320 It's at least seven hundred for your to buy a house, 1036 00:57:47.400 --> 00:57:50.280 at least seven hundred. But your credit score is not 1037 00:57:50.440 --> 00:57:52.599 saying that. Once you get seven hundred and once you 1038 00:57:52.639 --> 00:57:54.920 get eight hundred, you can get a house. It basically 1039 00:57:55.000 --> 00:57:59.360 says that you are a very very good borrower. That's 1040 00:57:59.360 --> 00:58:02.159 what a credit is already means. So it just basically means, hey, 1041 00:58:02.559 --> 00:58:04.599 if you have a high credit score, you are a 1042 00:58:04.719 --> 00:58:07.800 good borrower. So we can lend you money and you 1043 00:58:08.079 --> 00:58:10.280 pay back. But there's no score to say. What I 1044 00:58:10.320 --> 00:58:12.360 will say is this, if you have a look at score, 1045 00:58:12.639 --> 00:58:14.559 you might not get the loan, but if you have 1046 00:58:14.599 --> 00:58:17.480 a high credit score, you're able to get that loan better. 1047 00:58:17.679 --> 00:58:18.920 Hey makes it? I don't. 1048 00:58:21.679 --> 00:58:28.000 Yeah, I'm fine, Yeah, I always a pleasure to be here, Yes, sir, Yeah, 1049 00:58:28.039 --> 00:58:29.519 I'm with my pen and paper. 1050 00:58:29.800 --> 00:58:34.559 So if you're taking some notes already very important. I 1051 00:58:34.599 --> 00:58:40.159 know many want to get fantastic. You got a question. Yeah, so. 1052 00:58:42.880 --> 00:58:49.280 I'm in the trail liance country, so if I want 1053 00:58:49.480 --> 00:58:52.519 to there's nothing I think. I don't know if this 1054 00:58:52.760 --> 00:58:56.920 is related to credit card or if I want your 1055 00:58:56.960 --> 00:58:59.760 quick money that I want to do used to do 1056 00:59:00.400 --> 00:59:06.639 one or two things and pay back quickly. H Is 1057 00:59:06.719 --> 00:59:10.599 it better go for a credit card or is it? 1058 00:59:11.199 --> 00:59:14.840 Look? How would you advise me? Like a product? A 1059 00:59:14.920 --> 00:59:17.880 financial product I can access, So tell me what you 1060 00:59:17.880 --> 00:59:19.920 want to do you want to you want to borrow money? 1061 00:59:20.599 --> 00:59:22.000 Give me to be specially so I can give you 1062 00:59:22.000 --> 00:59:26.440 a persive answer. Okay, let's say like what. 1063 00:59:26.599 --> 00:59:31.039 She said, say you want to move something to Nigeria. 1064 00:59:32.000 --> 00:59:35.239 You know, you want to achieve some things to Nigeria 1065 00:59:35.440 --> 00:59:39.760 like our part. Yeah, yeah, so and it's something. 1066 00:59:41.760 --> 00:59:46.199 They're already by us waiting in legos and you know yeah, 1067 00:59:46.280 --> 00:59:50.199 they've already just bring the consignment and they will just 1068 00:59:50.480 --> 00:59:53.320 remit the money. So you need phone to push that 1069 00:59:53.880 --> 00:59:56.440 another for them. So it's a short term is it 1070 00:59:56.519 --> 01:00:00.480 quick stuff? So is it possible to as in do 1071 01:00:00.599 --> 01:00:04.079 I do I use credit card? Or is there any 1072 01:00:04.119 --> 01:00:07.400 financial product to acown quickly access to do that and repay? 1073 01:00:07.719 --> 01:00:11.119 Okay, the only reason webon considering credit cards is that 1074 01:00:11.320 --> 01:00:14.760 many credit cards give you zero percent APR for this 1075 01:00:14.880 --> 01:00:17.840 period of time. So, first of all, credit cards are 1076 01:00:17.920 --> 01:00:20.960 the most expensive form of credit in anywhere in the 1077 01:00:21.039 --> 01:00:24.920 world that the most expensive. But in America, I know 1078 01:00:25.440 --> 01:00:26.880 you can get a credit card. I will give you 1079 01:00:27.039 --> 01:00:31.400 zero interest for twelve months, twenty one month, twenty four months, 1080 01:00:31.440 --> 01:00:34.320 That's what she's talking about. So whatever you are doing 1081 01:00:34.320 --> 01:00:36.920 with that credit card, you have to have the ability 1082 01:00:37.000 --> 01:00:40.559 to clean it up after the period. Otherwise you're in 1083 01:00:40.599 --> 01:00:43.199 big trouble. That credit card can bankrupt you because it's 1084 01:00:43.199 --> 01:00:46.800 the most expensive form of credit in America. So look 1085 01:00:46.800 --> 01:00:50.800 at advice if you own your own home. If you 1086 01:00:50.920 --> 01:00:53.360 own your own home, try and get over call the 1087 01:00:53.599 --> 01:00:56.559 home equity line of credit. I know the cards in 1088 01:00:56.559 --> 01:00:59.639 the UK. I get a second mortgage, like a line 1089 01:00:59.679 --> 01:01:01.280 of you have that in the UK. They should have 1090 01:01:01.400 --> 01:01:04.000 that right where you can take a second line and 1091 01:01:04.239 --> 01:01:06.920 they give you the cash, but you don't pay interesting 1092 01:01:07.039 --> 01:01:10.840 you use that line. The habit in the UK, ABE makeing, Yeah, 1093 01:01:10.840 --> 01:01:14.199 I think they do. I don't. I will stay double 1094 01:01:14.360 --> 01:01:18.039 chest Okay, okay. So now when you have that, yeah, 1095 01:01:18.360 --> 01:01:20.719 if you have that home excellente of credit, that's going 1096 01:01:20.800 --> 01:01:24.320 to be your cleanup fund. Then if you have a 1097 01:01:24.400 --> 01:01:27.960 credit card that pays you zero percent interest, then you 1098 01:01:28.079 --> 01:01:30.039 can use that credit card to do what you're doing. 1099 01:01:30.119 --> 01:01:33.719 Because let's say she ships that good from Houston to Legos. 1100 01:01:34.039 --> 01:01:36.159 It takes about three months or so to get to Legos, 1101 01:01:36.400 --> 01:01:39.599 maybe one month to sell. She cleans up, that's within 1102 01:01:39.719 --> 01:01:42.760 six months. Abe. The loan is for zero percent for 1103 01:01:42.840 --> 01:01:45.760 twelve months, so she can use that credit card, clean up, 1104 01:01:46.639 --> 01:01:48.360 pay back your credit card. You don't funny thing, the 1105 01:01:48.400 --> 01:01:51.039 bank will increase that loan for her. So if she 1106 01:01:51.119 --> 01:01:54.519 can clean up that transaction, the bank will tell her, hey, 1107 01:01:54.519 --> 01:01:56.519 we're going to give you a bigger credit card at 1108 01:01:56.599 --> 01:02:01.800 zero percent. So she's she's onto something, but I caveat again. 1109 01:02:02.119 --> 01:02:05.400 She's got to make sure that she can clean that 1110 01:02:05.519 --> 01:02:09.920 credit card up at the explain of that grace period, 1111 01:02:09.960 --> 01:02:12.920 otherwise it's going to bankrupt her. Now, while we're doing 1112 01:02:12.960 --> 01:02:14.800 a home with your line of credit, if you have 1113 01:02:14.960 --> 01:02:17.559 the credit card necessary, you should do those goods to 1114 01:02:17.639 --> 01:02:21.480 Niger and then there is aid NLC strike. All the 1115 01:02:21.599 --> 01:02:23.880 pots are closed, so the card is there, you can't 1116 01:02:23.960 --> 01:02:27.280 clear it. Then your credit card is due no credit cards. 1117 01:02:27.320 --> 01:02:30.280 If you simply pay two percent or let us say 1118 01:02:30.320 --> 01:02:32.320 five percent of the credit card you've paid for the month, 1119 01:02:32.639 --> 01:02:34.239 you don't have to pay back the whole hundred percent. 1120 01:02:34.679 --> 01:02:36.639 So that means you can then take money from your 1121 01:02:36.840 --> 01:02:39.320 line of credit, your homework line of credit. It has 1122 01:02:39.400 --> 01:02:42.320 a higher interest rate than your credit card, but you 1123 01:02:42.440 --> 01:02:45.800 can pay the minimum on that credit card, so you 1124 01:02:46.000 --> 01:02:49.920 buy yourself thirty more days. So the homework dealer of 1125 01:02:49.960 --> 01:02:53.000 credit is going to be your ultimate insurance policy. Use 1126 01:02:53.039 --> 01:02:56.000 your credit card to do that transaction because it's zero percent. 1127 01:02:56.960 --> 01:02:59.440 Then you use your home excellent of credit to clean 1128 01:02:59.599 --> 01:03:03.119 up the credit card if there's any problem, because yes, 1129 01:03:03.199 --> 01:03:06.199 you pay higher rate than your credit card, but the 1130 01:03:06.360 --> 01:03:10.119 home equity line is going to be your lowest form 1131 01:03:10.400 --> 01:03:15.960 of credit, lowest credits rate because it's a secured loan 1132 01:03:16.199 --> 01:03:20.079 against a very property that can be sold tomorrow. So 1133 01:03:20.400 --> 01:03:22.639 that's how I would do it. I'll get my homework 1134 01:03:22.679 --> 01:03:26.119 to learne of credit, then get the credit card zero percent, 1135 01:03:26.559 --> 01:03:29.159 use a credit card and run that business, and then 1136 01:03:29.199 --> 01:03:32.599 I use my home credit as my insurance. That's what 1137 01:03:32.679 --> 01:03:37.840 I'll do. Thank you very much, Thank you fantastic. Yeah good, 1138 01:03:37.960 --> 01:03:40.840 great questions again, Yeah, great questions again. Yeah again. Yeah, 1139 01:03:40.960 --> 01:03:43.920 just just like I explained, I just spent to the 1140 01:03:44.679 --> 01:03:47.159 make it and lady, you only want to use that 1141 01:03:47.400 --> 01:03:51.199 card if it is zero percent and if it has 1142 01:03:51.360 --> 01:03:55.199 a long repayment period. Three months is not long. If 1143 01:03:55.239 --> 01:03:58.400 you're doing three months, don't export to Niger with three months. 1144 01:03:58.440 --> 01:04:00.559 Anything can happen. The ship can get a dog, they 1145 01:04:00.599 --> 01:04:02.719 can anything can happen. So you want to have if 1146 01:04:02.760 --> 01:04:05.639 you most bands will give you maybe a year with 1147 01:04:05.800 --> 01:04:09.760 a year, it's not it's possible. But remember whatever you 1148 01:04:09.880 --> 01:04:12.760 are buying has got to be able to be put 1149 01:04:12.920 --> 01:04:16.400 on a credit card, so some vendors will not allow 1150 01:04:16.559 --> 01:04:19.719 you put stuff on a credit card. I know a 1151 01:04:19.880 --> 01:04:23.639 lady in here in the US that bought a car 1152 01:04:24.559 --> 01:04:28.480 with a credit card that was twenty one months zero 1153 01:04:28.679 --> 01:04:31.800 percent interest rate. She went to the card company and 1154 01:04:31.920 --> 01:04:34.119 told them, I want to pay for the car, but 1155 01:04:34.199 --> 01:04:36.199 I have a card. I don't need you to know 1156 01:04:36.480 --> 01:04:38.440 about a credit card. And they told her, yeah, yeah, 1157 01:04:38.440 --> 01:04:41.159 we'll take a card. And she came back and they said, oh, 1158 01:04:41.159 --> 01:04:43.239 it's a credit card, we can't take it. But I said, 1159 01:04:43.280 --> 01:04:45.239 you guys are ned problems that you use a card 1160 01:04:45.440 --> 01:04:47.800 or something like that, and they allowed her to run 1161 01:04:47.880 --> 01:04:52.719 the card. So she paid cash and credit card. So 1162 01:04:52.960 --> 01:04:56.719 the band she put on the credit card is zero 1163 01:04:56.920 --> 01:05:00.599 percent for like twenty one months. That's what she did. 1164 01:05:00.920 --> 01:05:03.119 So she's gonna pay her auto loan. But the card 1165 01:05:03.760 --> 01:05:05.599 she got, the card that she bought them point the 1166 01:05:05.639 --> 01:05:08.400 credit card is zero percent. It's like a personal illness. 1167 01:05:08.440 --> 01:05:12.239 She got for zero percent. Again, she's paying it down 1168 01:05:12.400 --> 01:05:15.599 every month, but no interest. You only do that when 1169 01:05:15.679 --> 01:05:20.000 you have the means to pay down. Don't use credit 1170 01:05:20.119 --> 01:05:23.159 card to do a business. Don't use credit card to 1171 01:05:23.280 --> 01:05:25.400 start a business. Your credit card is what we call 1172 01:05:25.639 --> 01:05:30.400 walking capital. So you have a business, and your business 1173 01:05:30.440 --> 01:05:34.360 maybe you sell, maybe you sell water bottles, and you 1174 01:05:34.519 --> 01:05:38.920 want to pay for nylon paper. Yes, use your credit card. 1175 01:05:39.360 --> 01:05:42.840 You pay for nylon paper, and then your turn around time, 1176 01:05:43.280 --> 01:05:45.880 the companies pay you and then you clean up your 1177 01:05:45.920 --> 01:05:49.599 credit card. Yes, so on that great question here, what 1178 01:05:49.800 --> 01:05:53.039 about a business credit card? Can I use a business 1179 01:05:53.079 --> 01:05:56.039 credit card for this as well? I need to buy 1180 01:05:56.079 --> 01:06:00.280 a house. Well, remember that the business is different from you. 1181 01:06:01.599 --> 01:06:05.440 In America, the business is a person, like a human being, 1182 01:06:06.280 --> 01:06:08.800 he said, It's an entity on itself. That's why when 1183 01:06:08.800 --> 01:06:11.320 you open up a business a business account in America, 1184 01:06:11.840 --> 01:06:15.920 you sign what's called a beneficial owner, who is the 1185 01:06:16.079 --> 01:06:19.360 beneficial owner of the business. You sign that that shows 1186 01:06:19.360 --> 01:06:23.400 you're the human being behind the business. Right, So when 1187 01:06:23.480 --> 01:06:26.559 you have a business, it's hard to say, this business 1188 01:06:26.760 --> 01:06:29.760 is buying a personal home. But that's not the same 1189 01:06:29.840 --> 01:06:35.599 person you. So yeah, that business income. The bank will 1190 01:06:35.719 --> 01:06:40.639 consider it as income to you. But the business itself 1191 01:06:40.880 --> 01:06:45.760 can't buy a house. It can be applying for a mortgage, 1192 01:06:46.320 --> 01:06:50.400 but the income you get from the business, the bank 1193 01:06:50.440 --> 01:06:54.360 will take that in as as income to you. Yeah. 1194 01:06:54.840 --> 01:07:00.199 So okay, okay, so yeah, yeah, so you're not because 1195 01:07:00.239 --> 01:07:02.599 you're asking you if you can use a business credit card. 1196 01:07:02.760 --> 01:07:04.480 Of course, of course you can. You can use a 1197 01:07:04.519 --> 01:07:07.960 business credit card to do the same business. As a 1198 01:07:08.000 --> 01:07:11.079 matter of fact, guys, if you have a business, try 1199 01:07:11.199 --> 01:07:13.800 to get a business credit card several from your personal 1200 01:07:14.000 --> 01:07:17.559 credit card, and also try to build the business history 1201 01:07:17.800 --> 01:07:21.800 and the business transactions on that business credit card as 1202 01:07:21.960 --> 01:07:25.880 separate from your own individual credit card. Very very important 1203 01:07:25.920 --> 01:07:28.480 if you can build two of them, because the business 1204 01:07:28.519 --> 01:07:31.400 has its own credit history and you have your own 1205 01:07:31.480 --> 01:07:35.119 credit history. The idea is to try to keep on 1206 01:07:35.280 --> 01:07:40.760 doing transactions so that the credit card allowance is basically 1207 01:07:41.039 --> 01:07:43.119 up and up and up and up. Right, you want 1208 01:07:43.159 --> 01:07:46.719 to get that credit card money allowance up and up 1209 01:07:46.719 --> 01:07:50.679 and up. Yeah. So yeah, great, guys, fantastic question, lot. 1210 01:07:50.880 --> 01:07:52.760 I can read all of them. So and we have 1211 01:07:52.920 --> 01:07:54.880 how long do we have? How long do we have 1212 01:07:55.119 --> 01:08:00.679 to stay here? Yeah? So Nigeria, Nigeria has credit cards, Yes, 1213 01:08:01.000 --> 01:08:04.880 Nijer has credit cards. Nigeria has got credit bureaus. I 1214 01:08:05.000 --> 01:08:08.159 listed three of them. They're still on the screen. Nigeria 1215 01:08:08.239 --> 01:08:12.480 has got credit Registrar, Credit Registrar, Nijera has got The 1216 01:08:13.400 --> 01:08:17.359 names are number one Credit Registrar that's a company. Number 1217 01:08:17.399 --> 01:08:20.800 two c RC Credit Bureau that's a company. Then there's 1218 01:08:20.960 --> 01:08:24.079 first Central Credit Burea. So we have three as today 1219 01:08:24.119 --> 01:08:27.000 that I know of Nigeria. Yes, So when you want 1220 01:08:27.039 --> 01:08:30.640 to take a loan, they also use this same framework 1221 01:08:30.680 --> 01:08:32.680 and I've given to you. They track how you are 1222 01:08:32.720 --> 01:08:36.880 repaying and they're able to then advice vendors where venos 1223 01:08:36.880 --> 01:08:38.520 want to pull your credit, they'll go to one of 1224 01:08:38.560 --> 01:08:41.680 these guys and they also pull your credit. So, yes, 1225 01:08:41.840 --> 01:08:45.479 Nigeria has I'm surprised asking that Nigeria has credit card. 1226 01:08:46.159 --> 01:08:49.439 I use the niger had. I know Echo Bank two 1227 01:08:49.560 --> 01:08:54.880 thousand and two thousand and three had a credit card 1228 01:08:55.239 --> 01:08:58.840 Echo Bank, and I know, I know I had it 1229 01:08:59.319 --> 01:09:03.000 and I is it for stock trading, which was which 1230 01:09:03.079 --> 01:09:05.560 was a very bad idea. So you should never do that. 1231 01:09:05.800 --> 01:09:09.520 Learn from my mistake. Never do that right because back 1232 01:09:09.560 --> 01:09:13.479 then Nigeria you could buy the stock. You could buy 1233 01:09:13.560 --> 01:09:16.680 the stock when they issue a bonus. When they issue 1234 01:09:16.680 --> 01:09:21.800 a bonus, the stock price goes down, then you buy it. 1235 01:09:22.039 --> 01:09:27.840 It's like psychology. You buy it right, and the market 1236 01:09:27.920 --> 01:09:30.359 things that the stock price is cheap. It's not cheap. 1237 01:09:30.399 --> 01:09:32.880 It simply went down because of a bonus. So you 1238 01:09:33.079 --> 01:09:37.159 buy the bonus, you sell the bonus. Then you use 1239 01:09:37.279 --> 01:09:40.880 your bonus shares to cover up long story. But what 1240 01:09:41.079 --> 01:09:44.359 then happened? And they start to delay the certificates and 1241 01:09:44.479 --> 01:09:46.319 if you don't get back then we use certificated. If 1242 01:09:46.319 --> 01:09:48.760 you don't get your certificates, you can't very fin the 1243 01:09:48.800 --> 01:09:52.680 certificates you can't sell. So that whole deal now field 1244 01:09:52.720 --> 01:09:55.479 because you borrow money. It's like a short sealed which 1245 01:09:55.520 --> 01:09:57.319 you come up with your certificates. But once it's that 1246 01:09:57.399 --> 01:09:59.720 the delay certificates, the whole deal went off. So don't 1247 01:09:59.800 --> 01:10:03.520 use stocks, don't use your credit card to to do 1248 01:10:03.640 --> 01:10:09.359 stop trading. Please don't, yeah, please don't. Yeah, son has that? 1249 01:10:09.359 --> 01:10:09.640 I don't know. 1250 01:10:09.720 --> 01:10:12.199 I don't know. Now if you guys doesn't do not 1251 01:10:12.479 --> 01:10:14.560 have credit I don't do they have credit cards? Now 1252 01:10:14.720 --> 01:10:20.319 like consumer credit cards do we have? I don't use. 1253 01:10:20.439 --> 01:10:25.039 I don't use. I'm just asking you. Okay, fantastic, okay. 1254 01:10:25.880 --> 01:10:30.199 Phone bills send us three phone bills are utilities to 1255 01:10:30.239 --> 01:10:32.720 do show in some EU country like the UK. So 1256 01:10:32.760 --> 01:10:34.840 someone is telling me this is from it? Is it 1257 01:10:34.960 --> 01:10:38.920 saying that your phone bills are your utilities show in 1258 01:10:39.039 --> 01:10:41.760 the UK. That's interesting. Yeah, I didn't know that. Yeah. 1259 01:10:42.000 --> 01:10:45.279 So so essentially, if you have a phone bill it 1260 01:10:45.359 --> 01:10:48.119 shows in the UK. Fantastic. I didn't know that. That's 1261 01:10:48.159 --> 01:10:50.359 good for you, guys. I know the US it doesn't. 1262 01:10:50.800 --> 01:10:53.600 But you can go to the credit bureau. I know 1263 01:10:53.800 --> 01:10:56.840 Experian has that, and you can't tell the credit that 1264 01:10:56.920 --> 01:11:00.239 you want them that you want to pay your you 1265 01:11:00.319 --> 01:11:02.560 want to have some bills show up in your report, 1266 01:11:02.640 --> 01:11:04.399 and they can try to do that for you. Yeah, 1267 01:11:04.439 --> 01:11:07.680 I know that, so always find out. I'm just going 1268 01:11:07.760 --> 01:11:10.199 to give you the broad trops. Hey, that's that names 1269 01:11:10.279 --> 01:11:19.039 that name right strategy? Hi? Yes, Tarti, Petty Jesus man, 1270 01:11:19.119 --> 01:11:23.800 you guys have simple names. Man, Hi, Hi, how you doing. 1271 01:11:24.600 --> 01:11:27.520 I'm fine, I'm fine. Sorry. The name is Tati Peti. 1272 01:11:27.560 --> 01:11:31.119 It's just a brand. My name is Prosper. Prosper are 1273 01:11:31.199 --> 01:11:33.359 doing fine, I'm fine. 1274 01:11:33.479 --> 01:11:40.159 Yeah, But I just saw the title of the things 1275 01:11:40.239 --> 01:11:43.239 and you know how to your credits card. 1276 01:11:43.359 --> 01:11:45.680 And this is something I've done. 1277 01:11:45.520 --> 01:11:50.279 Also in my course in life, and I'm working also for. 1278 01:11:50.520 --> 01:11:52.640 Insurance companies and banks. 1279 01:11:53.199 --> 01:11:56.760 So I just sell me listen to it and see how. 1280 01:11:58.159 --> 01:12:01.199 You guys are trying to implement is in the in 1281 01:12:01.319 --> 01:12:04.760 the case of Africa, and I would be invested to 1282 01:12:04.920 --> 01:12:08.880 know because everything concerning Africa concern me and I want 1283 01:12:08.960 --> 01:12:09.079 to know. 1284 01:12:09.600 --> 01:12:11.800 Okay, so why are you able to pick up a 1285 01:12:11.880 --> 01:12:14.079 few points on how you can reach your credit scoring? 1286 01:12:16.520 --> 01:12:18.600 Let me say, first start when I was doing my 1287 01:12:18.720 --> 01:12:22.119 master and I have to do a project on it 1288 01:12:22.359 --> 01:12:27.359 because there's a packet on health. It's like a Docercians 1289 01:12:27.520 --> 01:12:31.560 language like pathons, which is used also to analyze that 1290 01:12:31.760 --> 01:12:37.000 does and I work on some projects on how to. 1291 01:12:37.520 --> 01:12:40.479 Actually optimize the credit score. 1292 01:12:41.239 --> 01:12:45.039 And what I will say is that what wants as 1293 01:12:45.079 --> 01:12:51.600 a person can optimize in this case is is how 1294 01:12:51.720 --> 01:12:54.359 I put it is the borrow money is the money 1295 01:12:54.399 --> 01:12:56.159 you borrow from there from the bank. 1296 01:12:56.439 --> 01:13:00.319 But so you you first have to parton my English 1297 01:13:00.359 --> 01:13:04.319 because I'm basically Frenchman and live in Germany. 1298 01:13:04.760 --> 01:13:09.439 So I went through Nigeria during my courses, spend something 1299 01:13:09.560 --> 01:13:10.199 like two years. 1300 01:13:10.680 --> 01:13:15.359 That's why my English might not be that's perfect, yees. 1301 01:13:15.520 --> 01:13:19.319 So what I was saying is that is that personally, as. 1302 01:13:19.159 --> 01:13:21.960 A person what you have to be careful on it 1303 01:13:22.279 --> 01:13:24.760 is what you borrow from the bank. If you borrow 1304 01:13:24.840 --> 01:13:27.319 money from the bank, you have to make sure you 1305 01:13:27.479 --> 01:13:30.760 also pay back on the time that the bank has 1306 01:13:30.840 --> 01:13:31.760 given to pay. 1307 01:13:32.279 --> 01:13:34.399 That is very very very important. 1308 01:13:34.800 --> 01:13:37.600 And the second things that the bank also want to 1309 01:13:37.680 --> 01:13:42.000 see is actually need how you spend your earning. If 1310 01:13:42.079 --> 01:13:45.880 you receive let's say, like in case of Nigeria, you 1311 01:13:46.359 --> 01:13:50.279 think like one hundred thousand naira a month, the bank 1312 01:13:50.399 --> 01:13:53.680 want to see that you have some traditions and culture 1313 01:13:54.079 --> 01:13:58.880 that when you receive your money, you you almost always 1314 01:13:59.000 --> 01:14:03.479 keep like one part of your money into one I 1315 01:14:03.600 --> 01:14:04.479 can call the. 1316 01:14:06.680 --> 01:14:10.640 Banker where the saving can't the saving I can't. 1317 01:14:11.039 --> 01:14:13.520 It's very important also for the bank to see that 1318 01:14:13.640 --> 01:14:17.479 you are also constructed, like you're very diligent with your money. 1319 01:14:17.520 --> 01:14:19.039 You know how to manage your money. 1320 01:14:19.319 --> 01:14:23.000 This can also optimize you your things and then everything 1321 01:14:23.199 --> 01:14:25.960 like marital statutes. 1322 01:14:25.479 --> 01:14:29.119 One can always discuss, and if you have property, one 1323 01:14:29.199 --> 01:14:30.399 can always discuss. 1324 01:14:31.159 --> 01:14:34.239 And in the case of Germany, like where I where 1325 01:14:34.359 --> 01:14:37.079 I studied, I did my master before I left. 1326 01:14:37.960 --> 01:14:42.840 And one thing which was also very very important was 1327 01:14:43.119 --> 01:14:49.399 like what actually and I am. 1328 01:14:49.479 --> 01:14:51.960 Sorry to mention it, but I saw it also on 1329 01:14:52.079 --> 01:14:56.399 the data It was do your race. So if you 1330 01:14:57.000 --> 01:14:59.600 already live in Germany and you are a black person 1331 01:15:00.720 --> 01:15:05.920 and you are like coming from Africa country, your race 1332 01:15:06.279 --> 01:15:08.760 is something the bank we also look at, but. 1333 01:15:10.319 --> 01:15:14.520 Race, sorry, do you look at your race in Germany? Yeah? 1334 01:15:14.600 --> 01:15:17.840 The data there's one what there's one data sets called 1335 01:15:17.920 --> 01:15:20.520 the German credit data set. 1336 01:15:20.920 --> 01:15:22.680 So I was also shocked. 1337 01:15:23.159 --> 01:15:28.840 But but this can be mitigated because if actually you 1338 01:15:29.039 --> 01:15:30.880 are like a black. 1339 01:15:30.920 --> 01:15:34.520 Person and let's say in the case of. 1340 01:15:36.039 --> 01:15:39.319 Let's say I would take Legos, if you are in 1341 01:15:39.439 --> 01:15:43.039 Legos and you are living in a corn job local government, 1342 01:15:44.279 --> 01:15:48.760 and then another person is living in Ireland. You know, 1343 01:15:49.840 --> 01:15:53.560 the person that is living in a local government would 1344 01:15:53.600 --> 01:15:54.800 be like the. 1345 01:15:54.800 --> 01:15:58.960 Appreciated, but the person who is living in Ireland will 1346 01:15:59.079 --> 01:16:00.479 like being a appreciated. 1347 01:16:01.319 --> 01:16:05.560 So so when you now compare this to make this 1348 01:16:05.840 --> 01:16:11.119 to qualification, this to make my German word, but let 1349 01:16:11.199 --> 01:16:13.359 me say this to quality. 1350 01:16:13.640 --> 01:16:16.600 And you're living in the big city, the city where 1351 01:16:16.640 --> 01:16:17.159 people that. 1352 01:16:17.279 --> 01:16:19.840 Are rich are living, and you're in black Man, so 1353 01:16:20.199 --> 01:16:22.760 in mitigate this race, understand. 1354 01:16:23.840 --> 01:16:27.119 Yeah, that's that's that's interesting. In the in the US, 1355 01:16:27.319 --> 01:16:32.079 we have specific laws that forbid. You've been credited being 1356 01:16:32.199 --> 01:16:36.880 targeted according to your race, your religion, your ethnic background 1357 01:16:37.199 --> 01:16:40.199 and all that. So I mean you can lose your 1358 01:16:40.239 --> 01:16:43.319 banking licensees. They can prove that you are lending for 1359 01:16:43.520 --> 01:16:47.880 mortgages based on those factors that we used to have 1360 01:16:48.159 --> 01:16:53.000 red lining before, where black people right the mortgage the 1361 01:16:53.079 --> 01:16:55.840 banks would put in a location and red lining and 1362 01:16:56.000 --> 01:16:58.800 saying we're not going to give loans in that red line. 1363 01:16:59.560 --> 01:17:01.880 Now the banks in the US have got to publish 1364 01:17:02.000 --> 01:17:07.880 a report to show who applied for loans mortgage loans, 1365 01:17:08.000 --> 01:17:11.359 and who they give mortgage loans to in that community 1366 01:17:11.479 --> 01:17:14.000 where they are doing business. So they have to be 1367 01:17:14.199 --> 01:17:17.640 very literally when you applied for a loan in America, 1368 01:17:18.000 --> 01:17:22.079 they will ask you your ethnicity and your race. They 1369 01:17:22.119 --> 01:17:24.800 would ask you for it because they have to report 1370 01:17:25.560 --> 01:17:28.800 that so so and so quote unquote black people applied 1371 01:17:28.880 --> 01:17:32.199 for a loan and we give those loans to suit 1372 01:17:32.359 --> 01:17:35.039 this quarter. So they they track it. So you can't 1373 01:17:35.159 --> 01:17:37.600 hide and say, oh, I didn't know he was a 1374 01:17:37.640 --> 01:17:39.840 black person. No, they want you to know he was 1375 01:17:39.920 --> 01:17:43.560 a minority, and they want you to know that. Okay, 1376 01:17:43.960 --> 01:17:47.520 you are in that community, how much loans have you 1377 01:17:47.680 --> 01:17:51.399 given to that community very important. So I'm surprised you 1378 01:17:51.479 --> 01:17:58.600 say Journey doesn't do that. I think Trapp has gone 1379 01:17:58.600 --> 01:18:02.279 off actually strapped. Thank you very much. I appreciate the comments, 1380 01:18:02.279 --> 01:18:04.520 and I thank you. I think you live. You pronounced 1381 01:18:04.560 --> 01:18:06.520 our colone jump very well. That makes you lived here 1382 01:18:06.600 --> 01:18:09.800 for quite a while. Literally have produced comments. Hey Oxley, 1383 01:18:09.880 --> 01:18:12.600 how are you doing? Oxley Tech? Also take us whom 1384 01:18:12.600 --> 01:18:14.720 We're going to be done about eleven. We're gonna be 1385 01:18:14.800 --> 01:18:19.760 done in about eight thirty, so we can go watch 1386 01:18:19.760 --> 01:18:21.800 the Super Bowl? Oxley? What water in your mind? O 1387 01:18:22.000 --> 01:18:22.319 the tech? 1388 01:18:23.600 --> 01:18:23.800 Yeah? 1389 01:18:24.319 --> 01:18:31.479 Uh, thank you for yees again the interesting. 1390 01:18:33.399 --> 01:18:37.239 Well, maybe maybe I can look at it. 1391 01:18:37.760 --> 01:18:38.399 Or then. 1392 01:18:41.119 --> 01:18:47.000 I have we have credit? Yeah, we do. I just 1393 01:18:47.119 --> 01:18:49.880 I just quoted the three companies when we have christ 1394 01:18:49.920 --> 01:18:51.000 Cause and Nier Yeah. 1395 01:18:52.680 --> 01:18:54.880 Yeah, or actually goes to question. 1396 01:18:55.720 --> 01:18:57.840 I don't think so cool. 1397 01:18:58.920 --> 01:19:03.319 I know that was a regulation that the Civilian past 1398 01:19:03.760 --> 01:19:07.439 or the Civilian Issue, I think some three years ago 1399 01:19:08.359 --> 01:19:14.000 that it published those lesitating or creditors or agency. 1400 01:19:13.720 --> 01:19:19.439 Credit for you as. So there are a couple of them. 1401 01:19:19.880 --> 01:19:23.439 They try to so I think they are more. They 1402 01:19:23.439 --> 01:19:24.000 are more. 1403 01:19:25.319 --> 01:19:28.000 You know, data collection agency or data collection. 1404 01:19:29.760 --> 01:19:30.920 I don't think that I'm not. 1405 01:19:31.039 --> 01:19:32.960 I don't think that most of the data, all things 1406 01:19:33.000 --> 01:19:35.760 that they have about consumer are actually constitutions. 1407 01:19:36.680 --> 01:19:43.920 Consequestion says that data be that maybe I can be 1408 01:19:44.039 --> 01:19:45.279 referenced to well. 1409 01:19:45.399 --> 01:19:49.239 Tactional deficial is dead or a particulars. 1410 01:19:49.520 --> 01:19:50.119 I don't think so. 1411 01:19:50.840 --> 01:19:54.600 So I wanted anactual decisions when you come in front. 1412 01:19:54.439 --> 01:19:58.399 Of the bound to finance uh cosumer. 1413 01:19:58.359 --> 01:20:01.159 Credits or because maybe you want to to change your 1414 01:20:01.279 --> 01:20:04.000 electronics in your house, you want to buy a new class, 1415 01:20:05.000 --> 01:20:07.640 you know, you know, if you are in front of 1416 01:20:08.680 --> 01:20:11.800 I go back on trying to bring those applications those 1417 01:20:12.039 --> 01:20:13.359 the data clients do that. 1418 01:20:13.600 --> 01:20:16.159 I don't think so, but it's a big look they don't. 1419 01:20:16.720 --> 01:20:19.039 So that's why it said it's not as consequential. 1420 01:20:19.159 --> 01:20:21.039 Maybe my civil constitution. 1421 01:20:20.680 --> 01:20:22.720 At the thing job for now. 1422 01:20:23.119 --> 01:20:24.880 I don't think it is. Well. I also want to 1423 01:20:25.000 --> 01:20:29.920 mention probably because who like that that the CIB has lot. 1424 01:20:29.960 --> 01:20:32.680 Been various succursive, Yes we are the wrong. The board 1425 01:20:32.680 --> 01:20:35.840 of the regulation, the expebitions, these agencies have they been 1426 01:20:35.880 --> 01:20:36.479 supportive of. 1427 01:20:36.560 --> 01:20:41.680 Those agencies lots as much as they should, because if 1428 01:20:41.720 --> 01:20:42.279 you want. 1429 01:20:42.840 --> 01:20:46.079 The credit agencies or the credit crew to be consequential, 1430 01:20:46.359 --> 01:20:48.359 It's also write a relations to say you. 1431 01:20:48.520 --> 01:20:49.439 You impact them. 1432 01:20:49.960 --> 01:20:52.520 You impact those agencies in the middle of a back 1433 01:20:53.039 --> 01:20:57.479 in the middle of everything astation. So civilians have at 1434 01:20:57.560 --> 01:21:00.039 all that and that's why those all. 1435 01:21:00.039 --> 01:21:03.000 About data than those guys. The only real we go 1436 01:21:03.399 --> 01:21:03.840 the dot com. 1437 01:21:04.359 --> 01:21:07.399 In fact, the only thing I know that count that 1438 01:21:07.560 --> 01:21:11.279 is very consequentional that its abs all the collages real 1439 01:21:11.960 --> 01:21:16.760 to glover as an instruction where you have you know 1440 01:21:17.079 --> 01:21:19.680 you you are addy, you are all your company. 1441 01:21:20.239 --> 01:21:24.279 Well you took your loan from bank A and you 1442 01:21:24.399 --> 01:21:25.760 really download it, didn't do. 1443 01:21:26.119 --> 01:21:29.000 Or you're not paying down that they bound bank pay. 1444 01:21:29.880 --> 01:21:33.640 Anybody can recover any back, any credit the industry. 1445 01:21:34.079 --> 01:21:36.520 So you know you took a loose for resting. 1446 01:21:36.600 --> 01:21:40.600 Access bound you you well got a lot bound and 1447 01:21:40.680 --> 01:21:42.680 you have credits all over the plage. You have Telly 1448 01:21:42.760 --> 01:21:45.880 balance three or three or our post bound come and 1449 01:21:45.920 --> 01:21:48.920 we'll go form and clears a creek of the hotels 1450 01:21:48.960 --> 01:21:52.760 creating hotel and all your prayers bal people have limited 1451 01:21:52.840 --> 01:21:56.560 that is r pier or what way when the tires off? 1452 01:21:59.119 --> 01:22:01.800 Okay, I see your audience kind of kind of broken, 1453 01:22:01.880 --> 01:22:07.680 So I'm not just show I know could you guys 1454 01:22:07.720 --> 01:22:10.680 hear in that world after I get the point you're making. Yeah, 1455 01:22:10.880 --> 01:22:13.079 we we have, but it's not really is it really? 1456 01:22:14.119 --> 01:22:16.560 Could we use real time? That's a good point you're making. 1457 01:22:16.600 --> 01:22:18.399 I don't think that, don't. I don't know how it works. 1458 01:22:18.399 --> 01:22:20.720 Maybe someone that has used QUAE in Nigeria can see 1459 01:22:21.279 --> 01:22:23.159 when I went to apply for a loan in Nigeria, 1460 01:22:23.520 --> 01:22:25.359 they ran my quest and they gave me a report. 1461 01:22:25.439 --> 01:22:27.279 Maybe someone can come up and see that won't use 1462 01:22:27.359 --> 01:22:30.640 quite in Nigeria for a while. So let someone can 1463 01:22:30.680 --> 01:22:34.920 come and say that that would help effrects most effect. 1464 01:22:34.960 --> 01:22:44.960 Are you doing? What's happening? Man? There's no proverb fantastic. 1465 01:22:45.439 --> 01:22:51.359 I'm doing very well, sir. Oh yeah, And there's this 1466 01:22:51.479 --> 01:22:57.800 question I want to ask. I don't know if we're talking. 1467 01:22:57.600 --> 01:23:01.479 About loan and I don't know if Yeah, let's say 1468 01:23:01.560 --> 01:23:03.199 someone is learning the money from. 1469 01:23:04.760 --> 01:23:10.359 Micro finance bounds. If it is a let's see your 1470 01:23:10.479 --> 01:23:14.000 credit score or micro finance back if it is a tributal. 1471 01:23:13.680 --> 01:23:18.079 Tool, uh that of the commercial bounds, Like if your 1472 01:23:18.159 --> 01:23:20.560 credit score is low on the micro. 1473 01:23:20.520 --> 01:23:24.439 Finance band, is it also. 1474 01:23:25.680 --> 01:23:28.000 Attributed to commercial boands? 1475 01:23:28.039 --> 01:23:30.680 I don't know if question is yeah, it's just it's 1476 01:23:30.800 --> 01:23:34.960 just somehow it's the same credit score that you have 1477 01:23:35.159 --> 01:23:38.520 that all lender vendors would use. All you only have 1478 01:23:38.680 --> 01:23:41.920 one credit score, so if you have that one credit score, 1479 01:23:42.359 --> 01:23:48.880 then you would the same thing. Yeah. Ok, yeah, it's 1480 01:23:48.920 --> 01:23:53.720 one credits call for you per person. So if you 1481 01:23:53.880 --> 01:23:57.560 go to you look micro finance, bands, committed bank, Yeah, 1482 01:23:57.640 --> 01:23:59.960 then exactly that's what I'm going to pull correct. Yeah. 1483 01:24:02.119 --> 01:24:06.479 All right, fantastic man, thanks for calling. Appreciate you. All right, folks, 1484 01:24:06.680 --> 01:24:10.720 thank you so so so much for hanging out with me. Frix. 1485 01:24:12.000 --> 01:24:14.520 All right, thank you so much, guys for hanging out 1486 01:24:14.680 --> 01:24:17.640 with us today. We'll spend an hour to teamly just 1487 01:24:17.680 --> 01:24:20.199 talking around credits. And again I made sure to record 1488 01:24:20.279 --> 01:24:22.960 this because so many of you are going to be 1489 01:24:23.039 --> 01:24:26.039 watching the super Bowl or watching the soccer game. So 1490 01:24:26.079 --> 01:24:27.760 I'm wanting the guys to have this is a very 1491 01:24:27.840 --> 01:24:31.560 very important topic, right, I'm trying this this This month 1492 01:24:31.600 --> 01:24:34.439 in America is the Black History Month in America, and 1493 01:24:35.399 --> 01:24:39.079 Black history I look look at the economic history. If 1494 01:24:39.159 --> 01:24:43.800 you look at the demographics in America that are economically viable, 1495 01:24:43.960 --> 01:24:47.640 you're gonna see the Caucasians, You're gonna see the Latinos, 1496 01:24:48.039 --> 01:24:51.000 You're gonna see the black population. If you look at 1497 01:24:51.119 --> 01:24:54.520 home ownership, you're gonna see the same demographic. Number one 1498 01:24:54.600 --> 01:24:57.600 is Caucasians, Number two at the Latinos. The last is 1499 01:24:57.640 --> 01:25:00.800 gonna be the African Americans. And and all that why 1500 01:25:01.680 --> 01:25:06.079 there's a pathway to home ownership and to economic security 1501 01:25:06.119 --> 01:25:09.359 in America. That's the pathway. Once you own a home, 1502 01:25:10.000 --> 01:25:13.319 you have equity. The home is yours. You build equity, 1503 01:25:13.600 --> 01:25:16.920 and a home is the best way to transfer world 1504 01:25:17.680 --> 01:25:21.520 from one generation to one generation. If you own a 1505 01:25:21.680 --> 01:25:25.880 home and you pass away, your kids get that home, 1506 01:25:26.239 --> 01:25:28.600 it's theirs. They can live in it, they don't have 1507 01:25:28.680 --> 01:25:31.079 to pay rent, they can sell it witness, they've got 1508 01:25:31.239 --> 01:25:33.199 cash they can then use to start a business or 1509 01:25:33.239 --> 01:25:37.279 to go to school. But that generational transfer of world, 1510 01:25:37.880 --> 01:25:41.079 it's what has empowered need demographics. So you're not asked 1511 01:25:41.119 --> 01:25:44.279 the question why don't many Blacks own homes in America 1512 01:25:44.319 --> 01:25:48.439 even though they build in America for centuries right because 1513 01:25:48.479 --> 01:25:53.800 of credit. Homes in America are given based on credit. 1514 01:25:53.920 --> 01:25:57.119 You've got to have credit to get a home, So 1515 01:25:57.279 --> 01:25:59.880 why don't they have good credit because they don't understand 1516 01:26:00.199 --> 01:26:04.119 how credit works. Once you understand how credit works, it 1517 01:26:04.199 --> 01:26:07.079 is then easier for you to then apply for a market. 1518 01:26:07.119 --> 01:26:09.439 You don't have to go and get a mansion, even 1519 01:26:09.479 --> 01:26:12.760 if it's a flat. That equity is yours. In America, 1520 01:26:12.920 --> 01:26:16.840 once the home value appreciates, the equity is yours. We're 1521 01:26:16.840 --> 01:26:19.239 not talking about if a market is the loan of 1522 01:26:19.359 --> 01:26:22.640 a market is a good investment. The point is, in America, 1523 01:26:23.359 --> 01:26:28.279 the pathway too wealth is via home ownership, and home 1524 01:26:28.359 --> 01:26:33.000 ownership comes with getting a good credit score to afford 1525 01:26:33.079 --> 01:26:35.640 that home. So this is a very important topic that 1526 01:26:35.720 --> 01:26:39.319 you've got to understand how credit works. And the sad 1527 01:26:39.520 --> 01:26:43.039 part is that good credit is a very very simple concept. 1528 01:26:43.279 --> 01:26:46.399 Number One, you get a credit. It can be a 1529 01:26:46.479 --> 01:26:49.680 credit card, it can be an auto loan, it can 1530 01:26:49.760 --> 01:26:51.880 be a home loan. That's number one thing you want 1531 01:26:51.880 --> 01:26:55.479 to do. Number Two, you pay it on time, so 1532 01:26:55.600 --> 01:26:59.399 you pay the interest due on time. Once you pay 1533 01:26:59.560 --> 01:27:03.119 interest you on time, you have met thirty five percent 1534 01:27:03.479 --> 01:27:07.439 of that obligation. Number Three, you keep your balance is low. 1535 01:27:07.640 --> 01:27:09.680 So if you have a credit card and it's for 1536 01:27:09.800 --> 01:27:13.199 one thousand dollars, you don't want to carry over more 1537 01:27:13.720 --> 01:27:16.680 than three hundred dollars or thirty percent. That gives you 1538 01:27:16.840 --> 01:27:20.640 thirty percent of your score, so simply pain on time 1539 01:27:21.600 --> 01:27:25.119 and not kind of a balance. You've already earned sixty 1540 01:27:25.279 --> 01:27:29.600 five percent of the available score towards the credit. If 1541 01:27:29.640 --> 01:27:31.800 you have mixed your credit up, you get afford a 1542 01:27:31.920 --> 01:27:35.199 ten percent. The length of time gives you a for 1543 01:27:35.319 --> 01:27:38.359 to ten percent, So it's really not the hard thing 1544 01:27:38.439 --> 01:27:42.199 to do. Get a credit card, pay on time. End 1545 01:27:42.319 --> 01:27:45.399 of story. Are you able to build your credit history. 1546 01:27:45.680 --> 01:27:49.520 With your credit history and with lack of debt, you 1547 01:27:49.640 --> 01:27:52.960 can then afford a household that you can then use 1548 01:27:53.399 --> 01:27:57.920 to get onto that equity journey in America and you 1549 01:27:58.000 --> 01:28:02.760 can then essentially get yourself into that American dream. That's 1550 01:28:02.880 --> 01:28:06.000 why this is a very important space, especially in the 1551 01:28:06.079 --> 01:28:08.479 weekend of the Black History Bond and all that. It's 1552 01:28:08.520 --> 01:28:11.720 the same with Nigeria. If you own your home in Nigeria, 1553 01:28:12.199 --> 01:28:16.000 you have the equity, you no longer parents. We might 1554 01:28:16.079 --> 01:28:19.359 not have the create credit scoring, but this also helps 1555 01:28:19.399 --> 01:28:22.000 you in if in case you'd like to build up 1556 01:28:22.079 --> 01:28:25.279 that credit, this also helps you. So I'm going to 1557 01:28:25.359 --> 01:28:27.840 take is it? Why are you coming late? 1558 01:28:28.159 --> 01:28:28.319 Is it? 1559 01:28:29.560 --> 01:28:36.479 Since? Yeah, you guys are coming? Yeah? What's up? Yeah? Yeah, 1560 01:28:36.600 --> 01:28:42.359 so I have it? Who who has both living in Canada. 1561 01:28:42.800 --> 01:28:46.800 So this has a bad school. 1562 01:28:46.840 --> 01:28:47.640 I wanted to buy. 1563 01:28:48.479 --> 01:28:50.920 So this is what happened. Had you good credit school? 1564 01:28:51.720 --> 01:28:55.439 So the car company I advised, my concern could be 1565 01:28:56.119 --> 01:29:02.199 like a yeah, now, so this question now is now 1566 01:29:02.279 --> 01:29:04.439 that is a guarantee to his friend. 1567 01:29:05.840 --> 01:29:08.399 Is there a problem with that in terms of apings, pay. 1568 01:29:08.279 --> 01:29:09.880 You score going forward? 1569 01:29:10.039 --> 01:29:12.640 If you'll do anyferently paying point in time and working 1570 01:29:12.720 --> 01:29:14.680 to pay point. 1571 01:29:16.960 --> 01:29:18.359 Is the only question is is. 1572 01:29:18.399 --> 01:29:21.000 There a problem if you have because you score and 1573 01:29:21.159 --> 01:29:23.279 there you have money, don't you use because you sco? 1574 01:29:23.399 --> 01:29:27.359 You just pay your money develop using your card going forward? 1575 01:29:27.600 --> 01:29:27.920 Thank you? 1576 01:29:28.439 --> 01:29:31.479 Yeah. Two great questions. Number one, if you guarantee a 1577 01:29:31.600 --> 01:29:34.000 loan and you are put on the loan, then you 1578 01:29:34.079 --> 01:29:37.439 are liable for that loan. If your friend pays the loan, 1579 01:29:38.079 --> 01:29:40.560 then you get the benefits of the loan, You get 1580 01:29:40.640 --> 01:29:43.399 a good credit score. If your friend does not pay 1581 01:29:43.439 --> 01:29:45.920 the loan, you are liable to pay the loan back 1582 01:29:46.000 --> 01:29:48.119 because it's a joint loan. So if your friend does 1583 01:29:48.159 --> 01:29:49.880 not pay, they're going to come to you to pay. 1584 01:29:49.960 --> 01:29:53.039 It's a consequence loan. You're going to pay if you're 1585 01:29:53.239 --> 01:29:55.920 not paid. So if you get the good you get 1586 01:29:55.960 --> 01:29:59.039 the bad in terms of that, So that that answers 1587 01:29:59.079 --> 01:30:02.680 your friend's question. The second question is to say, what 1588 01:30:02.800 --> 01:30:05.720 if I have a million dollars and I don't need credit, 1589 01:30:06.199 --> 01:30:09.680 it wouldn't affect me anyway. No, If you if you 1590 01:30:09.800 --> 01:30:11.640 have the money to keep on paying cash, then you 1591 01:30:11.680 --> 01:30:14.199 don't worry about credits. I mean, I'm sure if you 1592 01:30:14.359 --> 01:30:18.680 pull elon Moskus credit or bill get credits very very 1593 01:30:18.760 --> 01:30:22.319 bad because maybe they don't borrow. Right. So I'm just 1594 01:30:22.399 --> 01:30:25.920 making a point. If you are an average person, a 1595 01:30:26.039 --> 01:30:28.760 normal person in quotes un quote, you need good credit. 1596 01:30:29.199 --> 01:30:30.920 So I would say, like I said, if you have 1597 01:30:31.079 --> 01:30:33.680 money to buy a car, the car is ten thousand dollars, 1598 01:30:34.600 --> 01:30:37.880 give them nine hundred nine thousand, five hundred dollars finance 1599 01:30:38.000 --> 01:30:40.600 five hundred. So it goes into your loan, It helps 1600 01:30:40.640 --> 01:30:43.119 your credit scoring, It doesn't hurt you. Right. But if 1601 01:30:43.159 --> 01:30:46.119 you think you've got enough money you're not ever going 1602 01:30:46.199 --> 01:30:48.760 to take a loan, fantastic, Just go and pay the cash. 1603 01:30:48.920 --> 01:30:51.399 It wouldn't affect you in any way. But if you 1604 01:30:51.520 --> 01:30:55.039 think you need a loan down the line, I would say, 1605 01:30:55.319 --> 01:30:58.319 always have a good credit score and keep it up there. 1606 01:30:58.359 --> 01:31:00.199 You never know anything can happen to you and you 1607 01:31:00.279 --> 01:31:03.079 my go friend billionaire to a normal guy, and so 1608 01:31:03.199 --> 01:31:05.159 you want to make sure that you have good credit. Yeah, 1609 01:31:05.439 --> 01:31:10.000 because answer a question. Sincere, Yes, thank you so much, 1610 01:31:10.079 --> 01:31:12.600 Thanks for what you do. Thank you so much for 1611 01:31:12.680 --> 01:31:17.760 the producer, Thanks so much. How you doing? Yeah, I'm trying. 1612 01:31:17.840 --> 01:31:21.159 How are you? What's happening? I just I just want 1613 01:31:21.199 --> 01:31:23.119 to throw this up since we're we've blat is three. 1614 01:31:23.039 --> 01:31:25.880 Months and were again about generational So I wanted to 1615 01:31:25.920 --> 01:31:29.840 talk a bit about adding your child to your credit card, 1616 01:31:29.880 --> 01:31:32.199 even if it's a new born baby like when the 1617 01:31:32.279 --> 01:31:34.840 child was born today. I know their pros and comes 1618 01:31:34.840 --> 01:31:36.399 to it. I want to talk about it so that 1619 01:31:36.479 --> 01:31:39.920 people here will learn. And I've seen it across the 1620 01:31:39.960 --> 01:31:44.159 world from Europe to America. White people specifically, let me 1621 01:31:44.279 --> 01:31:45.439 say that setting their. 1622 01:31:45.439 --> 01:31:51.239 Children up from childhood when they get to adultsthood. So 1623 01:31:51.359 --> 01:31:55.279 when when they get to age eighteen, because they've already 1624 01:31:55.760 --> 01:31:57.640 they've really had some savings for them in that five 1625 01:31:57.760 --> 01:31:59.399 to nine, or in's a form of. 1626 01:31:59.439 --> 01:32:02.159 Saving, or they give them a gift. 1627 01:32:02.319 --> 01:32:04.680 So you see a child buy the house at the 1628 01:32:04.840 --> 01:32:08.720 edge of eighteen, then you wonder how you get the credit? 1629 01:32:09.159 --> 01:32:12.520 Is your grandma. Your grandmother has always given them, you know, 1630 01:32:13.920 --> 01:32:14.920 so your grandmother has. 1631 01:32:14.800 --> 01:32:18.239 Already given them the balance, like the doubt payments for 1632 01:32:18.319 --> 01:32:18.760 the house. 1633 01:32:19.279 --> 01:32:25.479 Yeah right, But because as a child, their parents meticulously 1634 01:32:25.600 --> 01:32:28.560 build their credits alongside their children's. 1635 01:32:28.680 --> 01:32:31.439 Yeah, they were a good position to buy their house. 1636 01:32:32.199 --> 01:32:33.199 You know, that's a good room. 1637 01:32:33.239 --> 01:32:35.199 So I wanted to talk about it, the pros and 1638 01:32:35.319 --> 01:32:37.439 cons and for people to know in case you don't 1639 01:32:37.479 --> 01:32:39.880 know that you can actually add your child for your credit, 1640 01:32:40.199 --> 01:32:42.039 no matter how even need the child is one day 1641 01:32:42.079 --> 01:32:45.479 who so kind of like you, Yeah, I hear you 1642 01:32:45.680 --> 01:32:45.920 on that. 1643 01:32:46.119 --> 01:32:49.000 Let's let's let's break it down. So generational weld is 1644 01:32:49.079 --> 01:32:54.520 really when you compound wealth. When you compound well, that's generational. 1645 01:32:54.680 --> 01:32:58.039 Well what is compounding in interest on interest? So you 1646 01:32:58.119 --> 01:33:01.760 look at Nigeria, it's very hard. Look at Nigeria from 1647 01:33:02.000 --> 01:33:07.359 not nineteen sixty, from eighteen hundred. How many compounded wealth 1648 01:33:07.479 --> 01:33:12.439 can you find in Nigeria from say nineteen zero nineteen 1649 01:33:12.520 --> 01:33:15.800 hundred started in nineteenth century? How many can you find 1650 01:33:15.880 --> 01:33:20.039 till today? How many where their grandfather was extremely wealthy, 1651 01:33:20.880 --> 01:33:24.760 the father was extremely wealthy, and the grands and sectionally wealthy. 1652 01:33:24.880 --> 01:33:27.920 How many can you find. I don't want to be 1653 01:33:28.039 --> 01:33:30.279 used to go above my pay grade. But I think 1654 01:33:30.319 --> 01:33:32.720 you will not find any I know of one or 1655 01:33:32.760 --> 01:33:35.479 two in my head, but you will not find any 1656 01:33:36.119 --> 01:33:40.319 generationally compounded weld. In Nigeria, you will find two generations, 1657 01:33:40.920 --> 01:33:49.119 but three four you struggle. Rockefeller Ford, their foundations are 1658 01:33:49.159 --> 01:33:54.359 in Nigeria today. When did they die? Rockefeller Foundation, Ford 1659 01:33:54.399 --> 01:33:59.720 Foundation there in nineteria today, start curing malaria today. Du Pont, 1660 01:34:00.000 --> 01:34:04.800 it's a family, DuPont, It's a family generational world. Even 1661 01:34:04.880 --> 01:34:07.760 Bill Gates he has done its foundation. There's going to 1662 01:34:07.800 --> 01:34:11.600 be around forever and ever because a foundation. Right, So 1663 01:34:11.760 --> 01:34:13.800 how many do we have in Nigeria? So that's where 1664 01:34:13.800 --> 01:34:15.600 you're talking about, is that you could we have to 1665 01:34:15.720 --> 01:34:19.199 have in the in African Nigeria generational world. So it 1666 01:34:19.399 --> 01:34:22.560 goes to your specific question, how do or you both 1667 01:34:22.640 --> 01:34:25.960 do it? Over there, they set up a structure using 1668 01:34:26.039 --> 01:34:29.760 the legal systems to say I will pass world from 1669 01:34:29.840 --> 01:34:35.720 myself to my dependence without paying taxes, so the taxes 1670 01:34:35.760 --> 01:34:39.279 don't dissipate that income. It goes from myself to my 1671 01:34:39.479 --> 01:34:41.920 grandson and all that and the laws out there. If 1672 01:34:41.960 --> 01:34:45.000 you have in America, I think you can give about fifteen. 1673 01:34:45.439 --> 01:34:47.840 I think it's teteen to fifty billion as a gift 1674 01:34:48.039 --> 01:34:50.880 in your lifetime and the government will not tax it. 1675 01:34:50.960 --> 01:34:54.119 If you pass away, your wife gets all your assets 1676 01:34:54.479 --> 01:34:58.039 tax free, and your wife can give gifts in her 1677 01:34:58.119 --> 01:35:03.159 lifetime up to fifteen million or so. Again, that's on 1678 01:35:03.279 --> 01:35:05.880 the side. Your specification is asking about how can the 1679 01:35:06.119 --> 01:35:11.199 average person do generational wealth transfer? Credit cards are tricky. 1680 01:35:12.079 --> 01:35:14.359 I do not add. I don't think you can only 1681 01:35:14.439 --> 01:35:17.279 give a credit card to a baby. Yes, you can 1682 01:35:17.359 --> 01:35:20.279 give a credit card to a teenager. I seem lidicated. 1683 01:35:20.359 --> 01:35:23.760 I want to go for to Paris for school excursion 1684 01:35:24.359 --> 01:35:26.000 and their parents to give them a credit card. They 1685 01:35:26.039 --> 01:35:28.800 are fifteen sixteen year old. That car is the parents 1686 01:35:28.880 --> 01:35:30.960 own credit card. The kid has a card that he 1687 01:35:31.039 --> 01:35:34.279 can use and all that. What I would advise you 1688 01:35:34.439 --> 01:35:37.279 to do is to open up what we call an 1689 01:35:37.479 --> 01:35:43.640 IRA individual retirement account. Specifically, I will go as fast 1690 01:35:43.720 --> 01:35:47.239 in open up a roth ira. Rot is spelled roth. 1691 01:35:47.960 --> 01:35:52.560 Open up in an roth IRA for your child. When 1692 01:35:52.600 --> 01:35:55.720 the child is a baby. If you have a business, 1693 01:35:56.920 --> 01:36:00.399 take a picture of the baby and print calendar. That 1694 01:36:00.600 --> 01:36:03.960 baby is a model in your business, So you pay 1695 01:36:04.119 --> 01:36:08.520 the child your own child a paycheck or a contract. 1696 01:36:08.960 --> 01:36:11.800 You have to write a real contract. Don't just give 1697 01:36:11.840 --> 01:36:14.680 the money into the child, say it's my son. No, 1698 01:36:15.399 --> 01:36:17.920 the irs wants the child to do to end what 1699 01:36:18.039 --> 01:36:21.800 we call end income, not gifts. You can't put a 1700 01:36:21.920 --> 01:36:26.560 gift in an IRA and income. So the child will 1701 01:36:26.600 --> 01:36:28.600 get that baby you took a picture of and use 1702 01:36:28.640 --> 01:36:31.960 that baby's picture as you as your company logo for 1703 01:36:32.119 --> 01:36:35.199 that year. Will end modeling contract. So you pay the 1704 01:36:35.319 --> 01:36:38.880 model ten thousand dollars. You take that tental dollars and 1705 01:36:38.960 --> 01:36:42.720 you put in his wrought IRA. That money will stay 1706 01:36:42.760 --> 01:36:47.279 here until that child is to get a job, and 1707 01:36:47.479 --> 01:36:50.640 that child can after five years, the cash us for 1708 01:36:50.760 --> 01:36:54.119 the child. He can take that money out tax free 1709 01:36:54.479 --> 01:36:57.159 after five years. So imagine kid is a baby. After 1710 01:36:57.359 --> 01:36:59.680 five years, the tax is the money is owned by 1711 01:36:59.720 --> 01:37:02.880 the kid one hundred percent the CHAT. You can contribute 1712 01:37:02.920 --> 01:37:05.800 as long as she wants earned income. The child can 1713 01:37:05.880 --> 01:37:08.920 inherit that IRA. I can keep on contributing for the 1714 01:37:08.960 --> 01:37:10.760 rest of his life till he takes the money out 1715 01:37:11.079 --> 01:37:14.039 tax free. So if you buy something worth a dollar 1716 01:37:15.479 --> 01:37:19.319 and the good becomes worth a million dollars, the child 1717 01:37:19.439 --> 01:37:24.159 can withdraw a million dollars tax free because it's a 1718 01:37:24.359 --> 01:37:28.279 rot era after that five years, So that's I want 1719 01:37:28.279 --> 01:37:30.640 to transfer. That's a simple way you can do it, 1720 01:37:31.159 --> 01:37:33.119 and right now the minute easier for you. Guys, they 1721 01:37:33.199 --> 01:37:34.960 made easier for you if you live in America. I 1722 01:37:35.039 --> 01:37:38.760 think I shared that out to Americans. There's something called 1723 01:37:39.119 --> 01:37:41.800 a four or five four seven account. It's called a 1724 01:37:41.920 --> 01:37:44.079 Trump account. Is it won't like this, so you can 1725 01:37:44.199 --> 01:37:47.000 google it is a Trump account or a four to 1726 01:37:47.039 --> 01:37:50.239 five four seven account. What they've done is this in 1727 01:37:50.359 --> 01:37:53.720 America today, you can open up that account if you 1728 01:37:53.760 --> 01:37:56.399 are filing taxes today. Let me get exactly if you're 1729 01:37:56.399 --> 01:37:59.800 filing If you live in America and you are filing 1730 01:38:00.039 --> 01:38:03.640 access today, you can simply tell your accountant that you 1731 01:38:03.840 --> 01:38:06.000 want them to open up that it is called a 1732 01:38:06.319 --> 01:38:09.920 four five four seven account. You simply just add it, 1733 01:38:10.039 --> 01:38:12.479 just a sht to people. You add that into your account, 1734 01:38:13.520 --> 01:38:17.920 You put your kids names, your socials into that tax return, 1735 01:38:18.199 --> 01:38:20.079 and you file it. So what you've opened up is 1736 01:38:20.119 --> 01:38:25.560 an account for a child, and that account anybody can contribute. 1737 01:38:26.279 --> 01:38:29.399 So they've taken that IRA concept. They've created this new 1738 01:38:29.520 --> 01:38:33.560 four five four seven accounts called Trump accounts. The parents 1739 01:38:33.600 --> 01:38:38.920 can contribute the employer can contribute. Anybody can contribute to 1740 01:38:39.000 --> 01:38:42.560 that account, and that account grows for the child. The 1741 01:38:42.640 --> 01:38:46.960 account is invested in the US stock market ETF that 1742 01:38:47.199 --> 01:38:51.279 invests in the whole market. So many companies now are 1743 01:38:51.319 --> 01:38:54.760 even saying if you have that account and you have 1744 01:38:55.000 --> 01:39:00.479 a child, your company will pay you money directly into account. 1745 01:39:00.600 --> 01:39:03.359 Many banks are doing it, not mini banks, after they 1746 01:39:03.359 --> 01:39:07.920 would match it. Mister Dell gave about seven point five billion. 1747 01:39:08.199 --> 01:39:10.560 It's going to go to the accounts of those children 1748 01:39:10.720 --> 01:39:14.920 opened up in low income the zip codes in America. 1749 01:39:15.680 --> 01:39:16.880 So that's the only thing you want to do. So 1750 01:39:16.920 --> 01:39:19.800 if you haven't filed taxes today in America, just tell 1751 01:39:19.800 --> 01:39:22.840 your account on four five four seven account, I want 1752 01:39:22.880 --> 01:39:25.600 to open one as I file my taxes this year. 1753 01:39:25.920 --> 01:39:28.279 When you open it up, you put your kidsen in there. 1754 01:39:28.439 --> 01:39:31.319 The account is open. Then going forward you can contribute 1755 01:39:31.319 --> 01:39:33.520 to your child's accounts. It doesn't have to be earned 1756 01:39:33.560 --> 01:39:36.039 income now it can be any income. So it's better 1757 01:39:36.119 --> 01:39:37.640 than the wrought Arab because it doesn't have to be 1758 01:39:37.800 --> 01:39:40.920 end income. Your child is born, you put one hundred 1759 01:39:40.960 --> 01:39:45.760 dollars in, it reduces your taxes, it increases the child's 1760 01:39:46.560 --> 01:39:50.079 net worth. So that's how you want to do it. 1761 01:39:50.199 --> 01:39:52.720 That's how they do it. The Evoka is do it 1762 01:39:53.199 --> 01:39:58.319 generational skipping taxes, generational skipping transfers, so that you are 1763 01:39:58.359 --> 01:40:01.720 able to keep that world on in kumbat from taxi. 1764 01:40:01.840 --> 01:40:03.960 So you hear trust fund babies, that's what they mean. 1765 01:40:04.640 --> 01:40:06.640 Laugh at it all you want, but that's what you 1766 01:40:06.800 --> 01:40:08.640 want to do. You want to make your kids to 1767 01:40:08.720 --> 01:40:13.039 have a trust fund. You ten today, in fifty years 1768 01:40:13.199 --> 01:40:16.399 become the trust fund, right, is it? So? I think 1769 01:40:16.399 --> 01:40:18.680 I've given you moretives. That is it? Yeah, We're good? 1770 01:40:18.800 --> 01:40:25.680 Is it fantastic? Oh I do Hey, it's the kind 1771 01:40:25.720 --> 01:40:28.159 of high yes, ma'am. 1772 01:40:28.319 --> 01:40:32.000 Yeah, I'm so sorry. I got I got neck deep 1773 01:40:32.079 --> 01:40:34.960 into a program and that was taking too much of 1774 01:40:35.039 --> 01:40:37.840 my time with work, and then I had I had 1775 01:40:37.840 --> 01:40:39.319 a series of family. 1776 01:40:40.520 --> 01:40:43.560 Family issues. I lost my father, I lost my I'm 1777 01:40:43.600 --> 01:40:45.560 so sorry about anyway. 1778 01:40:45.960 --> 01:40:50.520 I'm doing okay, So probably we'll get to the talk soon, right, Yes, 1779 01:40:50.600 --> 01:40:54.479 definitely regarding financial stuff, I'm beginning to know more because 1780 01:40:54.479 --> 01:40:58.680 even from the program I attended at SAIS, I've learnt 1781 01:40:58.720 --> 01:41:02.079 a lot about finance. And I joined this because I 1782 01:41:02.279 --> 01:41:05.640 seem to like the topic and I wanted to also 1783 01:41:05.720 --> 01:41:06.319 say hi to you. 1784 01:41:07.199 --> 01:41:12.319 All Right, You're welcome. So of course I have your books. 1785 01:41:13.560 --> 01:41:15.720 About a number of copies. And when you talk about 1786 01:41:15.800 --> 01:41:19.039 generational world, I'm not giving it to to older people. 1787 01:41:19.079 --> 01:41:22.039 I'm giving it to young people, teenagers. I'm telling about 1788 01:41:22.159 --> 01:41:25.000 I'm telling my nephew, start to think about your money. Right, 1789 01:41:25.479 --> 01:41:27.159 your mom may not be talk telling you about that. 1790 01:41:27.199 --> 01:41:27.760 Starting to think. 1791 01:41:27.640 --> 01:41:33.119 About your money now with regards immediate family. My question, 1792 01:41:33.640 --> 01:41:36.560 I've been thank you for mentioning the four or five 1793 01:41:36.760 --> 01:41:37.640 or seven account. 1794 01:41:38.960 --> 01:41:39.680 I'm just hearing this. 1795 01:41:39.680 --> 01:41:42.960 Talks for the first time. Yeah, it's brand new. It's 1796 01:41:43.039 --> 01:41:48.199 brand new, Okay, so I'm going to ask my employers. Great, 1797 01:41:48.279 --> 01:41:48.800 so it's good to. 1798 01:41:48.880 --> 01:41:51.960 Know because I may have Yeah, I may have to 1799 01:41:52.039 --> 01:41:55.920 do that soon in the very near future. But in 1800 01:41:56.079 --> 01:42:01.279 terms of managing debt, I think I'm good with managing that. Okay, 1801 01:42:01.920 --> 01:42:04.600 I have fantastic credit score, but. 1802 01:42:04.680 --> 01:42:05.439 I can still learn. 1803 01:42:05.560 --> 01:42:08.199 So I'm going to be listening. But then I really 1804 01:42:08.279 --> 01:42:11.520 would want to talk to you one on one on 1805 01:42:11.680 --> 01:42:15.920 how to really my assets are diversified. I have a 1806 01:42:16.399 --> 01:42:21.439 big rule about IRA, but I want to do something more. 1807 01:42:21.920 --> 01:42:25.720 Even though I give my my I mean the people 1808 01:42:26.159 --> 01:42:28.600 taking care of it. I give them a new weight 1809 01:42:29.000 --> 01:42:30.880 to do whatever they want to do because I pay 1810 01:42:30.920 --> 01:42:33.520 it's certain amount of money for them to move things around. 1811 01:42:33.880 --> 01:42:36.479 But still they want to hear from me. I'm not 1812 01:42:36.560 --> 01:42:37.920 too good with that. You know. 1813 01:42:38.000 --> 01:42:39.920 I wish I grew up in this country from the 1814 01:42:39.960 --> 01:42:43.159 get go. Right, I'm a little bit timid to moving 1815 01:42:43.800 --> 01:42:46.479 moving assets from here and there, But I would I 1816 01:42:46.560 --> 01:42:49.520 wanted to grow. It's growing, blow I think it could 1817 01:42:49.560 --> 01:42:52.279 grow better. I hear people my trainer the other day. 1818 01:42:52.520 --> 01:42:56.640 It was talking about Nvidia, this that, you know, do this, 1819 01:42:56.880 --> 01:43:00.279 do that. I hear all of these things I know about. 1820 01:43:00.279 --> 01:43:02.520 Take any action because I still am not confident. 1821 01:43:03.239 --> 01:43:06.520 Yeah, well, I hear you again. We're gonna talk after 1822 01:43:06.600 --> 01:43:08.840 the space, so we'll talk and get more special. But 1823 01:43:08.840 --> 01:43:12.479 I would say this, right, Investing is like investing should 1824 01:43:12.520 --> 01:43:17.439 be boring, very very boring. If it's exciting, be very 1825 01:43:17.520 --> 01:43:19.880 careful about that. What I mean boring? How do you 1826 01:43:19.960 --> 01:43:23.840 make money in investing? You pick something that you know 1827 01:43:24.000 --> 01:43:27.119 is going to grow, You put money in it, you 1828 01:43:27.439 --> 01:43:30.560 invest it, and you forget about it. If you ask 1829 01:43:30.720 --> 01:43:33.560 what On Buffett? War On Buffett is perhaps the biggest, 1830 01:43:33.640 --> 01:43:36.960 the greatest investor ever in the history of man kind? Right, 1831 01:43:37.079 --> 01:43:41.279 Warren Buffett ask him, where should I invest in million 1832 01:43:41.359 --> 01:43:42.840 dollars today? What will you tell you? He's going to 1833 01:43:42.880 --> 01:43:46.119 take to go buy the US ETF that buys the 1834 01:43:46.279 --> 01:43:48.079 entire market. That's what's going to tell you. He's not 1835 01:43:48.159 --> 01:43:49.720 gonna take to buy in media. It's not gonna take 1836 01:43:49.720 --> 01:43:52.199 to buy Microsoft. Know that I had to wait. It's 1837 01:43:52.239 --> 01:43:55.279 going to take to go buy the entire US market 1838 01:43:55.960 --> 01:44:01.359 and just stad there. That's what he does. Bombs. I 1839 01:44:01.439 --> 01:44:06.439 mean an equity ETF or index fond that buys the 1840 01:44:06.720 --> 01:44:11.359 entire US market, for instance, v o O vt IV. 1841 01:44:11.560 --> 01:44:18.039 It just means an equity which means stocks, index fond 1842 01:44:18.760 --> 01:44:22.479 or et F, which means a basket that buys all 1843 01:44:22.600 --> 01:44:25.359 those stocks in the US. Okay, okay, when you buy 1844 01:44:25.640 --> 01:44:29.239 vt I, you're buying about forty five hundred US stocks 1845 01:44:29.319 --> 01:44:33.600 immediately instant diversification. When you buy v O oh, you're 1846 01:44:33.640 --> 01:44:36.319 buying just five undred of those stocks that is tracking 1847 01:44:36.359 --> 01:44:38.760 the S and P five hundred. So if you just 1848 01:44:38.920 --> 01:44:41.720 do that right, you are getting your Nvidia, you are 1849 01:44:41.760 --> 01:44:45.279 getting your Microsoft, You are getting everything that is quote 1850 01:44:45.359 --> 01:44:49.399 unquote good and all that in America. You can go specific. 1851 01:44:49.479 --> 01:44:52.399 You can say to buy dividend ETFs, it's there. You 1852 01:44:52.479 --> 01:44:54.960 want to buy a property ets is there, but just 1853 01:44:55.119 --> 01:44:59.279 buying the whole market. The US market over over time 1854 01:45:00.079 --> 01:45:05.279 has consistently returned about sixty eight percent whatever from nineteen 1855 01:45:05.319 --> 01:45:09.159 twenty eight. You have your crash, you have your ups 1856 01:45:09.199 --> 01:45:14.119 and downs, but it's always the trend line is up. 1857 01:45:15.079 --> 01:45:18.720 So over twenty five years and have one returning asset 1858 01:45:19.159 --> 01:45:22.960 is gonna be stocks, remove a bitcoin for now, it's 1859 01:45:22.960 --> 01:45:26.439 gonna be stocks, which stocks you as stock. So sometimes 1860 01:45:26.479 --> 01:45:28.680 you just keep it as simple as that. Just keep 1861 01:45:28.720 --> 01:45:31.920 it as simple as that. You win. Not trying to 1862 01:45:32.000 --> 01:45:35.920 be too good. It's because to buy individual stocks you 1863 01:45:36.000 --> 01:45:39.560 need advice, and most of us don't have advice. If 1864 01:45:39.600 --> 01:45:42.279 you don't have anyone holding your hand, you're gonna miss it, right. 1865 01:45:42.359 --> 01:45:44.159 But if you have someone holding your hand, you're gonna 1866 01:45:44.159 --> 01:45:46.880 pay for he can give in yourself to buy. If not, 1867 01:45:47.079 --> 01:45:50.560 just buy the index, go to sleep, reinvest your income. 1868 01:45:50.640 --> 01:45:54.760 You're fine. You want over a twenty five year period. 1869 01:45:54.800 --> 01:45:56.800 I don't see you losing money when I'm be losing money, 1870 01:45:56.880 --> 01:45:58.640 not beating inflation. I don't see that happening. 1871 01:46:00.399 --> 01:46:03.439 I really think that's what my managers are doing because 1872 01:46:03.439 --> 01:46:06.279 I pay them a fee every year and I haven't 1873 01:46:06.359 --> 01:46:09.000 really asked them to change anything per se, but I 1874 01:46:09.079 --> 01:46:10.119 think that's what they're doing. 1875 01:46:10.239 --> 01:46:14.039 They buy you know, the book, view the or and 1876 01:46:14.199 --> 01:46:14.920 the whatever. 1877 01:46:16.159 --> 01:46:18.560 So I'm going to go read my statements very because 1878 01:46:18.600 --> 01:46:21.479 I have some some people work from them often when 1879 01:46:21.479 --> 01:46:22.479 they change around. 1880 01:46:23.359 --> 01:46:27.680 Sam screenshot just yes, okay, okay for you, all right, okay, cool, 1881 01:46:27.920 --> 01:46:28.520 all right, thank you. 1882 01:46:28.680 --> 01:46:30.920 Cal Let me give the chance to somebody else and 1883 01:46:31.039 --> 01:46:31.720 please follow me. 1884 01:46:31.760 --> 01:46:32.760 I thought you were following me. 1885 01:46:33.119 --> 01:46:36.760 That's why somehow I was kind of not sure, you know, 1886 01:46:37.239 --> 01:46:38.600 to get in talk with after a while. 1887 01:46:39.000 --> 01:46:44.479 Please follow me. Okay, thank you too, you too all. 1888 01:46:44.600 --> 01:46:50.520 I've got paradised inn GC Paradise. Hi, what's up? I've 1889 01:46:50.560 --> 01:46:53.960 got paradised in GC Paradise. You're ready to speak? Okay, 1890 01:46:54.039 --> 01:47:00.439 let's think GC since G what's up? Okay? I'm doing 1891 01:47:00.560 --> 01:47:02.479 very well, just very quickly. 1892 01:47:02.600 --> 01:47:05.520 I just want to thank you for sharing very incise 1893 01:47:05.640 --> 01:47:06.920 information about finance. 1894 01:47:07.880 --> 01:47:09.359 So I moved to the viewers like. 1895 01:47:10.439 --> 01:47:13.520 One year two months ago for my grad school and 1896 01:47:14.840 --> 01:47:17.359 and it's been a whole lot of experience so far. 1897 01:47:18.520 --> 01:47:21.800 But recently we have slight funding issues in our. 1898 01:47:22.000 --> 01:47:22.560 School and. 1899 01:47:24.560 --> 01:47:27.760 Starpends my coeliction and I International students. Stepends have been 1900 01:47:28.159 --> 01:47:29.039 a couple of months. 1901 01:47:29.760 --> 01:47:32.039 So it's kind of it has put me in this 1902 01:47:32.279 --> 01:47:35.439 sort of financial stress and I'm. 1903 01:47:35.359 --> 01:47:37.319 Afraid my credit is just going down. 1904 01:47:37.479 --> 01:47:39.880 So I just wanted to ask very quickly, how do 1905 01:47:40.000 --> 01:47:42.920 I manage the situation having. 1906 01:47:42.880 --> 01:47:46.119 Almost matched out credit cards? And I'll be able to 1907 01:47:46.680 --> 01:47:49.479 learn from me? Thank you? How you have I have 1908 01:47:49.720 --> 01:47:54.119 just to discover for students and the Chase card? Do 1909 01:47:54.279 --> 01:47:55.640 do you have a do you have a job? 1910 01:47:56.760 --> 01:47:59.880 Yeah, I'm a graduate assistant and yeah, I'll be finished 1911 01:47:59.920 --> 01:48:00.960 my master's this December. 1912 01:48:01.079 --> 01:48:03.239 So can you can you afford to pay the minimum 1913 01:48:03.359 --> 01:48:05.319 on those cards right now? You can? You can if 1914 01:48:05.319 --> 01:48:07.479 you keep Can you keep paying the minimum on those cards? 1915 01:48:08.439 --> 01:48:11.520 I did until December? Board starts in the generally, I 1916 01:48:11.560 --> 01:48:15.159 mean it's a bit difficult. I hear it's just score 1917 01:48:15.239 --> 01:48:19.680 above seven hundred. No mean it actually went swer. So 1918 01:48:20.920 --> 01:48:23.279 because what I've advised was just to get a new 1919 01:48:23.359 --> 01:48:26.239 credit card. Are you going to stay in America? You're 1920 01:48:26.279 --> 01:48:29.319 going to stay back in America? Right? So you go 1921 01:48:29.439 --> 01:48:31.560 get go get a job first, and first we get 1922 01:48:31.560 --> 01:48:33.479 a job that would pay you income if you get 1923 01:48:33.520 --> 01:48:35.520 a job that's going to pay income to you, right, 1924 01:48:36.000 --> 01:48:38.319 that's one. Then I would advise that you try to 1925 01:48:38.359 --> 01:48:42.560 do a balanced transfer so the balance transfer would work. 1926 01:48:42.640 --> 01:48:45.079 That you would get a brand new card. Then you 1927 01:48:45.319 --> 01:48:47.880 transfer the balance from your existing card to that brand 1928 01:48:47.920 --> 01:48:50.880 new card. Usually balance transfers give you like a twelve 1929 01:48:50.960 --> 01:48:53.239 month You don't pay anything on the card. You can 1930 01:48:53.680 --> 01:48:55.479 you can decide to pay the principal, but they're not 1931 01:48:55.560 --> 01:48:57.840 going to charge your interest. That ad buys you twelve months. 1932 01:48:58.479 --> 01:49:00.479 So if you were able to get a that's why 1933 01:49:00.520 --> 01:49:03.039 I ask about your credit, but get a new card today. 1934 01:49:03.960 --> 01:49:07.920 Balance transfer, So go online. They'll say best balance transfer 1935 01:49:08.039 --> 01:49:10.039 cards in the Uways. Just google it. You get to 1936 01:49:10.079 --> 01:49:12.800 give you tons of cards. So when you get best 1937 01:49:12.880 --> 01:49:15.279 balanced transfer cards, pick one that you can apply for. 1938 01:49:15.439 --> 01:49:17.960 You can't balance transfer to the same card, so you 1939 01:49:18.039 --> 01:49:20.640 can't do Discover to Discover. You can't do Chase to Chase. 1940 01:49:21.399 --> 01:49:23.600 But you can do Discover to Chase and Chase to Discovery. 1941 01:49:23.680 --> 01:49:26.399 They don't swap those cards out right. If you get 1942 01:49:26.439 --> 01:49:28.920 a new one, then you do the balance transfer of 1943 01:49:29.039 --> 01:49:32.359 that existing credit to the new credit card that buys 1944 01:49:32.439 --> 01:49:35.479 you minimum one year. Then when you get that new job. 1945 01:49:35.680 --> 01:49:38.079 That new job, the income then comes. You don't want 1946 01:49:38.119 --> 01:49:40.239 to pay down those cards if you don't want to 1947 01:49:40.560 --> 01:49:43.000 have a balance with a credit card, especially if you 1948 01:49:43.239 --> 01:49:45.239 have a job, because I can kill you, because what's 1949 01:49:45.239 --> 01:49:46.680 gonna happen. They're not going to arrest you if you 1950 01:49:46.720 --> 01:49:48.800 don't pay, but I'm going to put a note on 1951 01:49:48.920 --> 01:49:51.359 your account that you had a charge of. So if 1952 01:49:51.359 --> 01:49:53.319 you try to get a loan tomorrow, they won't give 1953 01:49:53.319 --> 01:49:56.079 you a loan. You see what I'm saying. So you 1954 01:49:56.159 --> 01:49:57.880 want to make sure that you pay those cards out 1955 01:49:58.000 --> 01:50:01.720 as you want to pay those cards down. So number one, 1956 01:50:02.119 --> 01:50:04.800 get a job. Number two trying to do a balance transfer. 1957 01:50:04.880 --> 01:50:07.359 If you do a balance transfer, that would allow you 1958 01:50:07.560 --> 01:50:11.880 to buy more time to pay the principal. You're attacking 1959 01:50:11.960 --> 01:50:14.720 the principal. If you keep on paying your card, you 1960 01:50:14.760 --> 01:50:18.840 are simply paying the interest the balance transfer. Because not 1961 01:50:19.000 --> 01:50:21.880 charging your interest, you are paying down the principle, which 1962 01:50:21.880 --> 01:50:24.760 is what kills a card off. That's what you want 1963 01:50:24.800 --> 01:50:27.079 to do from this Just when you drop this phone, 1964 01:50:27.239 --> 01:50:30.880 just google balance transfer cards, see the ones that you apply. 1965 01:50:31.199 --> 01:50:35.039 Just go for them. Okay, okay, thank you so much. No, 1966 01:50:35.560 --> 01:50:36.960 just just want one more question. 1967 01:50:37.319 --> 01:50:40.840 Since I finished my program this December, actually have like 1968 01:50:41.399 --> 01:50:45.680 around ten months ago, and my department. 1969 01:50:45.439 --> 01:50:47.319 Is still like working on our stipends. 1970 01:50:47.359 --> 01:50:53.760 And I should never close these cards, right, I should 1971 01:50:53.800 --> 01:50:55.319 just balance transferr. 1972 01:50:55.000 --> 01:50:57.680 I mean, don't close them, just do use them. You 1973 01:50:57.720 --> 01:51:00.840 don't have to use them, so stop using the cards, 1974 01:51:00.960 --> 01:51:05.399 but just pay the minimum then the balance transfer. When 1975 01:51:05.399 --> 01:51:07.800 you do the balance transfer. Yeah, you can say you 1976 01:51:07.880 --> 01:51:10.439 want to close. I don't advise you do, especially that 1977 01:51:10.640 --> 01:51:12.720 Chase card. I will keep that chase those I will 1978 01:51:12.800 --> 01:51:14.960 keep those two cards, right, and do they pay you 1979 01:51:15.119 --> 01:51:17.560 a cash back? Do they pay any benefits? Do they 1980 01:51:17.600 --> 01:51:21.159 pay the air So then there's not you keep those cards. 1981 01:51:21.279 --> 01:51:23.680 Just do a balance transfer. The card are going to 1982 01:51:23.720 --> 01:51:25.760 get its own You're gonna close because the chase and 1983 01:51:25.880 --> 01:51:28.960 discover what your first cards, so you get you get 1984 01:51:29.079 --> 01:51:33.920 your length of time bonus with the old cards. This 1985 01:51:34.159 --> 01:51:37.560 new balance transfer card when you when you are done, 1986 01:51:37.760 --> 01:51:39.800 you can close them if you want to. So that 1987 01:51:39.920 --> 01:51:42.399 means if I have a chase, right and I move 1988 01:51:42.520 --> 01:51:45.479 it to this new card, this new card says for 1989 01:51:45.520 --> 01:51:48.119 the next twelve months you have to pay interest. Fine, 1990 01:51:48.479 --> 01:51:50.880 if I move to this new card twelve months, I'm 1991 01:51:51.079 --> 01:51:53.319 able to pay down the card. I can close it. 1992 01:51:54.560 --> 01:51:56.199 I can do that. I don't advise you do, but 1993 01:51:56.319 --> 01:51:57.920 you can close the car. It will it will hurt 1994 01:51:57.960 --> 01:52:01.159 you less than if you close the old cheese cut 1995 01:52:01.159 --> 01:52:03.560 because the old cheese card is giving you your length 1996 01:52:03.640 --> 01:52:09.840 of service points. See what I'm saying. Yes, but the job, 1997 01:52:10.079 --> 01:52:12.920 the new job is very important. I know what depends 1998 01:52:12.960 --> 01:52:14.239 on the job, right, So you want to get a 1999 01:52:14.359 --> 01:52:17.039 job that's going to pay you income. That's how you're 2000 01:52:17.119 --> 01:52:19.600 essentially going to pay down and also qualify for that 2001 01:52:19.720 --> 01:52:23.640 new card. Very important. Thank you so much, Thank you. 2002 01:52:24.119 --> 01:52:27.159 You have a good one here, all right, Paradise real quick? 2003 01:52:27.520 --> 01:52:32.640 Are you still there to fire? Run down the space, Paradise? 2004 01:52:32.880 --> 01:52:37.000 Not ready to speak? Why online? Oh okay? What's yeah? 2005 01:52:37.039 --> 01:52:39.479 I just love to add, you know, advice to him. 2006 01:52:40.520 --> 01:52:46.640 Look look into opening a credit finding the credit union. 2007 01:52:47.119 --> 01:52:50.600 Credit union, their cards are you can do it balance 2008 01:52:50.680 --> 01:52:53.319 transfer to the credit union if you if depending on 2009 01:52:53.399 --> 01:52:56.680 whiche a credit union you decide to join. Their rates 2010 01:52:56.680 --> 01:53:00.000 are usually high and some of them don't even have transfer. 2011 01:53:02.600 --> 01:53:06.560 I just want to add that, yeah, yeah, that is true. 2012 01:53:06.560 --> 01:53:09.279 Because credit unions they are more they have the same 2013 01:53:09.319 --> 01:53:12.600 to have a lower APR on across the board for loans, 2014 01:53:12.720 --> 01:53:15.640 for credit cards and all that. So yeah, go for that. 2015 01:53:15.800 --> 01:53:17.640 Like I said, that's why I said Google. If you Google, 2016 01:53:18.279 --> 01:53:19.840 it's gonna just say the best it will give you. 2017 01:53:20.239 --> 01:53:22.279 Ask growk if you'll give you the all the credit 2018 01:53:22.359 --> 01:53:25.039 card companies so some will not give you because they 2019 01:53:25.079 --> 01:53:27.800 want you to have is that Stepan is talking about that. 2020 01:53:28.039 --> 01:53:31.039 I'm that's worrying me. But if you have an income, fantastic, 2021 01:53:31.399 --> 01:53:34.319 they're gonna ask you what in what's your income? You 2022 01:53:34.399 --> 01:53:37.680 can't be saying stipend because it won't really It might 2023 01:53:37.720 --> 01:53:40.880 even give your card a lower card one thousand or so. 2024 01:53:41.560 --> 01:53:44.039 So if you get a job, because once you have 2025 01:53:44.119 --> 01:53:45.880 the job, you can, it's gonna ask you what's your 2026 01:53:46.079 --> 01:53:48.720 annual income? Then you're just gonna quote what you think 2027 01:53:48.720 --> 01:53:51.479 you're gonna make annually from that job. That gives you 2028 01:53:52.000 --> 01:53:54.680 a more a higher credit limit that you can move 2029 01:53:54.760 --> 01:53:58.359 the entire card, won't it will make sense to having 2030 01:53:58.359 --> 01:54:00.520 a new card and just moved into five percent of 2031 01:54:00.600 --> 01:54:03.560 the new car. We're still thinking some five percent on 2032 01:54:03.840 --> 01:54:06.680 your car. That's that's too much work. Yeah, so step 2033 01:54:06.720 --> 01:54:12.960 by step for him? Thanks, Yeah, crazy knows Like you said, CS, 2034 01:54:13.000 --> 01:54:17.000 go to crays. I think they have they have lower aprs. 2035 01:54:18.079 --> 01:54:21.920 All things been equal? Yeah, do bay? What's up? Is 2036 01:54:21.960 --> 01:54:25.720 that too? Big? Hair fortune? Here for tune? How are 2037 01:54:25.720 --> 01:54:40.720 you doing? Do it? Do it? Hair fortune? Yeah? 2038 01:54:41.600 --> 01:54:43.880 Thank you, thak, I do love been having it worksies 2039 01:54:44.359 --> 01:54:46.960 like going off and on and I've an appended your 2040 01:54:47.000 --> 01:54:50.079 own space in about two weeks now and to be 2041 01:54:50.199 --> 01:54:55.840 back sometimes. Right, So back to the topic, right, how 2042 01:54:55.920 --> 01:55:00.880 to re called money? I have some part of this 2043 01:55:01.640 --> 01:55:05.800 as a explanational and they decide to get right. 2044 01:55:06.239 --> 01:55:07.920 But I wanted to please. 2045 01:55:07.800 --> 01:55:10.279 Speak about I don't know if you talked about it right. 2046 01:55:10.680 --> 01:55:14.319 I want to speak about Nigeria credits care and bank 2047 01:55:14.479 --> 01:55:18.840 creates around Nigerian bank creates how to get credits and 2048 01:55:19.079 --> 01:55:21.199 I know it's already needs if you come do something 2049 01:55:21.279 --> 01:55:23.920 like this and some of that that natures to put 2050 01:55:23.960 --> 01:55:29.039 it because most of the information I got here are 2051 01:55:29.640 --> 01:55:34.479 mostly credits cards. International rights people that are not in 2052 01:55:34.520 --> 01:55:37.359 the Engineria right, people in Nageria. 2053 01:55:37.359 --> 01:55:40.439 I would like to know how banks operates their credit 2054 01:55:40.560 --> 01:55:46.800 account and it's good to does Nigeria have credit cards? 2055 01:55:46.840 --> 01:55:49.680 Do they have credit cards now? Not? I know they 2056 01:55:49.760 --> 01:55:54.960 have as Access Bank has got visa black cards and 2057 01:55:55.199 --> 01:55:58.199 I know about that. But for the rank and file Nigeria, 2058 01:55:58.520 --> 01:56:03.720 do we have a credit card? Do we have that? Well, 2059 01:56:05.239 --> 01:56:09.079 I don't know if because I know about access back. Yeah, 2060 01:56:09.159 --> 01:56:11.239 that one is high end. That that one is high end. 2061 01:56:11.279 --> 01:56:13.880 I know that I won't but about the normal like it, like. 2062 01:56:15.840 --> 01:56:18.279 You know, they also have they also have credit cards 2063 01:56:18.359 --> 01:56:21.760 which you can use your David cards to access. 2064 01:56:24.840 --> 01:56:28.039 Car. That's the same thing because like you said, like 2065 01:56:28.119 --> 01:56:29.760 your question is like you know, I and I got 2066 01:56:29.760 --> 01:56:31.520 to a question and ticket's valid. I tried, you know, 2067 01:56:31.560 --> 01:56:33.479 when I when I did my research, I try to 2068 01:56:33.560 --> 01:56:36.239 find out about Nigerian credit cards. It's really non like 2069 01:56:36.720 --> 01:56:40.199 when I mean none. At the consumer level, they are 2070 01:56:40.479 --> 01:56:43.520 very their cards that are available for the high networks, 2071 01:56:44.079 --> 01:56:47.159 very mobile Nigerians, they have cards available for them. But 2072 01:56:47.319 --> 01:56:51.079 for the rank and file consumer, it's difficult for them 2073 01:56:51.119 --> 01:56:54.640 to get a credit card. They have we have consumer loans, 2074 01:56:54.760 --> 01:56:57.880 Yes we have personal loans. Yes you have badgerator, but 2075 01:56:58.079 --> 01:57:02.319 credit cards for some mission really gone around. So yes, 2076 01:57:02.479 --> 01:57:05.199 I agree with you that my space is if you 2077 01:57:05.319 --> 01:57:08.159 are just Nigerian business difficult to follow. But it's the 2078 01:57:08.239 --> 01:57:13.119 same principle that the Nigerian credit card companies use. So 2079 01:57:13.239 --> 01:57:14.880 where I put I put three or them, I'm gonna 2080 01:57:14.880 --> 01:57:16.399 go back to them. I put three of them up. 2081 01:57:16.479 --> 01:57:20.600 The Credit Tragistry CRC Credit Bureau, my good friend, is 2082 01:57:20.680 --> 01:57:24.279 the first central credit bureau. It's the same principles of 2083 01:57:24.720 --> 01:57:28.439 pay on time, keep your DT I know, don't have 2084 01:57:28.560 --> 01:57:31.279 a negative impact on your score. It's the same principle. 2085 01:57:31.680 --> 01:57:35.520 So what is Nigeria, what I is Canada, what is 2086 01:57:35.520 --> 01:57:37.800 the UK or the US? Is the same principles they're 2087 01:57:37.840 --> 01:57:39.920 going to use. It's just differently just going to be 2088 01:57:40.279 --> 01:57:43.920 how available do we have those these cards in Nigeria 2089 01:57:44.000 --> 01:57:46.800 when you compare them to other places. But the same thing. 2090 01:57:47.239 --> 01:57:49.159 And again remember that many people what I'm talking to 2091 01:57:49.319 --> 01:57:52.279 literally for the Nigers that have Jackpad that go from 2092 01:57:52.399 --> 01:57:55.079 Nigeria to Canada and then say think because we have 2093 01:57:55.199 --> 01:57:58.399 no credit cards in Nigeria, Okay, I'm gonna save money 2094 01:57:58.399 --> 01:58:00.079 that I go credit card. That's a big miss. It 2095 01:58:00.239 --> 01:58:03.359 will make you know, like I'm saying here, get a 2096 01:58:03.439 --> 01:58:07.239 card if possibly your first month, and how I get 2097 01:58:07.279 --> 01:58:10.199 a secure credit card. It counts ten percent towards your score. 2098 01:58:10.279 --> 01:58:12.159 That's the point of trying to make across. So again, 2099 01:58:13.000 --> 01:58:15.000 the things important you can get a card there. You can. 2100 01:58:15.279 --> 01:58:18.680 It works in Nigeria. Many people use their credit cards 2101 01:58:18.720 --> 01:58:23.119 in Nigeria that they got abroad. It works. So it's 2102 01:58:23.159 --> 01:58:25.000 now a global village. If you can get credits in 2103 01:58:25.520 --> 01:58:28.960 Canada to do this in Nigeria, that's a hack or 2104 01:58:29.199 --> 01:58:32.239 that's a hack. I know people in Nigeria that use 2105 01:58:32.800 --> 01:58:36.319 their US credit cards here in Nigeria not to pay 2106 01:58:36.399 --> 01:58:39.560 for gas, but to pay for things in niger to 2107 01:58:39.640 --> 01:58:43.560 buy pay for goods coming and to clear things out, 2108 01:58:43.640 --> 01:58:46.159 all that kind of stuff that they're pa internationally. It works. 2109 01:58:47.079 --> 01:58:51.199 So it's good to know the principles why you want 2110 01:58:51.239 --> 01:58:53.640 to have a good credits care. Yeah, but your point 2111 01:58:53.760 --> 01:58:56.239 is valid. I take it into your point is valid. 2112 01:58:57.960 --> 01:59:00.720 So to your other points you are saying about loans 2113 01:59:00.840 --> 01:59:03.119 and all that, Yes, I hear you. Maybe we do 2114 01:59:03.199 --> 01:59:06.039 it bace on how to do personal loan. See, it's 2115 01:59:06.079 --> 01:59:10.439 the same thing. It's just how do you do it right? 2116 01:59:11.279 --> 01:59:13.399 One thing I will just say one thing. I'll just 2117 01:59:13.479 --> 01:59:15.520 say one thing for it for you is nigs don't 2118 01:59:15.560 --> 01:59:20.439 understand what APR means and the difference between APR and 2119 01:59:20.720 --> 01:59:24.600 interest rate. Nigans will say, what's the interest rate should be? 2120 01:59:24.640 --> 01:59:28.359 Saying what's the APR. APR means the annual percentage rate. 2121 01:59:28.479 --> 01:59:32.000 Why is it important? Because in Nigeria, most times when 2122 01:59:32.039 --> 01:59:34.079 you go to the bank, they'll tell you we're going 2123 01:59:34.159 --> 01:59:36.640 to give you a loan at five percent interest rate. 2124 01:59:37.279 --> 01:59:40.239 You should always ask the banker, Okay, what is the 2125 01:59:40.439 --> 01:59:43.880 APR on this loan, not what is the interest rate? 2126 01:59:44.439 --> 01:59:47.840 The interest rate just gives you the interest. But the 2127 01:59:48.079 --> 01:59:50.880 cost of the loan is the APR. Because why in 2128 01:59:51.000 --> 01:59:54.720 Nia they add management fee, they add legal fee, they 2129 01:59:54.840 --> 01:59:58.239 add all these things onto the loan. So for Nigeria, 2130 01:59:58.560 --> 02:00:02.760 APR is very very important, not interest rate. In America, 2131 02:00:02.840 --> 02:00:04.800 they don't have a lot of fees. So if they 2132 02:00:04.840 --> 02:00:08.199 tell your interested to four percent, highest APR might be 2133 02:00:08.279 --> 02:00:12.439 four point five or four point two. Boy, Nigeria get 2134 02:00:12.520 --> 02:00:16.199 interest rate for five percent and APR are ten percent. 2135 02:00:16.479 --> 02:00:20.920 It's possible they will add legal management, they will add 2136 02:00:20.960 --> 02:00:24.520 all these things. Yeah, life they add a rating and so, 2137 02:00:25.039 --> 02:00:28.159 and how you compare. You don't compare interest rates with 2138 02:00:29.119 --> 02:00:33.600 bank A and bank B. You compare APR with bank 2139 02:00:33.720 --> 02:00:35.920 A and bank B. So that's one thing I will 2140 02:00:35.960 --> 02:00:39.760 say for lending Nigeria, ask them about the APR, not 2141 02:00:39.920 --> 02:00:43.640 the interest rate, Always ask them again. Number two, if 2142 02:00:43.680 --> 02:00:47.479 you can pay down without penalty. So penalty means if 2143 02:00:47.479 --> 02:00:50.760 you're borrowing from Nigerian bank and you say four year loan, 2144 02:00:50.840 --> 02:00:52.880 if you come back with money of two years, would 2145 02:00:52.880 --> 02:00:56.359 you pay any penalty? Ask them about that too, So 2146 02:00:56.479 --> 02:00:58.880 that way you are giving yourself a call option to 2147 02:00:58.960 --> 02:01:02.960 say and want of closest loan down without penalty. Very important. 2148 02:01:03.399 --> 02:01:06.439 Find out from them if the loans go up, we 2149 02:01:06.640 --> 02:01:08.239 might not also go up there and I'll tell you 2150 02:01:08.319 --> 02:01:10.520 it's yes. Is there a cap, is there a barrier? 2151 02:01:11.079 --> 02:01:13.960 Find out all those things because Nigerian, London and the 2152 02:01:14.039 --> 02:01:20.760 US then is very very different, very very America has 2153 02:01:20.880 --> 02:01:24.000 no recourt loans. So if you go buy a house 2154 02:01:24.119 --> 02:01:26.000 and you can't pay, you give them the key, you 2155 02:01:26.119 --> 02:01:29.119 go away. Hire they will mess up your credit report. 2156 02:01:29.279 --> 02:01:31.760 If you buy a car, you can't pay for the car, 2157 02:01:32.039 --> 02:01:34.039 you drive the car to their office, pack the car, 2158 02:01:34.199 --> 02:01:36.439 you go away. Nigeria is different. If you can't pay 2159 02:01:36.520 --> 02:01:39.039 that loan, they'll go after your farm. They can't go 2160 02:01:39.079 --> 02:01:41.199 after your farm, they'll go after your private jet. To 2161 02:01:41.319 --> 02:01:44.640 just be big. There's no there's always a recost them. 2162 02:01:44.680 --> 02:01:46.319 So all times are a bit different, but it's the 2163 02:01:46.439 --> 02:01:49.399 same principle in terms of how those loans work. Defends 2164 02:01:49.399 --> 02:01:53.079 that's going to be how it is operationalized. But excellent question. 2165 02:01:55.560 --> 02:01:57.760 Thank you very much. They're welcome, appreciate you. All right, guys, 2166 02:01:57.800 --> 02:01:59.720 Look we'll call all the questions. You guys have all 2167 02:01:59.800 --> 02:02:04.600 been welfared today with issues about credits managing debts. Let 2168 02:02:04.640 --> 02:02:07.560 me just talk by managing there for less you guys go. So, 2169 02:02:07.640 --> 02:02:10.920 if you want to manage your debt, very very simple process. 2170 02:02:11.000 --> 02:02:13.880 Number one, list all your debts. List all your debt 2171 02:02:13.960 --> 02:02:17.119 number one. Number two, try to attach the cost of 2172 02:02:17.199 --> 02:02:21.560 that debt. It was the interest rate. Like I said, APR. 2173 02:02:21.720 --> 02:02:24.159 Get the APR world to debt. So you have three 2174 02:02:24.199 --> 02:02:27.960 credit cards. List the three credit cards, List the three APR. 2175 02:02:28.520 --> 02:02:33.079 Start to pay the credit card with the highest APR first, 2176 02:02:33.199 --> 02:02:36.640 not one with the highest balance. Pay the highest APR first. 2177 02:02:36.760 --> 02:02:39.800 If you owe two cards one is ten thousand, one 2178 02:02:39.920 --> 02:02:42.760 is five thousand, to one has a high APR, pay 2179 02:02:42.840 --> 02:02:46.239 the higher APR down first. That one costs you more 2180 02:02:46.640 --> 02:02:49.479 when you pay it down. Take the excess money and 2181 02:02:49.520 --> 02:02:51.880 started to pay the second one. Then pay the head on. 2182 02:02:52.079 --> 02:02:54.279 That's how you want to do it. Pay the highest 2183 02:02:54.359 --> 02:02:57.600 APR first, before you go to the highest amount. The 2184 02:02:57.680 --> 02:03:01.039 amount doesn't matter as much as the APR. That's how 2185 02:03:01.079 --> 02:03:03.359 you wants to manage your debts, right, Don't take debt 2186 02:03:03.399 --> 02:03:07.960 you don't you can't pay back, and only borrow interest 2187 02:03:08.159 --> 02:03:15.720 bearing debt to pay income generating activities. Say it again, 2188 02:03:16.319 --> 02:03:21.199 Only borrow interest bearing debt to pay or to buy 2189 02:03:21.520 --> 02:03:25.880 income generating opportunities. So that means, don't use your credit 2190 02:03:26.000 --> 02:03:29.039 card to go for holiday. I know it sounds like 2191 02:03:29.079 --> 02:03:31.800 that's why it's supposed to be used for No use 2192 02:03:31.880 --> 02:03:34.399 your credit card to pay for the holiday. Because you 2193 02:03:34.520 --> 02:03:37.000 have cash in your debit card, then your account you 2194 02:03:37.039 --> 02:03:39.399 can clean up immediately. But use your credit card to 2195 02:03:39.479 --> 02:03:42.000 get the points. You don't use your credit card to 2196 02:03:42.079 --> 02:03:47.000 go for holiday. That's using an interest bearing debt for 2197 02:03:47.199 --> 02:03:51.960 a non income generating activity. Don't ever do that. Only 2198 02:03:52.079 --> 02:03:55.800 use your credit card to do transactions that you can 2199 02:03:55.960 --> 02:04:01.000 pay back or can generate income for you tomorrow. All right, folks, 2200 02:04:01.079 --> 02:04:03.000 on that note, we're gonna call it today. Thank you 2201 02:04:03.119 --> 02:04:05.560 guys so much to listen to me. Let's go what 2202 02:04:05.720 --> 02:04:08.760 the super Bowl and be the best team or the 2203 02:04:08.880 --> 02:04:11.439 team with the Nigerians when that's how I put it right. 2204 02:04:11.840 --> 02:04:13.279 I see you guys next week. 2205 02:04:13.560 --> 02:04:13.920 Be here. 2206 02:04:14.600 --> 02:04:18.760 We're gonna have a season stock broker, big boy. He's 2207 02:04:18.800 --> 02:04:22.039 gonna come in here and give us talk about Nigerian market. 2208 02:04:22.239 --> 02:04:25.279 Where can we invest? Where should we put money? He's 2209 02:04:25.319 --> 02:04:27.520 gonna give you the stocks to buy. He does that 2210 02:04:27.760 --> 02:04:30.439 every week. He's giving every week he's telling you buy 2211 02:04:30.520 --> 02:04:33.640 the stock, buy the stock, Come with your paper, come 2212 02:04:33.680 --> 02:04:36.119 with your pen. It's gonna give you name the stocks. 2213 02:04:36.159 --> 02:04:39.520 That's what he does. So experienced guy was once their 2214 02:04:39.680 --> 02:04:41.920 leader in a stock market and all that. So be 2215 02:04:42.079 --> 02:04:44.920 here next week when we do when we have him online, 2216 02:04:45.239 --> 02:04:48.159 and of course you guys be blessed as usual. All right, folks, 2217 02:04:48.159 --> 02:04:52.479 I'll see you next week. Let's go to the super Bowl. 2218 02:04:52.640 --> 02:04:55.119 You guys take care of and yeah. 2219 02:04:55.159 --> 02:04:58.359 Yeah, can we talk maybe some other time because you 2220 02:04:58.439 --> 02:05:00.840 know there's a lot going on today. I'm trying to 2221 02:05:00.960 --> 02:05:03.760 get my paperwork ready. But I can text you for 2222 02:05:03.960 --> 02:05:06.680 a schedule, no problem. Okay, thank you. 2223 02:05:07.159 --> 02:05:10.880 I enjoy your super Bowl? All right, guys, taken out 2224 02:05:12.199 --> 02:05:21.159 and basketball? We're playing basketball? Who I watch basket? We're 2225 02:05:21.199 --> 02:05:23.720 coming talking to a boy talking basketball. You can't you 2226 02:05:23.800 --> 02:05:26.279 can't be bringing that way here super Bowl. You're talking 2227 02:05:26.319 --> 02:05:32.079 basketball super Bowl. I'm not eating. I'm fast in this 2228 02:05:32.199 --> 02:05:36.000 Sunday morning because I'm willing to eat. Yeah, to eat. 2229 02:05:36.000 --> 02:05:37.640 I'm going to eat the life of my head this 2230 02:05:37.840 --> 02:05:39.680 afternoon when I went to Super Bowl. So I'm going 2231 02:05:39.720 --> 02:05:42.560 to my friend's house. They are cooking a no like, 2232 02:05:43.079 --> 02:05:46.840 forget about it, man, They're not cars. They're not cars 2233 02:05:46.880 --> 02:05:49.600 on the road. No cars on the road. I was 2234 02:05:49.640 --> 02:05:52.199 watching super Bowl, you know, and I just posted an 2235 02:05:52.279 --> 02:05:57.720 article today the economics of Super Bowl. It's crazy, you know, 2236 02:05:57.880 --> 02:06:01.520 Like we talked Deity December, but this is the real 2237 02:06:01.600 --> 02:06:06.079 derty December. This is just one game. An advert is 2238 02:06:06.239 --> 02:06:09.079 seven to ten million dollars. But just place an ad. 2239 02:06:10.000 --> 02:06:13.159 You see what the local governments are going to earn. Yeah, 2240 02:06:13.319 --> 02:06:14.720 I can give it the I can give you the post. 2241 02:06:14.800 --> 02:06:17.920 What the local governments in the Bay Area are going 2242 02:06:18.000 --> 02:06:22.159 to earn from just this Super Bowl commune to them. 2243 02:06:22.720 --> 02:06:26.560 So what they've done is that they've taken a sports 2244 02:06:26.680 --> 02:06:29.600 game and they've turned it into economics. You look at 2245 02:06:29.640 --> 02:06:32.960 the San Francisco is going to end. This is the 2246 02:06:33.000 --> 02:06:35.840 local government to San Francisco to end one hundred and 2247 02:06:35.880 --> 02:06:40.560 ten seven million dollars. San Francisco, San Jose twenty nine million, dollars, 2248 02:06:40.600 --> 02:06:46.199 Santa Clara seventeen, Oakland nine million. This is just money 2249 02:06:46.279 --> 02:06:49.199 that the guys are gonna pay the local government you're 2250 02:06:49.239 --> 02:06:51.399 talking about. The super Bowl generally had one point two 2251 02:06:51.600 --> 02:06:56.840 five billion last year in Louisiana. Last year in Louisiana, 2252 02:06:57.399 --> 02:07:02.159 they're gonna see a research on basketball. Start bringing bigs 2253 02:07:02.199 --> 02:07:05.039 for you like you guys. You guys have you guys 2254 02:07:05.079 --> 02:07:07.479 have Series seven Worlds season. You don't have Super Bowl. 2255 02:07:07.560 --> 02:07:11.319 So let's leave that matter. Arsenal, Come on, Arsenal game 2256 02:07:11.600 --> 02:07:15.000 versus versus Chelsea will give you guys more than than this. 2257 02:07:15.079 --> 02:07:21.239 When I'm talking, all right, my life talks. Have a 2258 02:07:21.319 --> 02:07:22.319 gonna ticket, man, Love you